Monzo is a free bank account facility with a debit card included.
Monzo is a fully authorised bank and regulated by the FSA, and so offers the same protection as the big name high street banks.
Your money is fully protected by the Financial Services Compensation Scheme (FSCS), meaning that all your money up to £85,000 is guaranteed by the British Government.
As long as you are 16 or older, and a UK resident, you can apply to join. They currently have nearly 2 million customers.
The app is pretty powerful and allows you to fully track your expenses, set monthly budgets, add spending pots, money transfers, split bills, apply for an overdraft, add scheduled payments, export statements and much more.
Keep track with targets for things like groceries and going out. They will let you know if it looks like you’ll go over budget!
You can use the card worldwide, with no fees for paying by card abroad, and you get a 1.55% interest rate on your bank account savings.
Send cash without needing anyone’s bank details (even if they don’t have Monzo!). Transfers between Monzo accounts are instant.
All in all, this is a decent, free to join, bank account service with good features and facilities.
There is currently a promotion running offering a £5 sign up bonus for new customers. Once you have signed up and then made your first transaction via your debit card, your account will be credited with the £5 bonus.
To qualify for this bonus, you need to use our special sign up link, then download the app for your phone, (It works on IOS and Android devices) and then sign up via the app.
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