Monzo Bank

Hels_bells

Looking for comments favourable or not about Monzo bank. Would be looking to open an account for personal not business use. My concerns are that it is relatively new and may still be ironing out problems etc.

[Deleted User]

What comments are you looking for?

Have you read reviews online?

ryannnking

I have a Monzo account and from my experience they are very good.

The thing I like the most is that as soon as you make a purchase with the card it will come through on your phone. This was very useful for me when I was travelling.

The app is very clean and can also be used to help budget and contribute to a 'pot'. Although there are a number of competitors so maybe give them a look to, such as Revolut and Starling.

Ryan

d123

Hels_bells wrote: »

Looking for comments favourable or not about Monzo bank. Would be looking to open an account for personal not business use. My concerns are that it is relatively new and may still be ironing out problems etc.

Monzo is ok, but is a little rough and not quite “full” bank facilities,

Starling Bank is another mobile bank and has a more polished full service.

As an example, Monzo will charge you to deposit cash and expects you to use a Paypoint location, you’re also restricted to depositing no more than £300 in a transaction and a hard cap at £1000 in a year. Starling offer banking facilities at the Post Office like most banks do, with free deposits, no annual limit and a transaction limit up to £20k.

jonnygee2

Monzo aren't that new anymore, and theyve long since ironed out any major problems.

But also, opening an account takes about 10 minutes, you might as well try them for a bit and see how you go!

Monzo are by far the most popular of the tech bank startups but as d123 points out, of depositing cash is important to you Starling are a better choice.

DCFC79

Hels_bells wrote: »

Looking for comments favourable or not about Monzo bank. Would be looking to open an account for personal not business use. My concerns are that it is relatively new and may still be ironing out problems etc.

What are you concerned about ?

Open an account and use it for a month or 2, if you like it then keep.

Do the same with Starling if you like.

d123

I would add, I have both Monzo and Starling accounts. I use the Starling Bank account as my main account and the Monzo one is basically just to keep some cash in.

Another Starling advantage over Monzo is if you’re travelling Starling has no overseas charges at all, whilst Monzo restricts you to withdrawing no more than £200 a month free, and then they charge 3% on withdrawals.

If you think you might use the overdraft, Starling is also cheaper.

Here’s an explanation

Starling and Monzo both offer overdrafts, but if you’re looking to take one out you should consider some key differences. First, you’ll have to pass “soft” credit checks to get an overdraft with either of the banks.

If accepted, you can take out an overdraft as large as £1000 with Monzo. They then charge a 50p flat rate if you go overdrawn by more than £20. So, no matter the size of your overdraft, it will cost you 50 pence.

It sounds simple. However, the downside is that unless you take out a fairly large overdraft, it’s not particularly great value for money.

Starling applies a percentage charge of 15% EAR (Equivalent Annual Rate) instead, meaning a customer who is £200 overdrawn for 14 days will pay £1.08 in overdraft fees. With Monzo you’d be paying £7 for that time.

There’s a lot more comparison at the link for the above.

https://www.finder.com/uk/starling-vs-monzo

PRAISETHESUN

I can also vouch for Monzo/Starling - have used them (primarily for overseas travel) without issue