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Monzo Review: The Future Of Banking

Posted on 19/01/2017 by


To say I’m bad with money is the understatement of the century. I thought I would get better with age but I was wrong, oh so wrong. For 2017 I have decided to put an end to my sinful ways, with the help of my little orange friend that is going to transform me into a money saving machine…  maybe, that friend is Monzo.

For those who don’t know Monzo, you need to get to know, as Monzo is the future of banking. It has 80,000+ users so far and is so in demand there is currently a waiting list - so register as soon as you can! I was lucky enough to have a friend refer me which bumped me up the queue, if you have any contacts I would definitely take advantage - shoutout to Mr Tom Davies.

I’ll give you a quick run through of what’s so special about this little piece of plastic and why us ‘millenniums’ are going mad for it. Granted, most banks have an internet banking app, but the stand out advantage Monzo has is the ability to track spending habits, and in turn enable you to manage them more efficiently. The app both monitors and informs you of real time spending with notifications - Hallelujah. Automatically breaking down your spending habits into eating out, entertainment, transport, groceries, bills and holidays the app also allows you to add both notes and receipts next to each purchase.

Zero fees, even abroad (ideal for anyone travelling and working overseas) Monzo also has free instant transfers to other Monzo users. So much more than a pre-paid debit card the company are planning to add quick, easy overdrafts, free UK current accounts, FSCS protection, direct debits and standing orders and more. It offers 24/7 support - which I can vouch for, I lost my first Monzo card on the Saturday and had my replacement by Monday.

Other than the features mentioned what I love most about the Monzo app is the community engagement. Yes, standard banks have the feedback forms and ‘drop us an email with your suggestion’ but Monzo have taken the theory one step further with the creation of their Extraordinary Ideas Board. This is a public page on their site which allows anyone to post amazing/helpful ideas to help improve user experience - you can like and comment on other people’s posts, pretty cool right?

And finally - the freeze. Now the freeze is advertised as a button on the app which can be used in case of the loss of your card, you simply click freeze to stop any payments being made as the card is wireless. Alternatively, the freeze button can also be used after a few G&T’s in order to save yourself from waking up to £2.30 left in your account - genius I know.

I’m completely sold on Monzo so far, it’s easy to use and has made me think twice on how I make it rain on food each week. Click the link below to see for yourself what all the hype is about...