Monzo Bank

yes, been my main bank for a few years. am very happy. everything done thru the fone app tho, as long as you're happy with that, go for it!
 
Looking to switch to these in the not too distant future. Daughter has been with Monzo for a couple of years and no complaints.

App etc looks excellent - far better than the clunky Nationwide one we use at present.
 
Amazing bank, I haven't looked back after joining them 4 years ago. Really really good bank, you see payments go out and come in instantly, savings pots and shared tabs with friends and family makes weekends and holidays easy to split costs for.

A decent bank is something that I've always valued and First Direct were great for many years but have gone down hill. Their app is awful.

Monzo has saved me a fortune in currency fees when abroad or using non gbp payments as the exchange rate is almost bang on direct conversion.

Starling is another that does similar and is well thought of in the interest of fairness.

If you are thinking about joining you get a few quid for using this link

join.monzo.com

🎉 You’re invited to join Monzo, and get £5!

join.monzo.com join.monzo.com
 
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Only thing i think is a faff with starling is having to video yourself and read out statements to change anything like a password or transfer larger amounts. Monza sounds similiar.
 
I’ve had a Monzo account for a fair few years, but I only use it for when I’m travelling/on holiday. No fees on transactions abroad and you get the best exchange rate, plus you can withdraw a bit of cash without any fees as well.
 
Starling do all that Monzo do as well I think. Certainly no need to bank with the big 4 anymore. I don’t understand how they still make money from personal banking with the threat from Monzo, Chase and Starling taking their customers daily.
 
I have both Starling (for my business banking) and Revolut (purely for when I go abroad - save a ton on exchange rates/charges etc and it's so so easy to use).
 
Abel Tasman said:
Starling do all that Monzo do as well I think. Certainly no need to bank with the big 4 anymore. I don’t understand how they still make money from personal banking with the threat from Monzo, Chase and Starling taking their customers daily.
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Quick answer Abel is they don’t. They make their money from business and corporate banking where the big loans and deposits are. Hence the mass closure of branches each year.
 
Monzo is great and have used it for years, but always kept my HSBC account running alongside it for cash withdrawals.

The reason for this is that unless you pay Monzo £5 a month then you have a limit of £200 a month you can withdraw free of charge from an ATM. After that, it's a 3% charge.

I don't usually go over this limit, but some months when paying tradesmen etc, the limit is not enough.

Really depends on your spending habits.
 
thats a good point - all the 'fintech' banks are very wary of being done for money laundering, so have tighter rules on cash/large amount movements than you might be used to be old skool banks.
 
Like @Slizzy i use monzo along with my HSBC - i love how the payments come out instantly, and the savings pots you can build up.

The only money i leave in my HSBC account when i get paid is for direct debits, everything else is moved to my Monzo.

For anyone who doesn't know, basically the saving pot works by rounding your payments up to the nearest pound and putting the difference in your pot.

So for example, if you get some petrol and it comes to £30.02 - £31 will be taken from your monzo and the 98 pence will go into your pot. If you ignore it for a while you'll be surprised how much money builds up in there!
 
Slizzy said:
Monzo is great and have used it for years, but always kept my HSBC account running alongside it for cash withdrawals.

The reason for this is that unless you pay Monzo £5 a month then you have a limit of £200 a month you can withdraw free of charge from an ATM. After that, it's a 3% charge.

I don't usually go over this limit, but some months when paying tradesmen etc, the limit is not enough.

Really depends on your spending habits.
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That's not true mate

That's for Foreign withdrawals. You can withdraw as much as you like in the UK
 
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