Monzo Bank Account

[Abcd123]

Hi All,

Does anyone have a Monzo account? I've heard great things. On researching I can't really find much to sway my decision whether to open an account. I basically want to have a series of different pots and if possible via an app to actually name them 'holiday' 'car' 'clothes shopping' etc etc.

From what I understand this one of the benefits of Monzo. You can have multiple pots/accounts and use and transfer money via an app?

I've heard they've just announced huge huge losses but that's mainly due to the pandemic. Money would be guaranteed but the FSCS anyway. Tia.

 

[bellinibobble]

I’ve got a Monzo account! They’re good to use on holiday because the overseas fees are less than most uk banks.

Yep you can have different pots for different things. I also like that you can do a round up thing, so whatever you buy on the card, they automatically round the amount up to the nearest pound and put that into a savings pot for you. It’s a really easy way to save money quickly if you use it for your main account.

 

[HoGi]

I have one. I haven't moved away from natwest as my main account thought mainly as I am lazy, and can't be bothered to change everything over.

It can all be set up through the app. You record a little video of you talking and upload a photo of your driving licence.

You can set up pots etc. It is good.

And as a previous poster said, fees for overseas are a lot lower. I mainly use it for that, when we were allowed to travel!

 

[Abcd123]

Great thanks both! Mind made up. Will keep my mains account but use this as an extra

 

[Hello Kitty]

I have a Monzo for savings and have another bank account for everything else.

Never had any problems with Monzo.

 

[bexgreen1983]

I’ve had one for ages but only just Started using it. I have a bills account and just set up a savings account too

 

[no-no]

The best thing for me about Monzo is you get paid the afternoon before at 4pm if you’re paid by Bacs. It was the main reason I opened an account. Also, if your payday falls on a Monday you get it the Friday.

I’ve had issues with them charging twice for transactions in shops i.e. “putting a hold on the money” for a week. Their customer service is very hit and miss so when this double charge happened again recently it put me off them.

I’ve heard good things about Starling, but I’d never use either as my main account, just for the little perks they have.

 

[GiftedNotFree]

I have Monzo and I use it for everyday spending so I can keep track of where my money goes. I do have some pots but don’t keep high values of money in them. I work in banking security and can tell you their security is not the best. Personally, I wouldn’t be comfortable keeping a lot of money in a Monzo account for safety reasons but I know that some people do!

 

[Carrie2019]

Had monzo years. Never had a problem.
love the pots. The fast transactions. Free to use abroad and I get my wages the day before they’re due.

 

[realhousewivewannabe]

I love monzo love the pots and round up function. Have had this for 3 years mainly as it’s good for paying for things when abroad. Has anyone had the credit card?

 

[Minipizza]

I have a Monzo plus and a business account with Monzo and I love them.

 

[Moodle8]

I have a Monzo account and love it, the app is so easy to use as well. Definitely recommend it

 

[Spoke]

I’ve got one for using abroad on holiday but I’ve heard from people in finance that the bubble will burst soon and don’t use it as your main bank!

 

[cholulamare]

Yep I've had one for a couple of years and it's honestly life-changing. When I went on holiday abroad with a big group of mates and we all had Monzo accounts and it came to paying for group meals out? It was like living in the future.

It's so good for seeing where your money is going at a glance, getting spending reports, tagging transactions, transferring money with one click - all little things that would make going back to an old-fashioned current account really difficult.

 

[Rlaw1978]

Heard bad things about this bank, several people I know have had their accounts frozen for no reason. There is Facebook page called ‘Monzo stole our money’ , countless people have had accounts frozen and closed with no access to their money, both personal and business accounts .

 

[judgejohndeed]

I had Monzo for ages and loved it, but ultimately went back to a traditional bank. The reasons for this were mainly that you have to post cheques to them which is a pain, I rarely get cheques but when I did I didn't want to post them. Then also, when I tried to get a small amount of credit - literally just spreading the cost of something over a couple of months while I waited to be paid (I work in arrears) I was told Monzo was too new so application was rejected. So for me it seemed like I needed another bank account at least alongside Monzo, and once I opened another account again I just didn't really use my Monzo anymore. Other than those issues though I really liked it, app interface is great, Pots are fab idea.