Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Lydia42
    • By Lydia42 9th Aug 18, 11:02 AM
    • 52Posts
    • 155Thanks
    Lydia42
    Monzo
    • #1
    • 9th Aug 18, 11:02 AM
    Monzo 9th Aug 18 at 11:02 AM
    Hi
    I've recently had my light bulb moment and am trying to sort finances. No long waffling story, just not all that clued up with the current bank accounts and banking apps available.
    Looking for advice - i see lots of people say they use Monzo to help budgeting, etc. Can someone explain is this just a budgeting app? A credit card? A bank account? Is it any good? What's the best for keeping track of spending if you current bank takes a few days to update balance?
    Thanks
    Total Debt June 2018: 19, 444
Page 1
    • 18cc
    • By 18cc 9th Aug 18, 12:01 PM
    • 676 Posts
    • 454 Thanks
    18cc
    • #2
    • 9th Aug 18, 12:01 PM
    • #2
    • 9th Aug 18, 12:01 PM
    Would second the above - it is an excellent current account. Obviously, only proviso is that you need a smartphone. You just download the app, apply, upload your ID and the account is opened quickly. You get an account no, sort code (04-00-04), debit card, and can do DD and SO.
    • Alexd52
    • By Alexd52 9th Aug 18, 12:21 PM
    • 194 Posts
    • 101 Thanks
    Alexd52
    • #3
    • 9th Aug 18, 12:21 PM
    • #3
    • 9th Aug 18, 12:21 PM
    Another endorsement for Monzo. Their customer service agents are very helpful should you have any queries/problems. Another one to consider is Starling, pretty much the same Monzo in most respects, but has better terms if withdrawing money whilst travelling abroad.
    • t1redmonkey
    • By t1redmonkey 9th Aug 18, 12:39 PM
    • 77 Posts
    • 55 Thanks
    t1redmonkey
    • #4
    • 9th Aug 18, 12:39 PM
    • #4
    • 9th Aug 18, 12:39 PM
    Any idea if Monzo does a credit check on you when opening an account with them?
    • WillPS
    • By WillPS 9th Aug 18, 2:38 PM
    • 319 Posts
    • 152 Thanks
    WillPS
    • #5
    • 9th Aug 18, 2:38 PM
    • #5
    • 9th Aug 18, 2:38 PM
    Any idea if Monzo does a credit check on you when opening an account with them?
    Originally posted by t1redmonkey
    They only do a hard search if you apply for an overdraft.

    Monzo is good - I personally prefer Starling but there's not an awful lot of distance between them.
    • 18cc
    • By 18cc 9th Aug 18, 3:00 PM
    • 676 Posts
    • 454 Thanks
    18cc
    • #6
    • 9th Aug 18, 3:00 PM
    • #6
    • 9th Aug 18, 3:00 PM
    can you do dd and so from starling ?
    • Alexd52
    • By Alexd52 9th Aug 18, 6:43 PM
    • 194 Posts
    • 101 Thanks
    Alexd52
    • #7
    • 9th Aug 18, 6:43 PM
    • #7
    • 9th Aug 18, 6:43 PM
    can you do dd and so from starling ?
    Originally posted by 18cc
    Yes you can, it's just the same as any other bank but only online access
    Last edited by Alexd52; 09-08-2018 at 6:45 PM. Reason: Add more info
    • MrLolly
    • By MrLolly 9th Aug 18, 9:24 PM
    • 27 Posts
    • 6 Thanks
    MrLolly
    • #8
    • 9th Aug 18, 9:24 PM
    • #8
    • 9th Aug 18, 9:24 PM
    Monzo is great. Starling are like the stuck up version of Monzo. They!!!8217;re unhelpful and often quite abrupt
    • ftbwannabe
    • By ftbwannabe 10th Aug 18, 11:05 AM
    • 74 Posts
    • 271 Thanks
    ftbwannabe
    • #9
    • 10th Aug 18, 11:05 AM
    • #9
    • 10th Aug 18, 11:05 AM
    The monzo features that have helped me most since my LBM are the ability to categorise spending, set a desired budget for categories of spending, and pots.
    For example, I can categorise all my grocery spends (& once you categorise a payment it learns that, so the next transaction with the same place goes into the same category automatically, and I can see a summary of all of them aka how much I've spent so far/last month/etc. The budget feature means I can set a groceries budget & see at a glance if I am close to (or ovre) that limit. It doesn't prevent me spending more, but it alerts me when I have.
    Pots are a way of squirrelling money away from your total available balance. You can transfer money in & out of them as you like, & people use them in lots of ways. I use them to keep cash aside for quarterly or upcoming transactions, eg where I'm going to put 20 aside each month, to pay for something costing 80 a few months ahead. They can also be used like a pot with all your spending money in for the month, & you'd transfer money from that pot to your main balance when you've been to/are going to the shops, etc.
    I think lots of people use a monzo account to have their spending cash in, separate from the account their direct debits for bills are taken from. That's how I started, but I now use it as my full main account.
    Debt Free Wannabe since 1st August 18
    saving for deposit 202.78/5000
    CC1: 100.83/8,839.83 | CC2: 79.47/1079.23 | CC3: 182.92/182.92 | CC4 100/2446.33 CC5 0/4280
    Student Loan 1: 83.28/656.92 Student Loan 2: 25.51/808.60
    Total Repayments: 572.01/17,472 | Outstanding Debt: 1689.99
    • Alexd52
    • By Alexd52 10th Aug 18, 12:34 PM
    • 194 Posts
    • 101 Thanks
    Alexd52
    Monzo is great. Starling are like the stuck up version of Monzo. They!!!8217;re unhelpful and often quite abrupt
    Originally posted by MrLolly
    Really! I have contacted them on 3 occasions and each time they have been really helpful and courteous, no different to my dealings with Monzo.
    • Mumtomany
    • By Mumtomany 10th Aug 18, 1:25 PM
    • 10 Posts
    • 8 Thanks
    Mumtomany
    Sorry to hijack your thread, also looking at Monzo, do they pay interest? Can you have savings pots?

    Thanks
    • 18cc
    • By 18cc 10th Aug 18, 3:15 PM
    • 676 Posts
    • 454 Thanks
    18cc
    no and yes!
    • ozaz
    • By ozaz 11th Aug 18, 11:22 AM
    • 150 Posts
    • 41 Thanks
    ozaz
    Looking for advice - i see lots of people say they use Monzo to help budgeting, etc. Can someone explain is this just a budgeting app? A credit card? A bank account? Is it any good? What's the best for keeping track of spending if you current bank takes a few days to update balance?
    Originally posted by Lydia42
    As mentioned already, it's a full current account. It's excellent at spending tracking due to instant balance updates and enhanced transaction information compared to what you get with regular banks. It also has spending categorisation, although I would say this aspect of the spending tracking is a bit limited due to a limited number of categories available, but it's probably an aspect that will improve.

    I've been using Monzo since late 2016 and am very happy with it, but I would suggest also keeping an account with a high street bank for access to features/services not yet provided by Monzo (e.g. paying in cash, cheque books, mobile cheque imaging, high interest regular savers).

    Sorry to hijack your thread, also looking at Monzo, do they pay interest? Can you have savings pots?
    Originally posted by Mumtomany
    They don't pay interest on savings yet. But they have committed to adding it soon (probably by the end of August). This will likely be via a partnership with a savings bank where an account with the savings bank is opened and managed within the Monzo app. The rumored bank is Shawbrook Bank.
    Last edited by ozaz; 11-08-2018 at 11:35 AM.
    • Lydia42
    • By Lydia42 13th Aug 18, 2:45 PM
    • 52 Posts
    • 155 Thanks
    Lydia42
    Thanks for all your replies everyone. I opened a Monzo account a couple of days ago. Wow - so easy to do and fast. Got my debit card within 48 hours. Super impressed. Just going to have a tour around the app and see how it all works. At the moment i'm hoping to use the account for food shopping. So i plan to transfer money into the account and use it only for groceries so i don't have to carry cash but have control over what we spend and i'll be able to see the balance as and when i want. If it works out i may look to use the account as my main bank account.
    Total Debt June 2018: 19, 444
    • Purpleheart
    • By Purpleheart 13th Aug 18, 3:35 PM
    • 2 Posts
    • 1 Thanks
    Purpleheart
    Thank you Lydia42 for the superb timing of this thread. I was going to post practically the same thing about Monzo, even down to the fact I want to use it for my grocery shopping.

    I've been inspired and have opened an account, I hope it works for both of us.
    • Lydia42
    • By Lydia42 14th Aug 18, 8:02 PM
    • 52 Posts
    • 155 Thanks
    Lydia42
    Good luck Purpleheart. Let us know how you get on. I'm planning on using mine when i get paid at the end of this month.
    Total Debt June 2018: 19, 444
    • DCFC79
    • By DCFC79 14th Aug 18, 9:04 PM
    • 32,313 Posts
    • 20,322 Thanks
    DCFC79
    Starling and Monese are both good, not used Monese yet but will do.
    • eDicky
    • By eDicky 15th Aug 18, 1:12 AM
    • 3,693 Posts
    • 1,852 Thanks
    eDicky
    Starling and Monese are both good, not used Monese yet but will do.
    Originally posted by DCFC79
    Monese charges various fees, why use it when Monzo and Starling don't..?

    https://monese.com/pricing
    • eDicky
    • By eDicky 15th Aug 18, 3:36 AM
    • 3,693 Posts
    • 1,852 Thanks
    eDicky
    Was I dreaming, or did Monzo have a function to receive debit card payments from another person? I don't see it any more. Perhaps it was something else, not Monzo...
    • Blaise in Surrey
    • By Blaise in Surrey 15th Aug 18, 8:15 AM
    • 13 Posts
    • 1 Thanks
    Blaise in Surrey
    I love my Monzo card. Am having to properly budget for the first time in my life and it!!!8217;s really helping.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

215Posts Today

2,386Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin