Monzo Review 2026: A Really Useful Free Money Management App

Why I opened a Monzo account

If you've searched for a Monzo review, there's a good chance you're wondering whether it's worth switching banks. That's a perfectly reasonable question, but it's not quite the one I'm going to answer;

because, unlike many Monzo users, I don't use it as my main current account.

My salary is still paid into a traditional high street bank, and that's where our household bills and regular Direct Debits are managed. Monzo sits alongside that account, and over the last few years it has become the financial app I probably use more than any other.

I didn't open the account because I wanted to move banks or because I was unhappy with my existing provider. In fact, I originally signed up for one very specific reason, and thats because I wanted to take part in the 1p Savings Challenge and wanted somewhere separate to keep that money without it becoming mixed in with my everyday spending. Having a dedicated account meant I was far less tempted to dip into those savings and could watch the total gradually build throughout the year.

If you've never come across the challenge before, it's one of the easiest ways I've found to build a Christmas fund. You save 1p on the first day of the year, 2p on the second day, 3p on the third day, and continue increasing the amount by 1p each day until New Year's Eve. By the end of the year you'll have saved more than £670, despite never having to find a large lump sum in one go.

As I'm writing this, I'm around halfway through the challenge and already have around £150 put aside. That's money that will make a real difference when Christmas comes around, and because it's kept completely separate from my everyday banking, I'm much less likely to spend it on something else in the meantime.

The account was originally intended to serve that one purpose. What I hadn't anticipated was how quickly Monzo would become useful for so many other aspects of managing our household finances.

Monzo has becamemore than a savings account

One of Monzo's biggest strengths is that it encourages you to engage with your finances more regularly. Traditional online banking often feels transactional. You log in to check your balance, pay a bill or move some money before closing the app again.

Monzo feels different because everything is designed around helping you understand and organise your money. I find myself opening the app many times a week: sometimes to move money into one of my Pots, sometimes to check how my savings challenge is progressing, but increasingly to manage the children's spending or to transfer money to one of the kids' accounts.

That increased visibility has made me much more aware of where money is going, and rather than waiting until the end of the month and wondering why the account balance is lower than expected, I can see spending as it happens and make small adjustments to make sure the accounts have enough money to cover expected and unexpected spending. For anyone trying to budget more effectively, that level of visibility is incredibly valuable.

Perhaps the biggest compliment I can give Monzo is that it has become part of my daily routine without me really noticing. It isn't replacing my existing bank account, but it has changed the way I manage money for both me and the kids, and that's been far more valuable than simply switching where my salary is paid.

Managing children's money has never been easier

The feature I've probably come to appreciate most wasn't actually one of the reasons I opened the account in the first place. It wasn't until much later that I discovered just how useful Monzo could be for managing children's spending, and it's now one of the main reasons I use the app every day.

Monzo account dashboard showing the main account and kids' accounts

We currently have both our own son and our foster child linked to my Monzo account through Monzo for Under 16s. Each of them has their own debit card, which means they can pay in shops, buy things online where appropriate and gradually learn how to manage money in the real world.

At the same time, I remain in control. If they need money while they're out, I can transfer it in seconds, see exactly where it's been spent and manage what their cards can and can't be used for.

I can see when the kids make a purchase, as I get a notification, and also, usefully, if a transaction is declined! There have been a couple of times one of the kids has tried to make a purchase online at retailer connected to their online gameplay, and Monzo has blocked this happening a few times, and it's turned out because the retailer wasnt as genuine as they should be, and thats saved us both money and hassle!

That balance between independence and parental oversight works incredibly well. As children get older, they naturally want more responsibility and freedom, but that doesn't mean you want to hand over complete control. Monzo gives them the opportunity to make sensible financial decisions while still allowing me to keep an eye on things in the background.

It has also opened up some really useful conversations about budgeting, understanding the value of money and thinking more carefully before making impulse purchases.

Our foster child, for example, regularly stops at supermarkets on the way home from school to buy a meal deal, drinks or other everyday essentials. Rather than handing over cash, I know he has his debit card available if he needs it, and if he ever runs short it's only a matter of seconds to send money directly to his account. That flexibility has been incredibly useful, avoiding the need to worry about carrying cash or estimating exactly how much he'll need before leaving the house.

Why I moved away from nimbl

Before switching to Monzo for the children's spending, I used nimbl, and I want to be fair because it did exactly what I needed at the time. It provided a safe way for children to have their own card while allowing parents to keep control over how the account was used.

Things changed when our family circumstances changed. Managing one child's account is one thing, but once we needed accounts for both our own son and our foster child, the costs and administration naturally increased, and that's when I started looking more closely at Monzo's (free) offering.

Because I was already using Monzo, having everything managed in the same app made perfect sense. I no longer needed separate logins or separate systems, and moving money between accounts became almost effortless. The fact that the child accounts are included at no additional monthly cost made the decision even easier.

Every family's situation is different, so what works for me won't necessarily be right for everyone. For our household though, Monzo has proved to be the simpler and more cost-effective solution.

The features I use most

One of the reasons Monzo has become part of my daily routine is that it solves several small problems rather than one big one. None of the individual features is particularly revolutionary on their own, but together they make managing money feel much more organised.

The feature I probably use most after the children's accounts is Pots. If you've never used them before, they're essentially separate spaces within your account where you can ringfence money for different purposes. Rather than looking at one account balance and trying to remember what it's all for, you can separate money for Christmas, birthdays, holidays, annual bills or anything else you're saving towards.

For someone like me, who likes to keep finances organised, they're incredibly useful.

My Christmas savings stay completely separate from everyday spending, making it much easier to resist dipping into them throughout the year. I also find it psychologically easier to save when I can actually see individual goals growing rather than watching a single large account balance fluctuate.

Instant spending notifications are another feature that sounds fairly ordinary until you start using them. Every time money leaves the account, your phone lets you know almost immediately. That might not seem particularly exciting, but it keeps you much more engaged with your spending.

It's surprisingly easy to forget about the £3 coffee, the £8 lunch or the quick trip into the supermarket when you're looking at a bank statement several weeks later. Seeing purchases appear in real time makes you much more aware of where your money is actually going.

Is the free account enough?

For most people, I genuinely think the free Monzo account offers everything they'll need.

I've never felt pressured to upgrade, and the standard account includes the features that have made the biggest difference to me, including Pots, budgeting tools, instant notifications and the ability to manage the children's accounts.

That said, Monzo also offers paid plans for people who want additional benefits. My daughter, for example, uses one of the paid accounts as her everyday bank because the extra features suit the way she manages her money. I haven't felt the need to make that move myself, but it's nice to know the option is there if my banking needs change in the future.

At the moment, I'm very happy using Monzo exactly as I do now. It complements my existing current account perfectly, gives me far better visibility over our family finances and has become one of those apps that I find myself opening almost without thinking.

Why I've just upgraded to Monzo Perks

While I've been perfectly happy using Monzo's free account, I've recently decided to upgrade to Monzo Perks, and I think it'll more than pay for itself.

The biggest reason was the included annual Railcard. I'm beginning to travel by train more regularly, so having a Railcard included should save me a decent amount over the course of a year on journeys I'd be making anyway. That benefit alone goes a long way towards covering the monthly cost of the plan.

The weekly Greggs treat is another nice bonus. It's hardly life-changing, but I won't say no to a free coffee or sausage roll each week, and it's one of those little perks that genuinely gets used rather than forgotten about, plus I can combine it with my free *Octopus Energy coffee every week, meaning I can grab a free coffee and a sausage roll at the same time!

Monzo Perks also includes an annual Uber One membership, which is useful for anyone who orders through Uber Eats or uses Uber regularly, and I can definitely see myself making the most of that too, especially with the Monday grocery deals, which always saves me money!

Perhaps the benefit I'm looking forward to most is the monthly Vue cinema ticket. I enjoy going to the cinema but don't always make time for it, so having a free ticket every month is a good excuse to go more often. If nothing else, it'll encourage me to watch films I might otherwise have waited to stream at home.

Whether Monzo Perks is worth the monthly fee will depend on how many of those benefits you actually use. If you rarely travel by train, never visit Greggs and don't use Uber Eats, the free account will probably remain the better choice.

In my case though, I'll use the Railcard, I'll almost certainly claim the Greggs treat most weeks, the Uber One membership is genuinely useful and I fully intend to take advantage of the free cinema ticket each month. Added together, those benefits should comfortably outweigh the monthly subscription cost, making the upgrade an easy decision for me.

Would I recommend using Monzo alongside your existing bank?

Absolutely, particularly if you're someone who wants to become more organised with your money without the upheaval of switching banks completely.

I think one of the biggest misconceptions about Monzo is that you have to move everything across on day one. In reality, there's nothing stopping you using it exactly as I do. My salary still goes into my traditional current account, my household bills are paid from there, and nothing has changed in that respect. Monzo simply sits alongside it, giving me another way to budget, save and manage specific areas of our finances much more effectively.

In many ways, I think that's actually the ideal way to start. There's no pressure to change your everyday banking if you're happy with it, but you can still see whether Monzo's features work for you. If, over time, you decide you'd rather make it your main current account, that's always an option later.

Is Monzo good value?

For a free account, I think Monzo offers an impressive amount.

Budgeting tools, spending notifications, savings Pots, and the ability to manage children's accounts are all features I've found genuinely useful rather than gimmicks you try once and forget about. There are paid plans available if you want additional benefits, but I've never felt that the free account was lacking.

That's probably one of the reasons Monzo has grown so quickly. Rather than trying to charge customers for every useful feature, the standard account already offers enough to improve the way many people manage their money.

Things I think Monzo could improve

No banking app is perfect, and I think it's only fair to point out that Monzo won't be the right choice for everyone.

If you prefer visiting a local bank branch, paying in cash regularly, or speaking to someone face-to-face, a traditional high street bank will probably remain your preferred option. Although Monzo offers customer support through the app, some people will always feel more comfortable walking into a branch, particularly when dealing with more complicated banking issues.

Personally, I'd also like to see Monzo continue to expand its budgeting tools. They're already among the best I've used, but I'd welcome even more reporting and analysis to help identify spending habits over longer periods. As someone who enjoys analysing household finances, I think there's still room to grow in that area.

Those are relatively small points though, and they certainly haven't stopped Monzo becoming part of my everyday routine.

If you're thinking of joining Monzo...

If this article has convinced you to try Monzo, you can use my *Monzo referral link when signing up.

At the time of writing, both you and I will receive a mystery reward worth £10, £20 or £50 once you've opened your account and completed the qualifying steps.

The reward value and the promotion itself can change at any time, so it's always worth checking the latest details before signing up.

If you do decide to use my link, thank you. Referral rewards like this help support The Penny Pincher and allow me to continue creating free money-saving content without charging readers.

My verdict

When I first downloaded Monzo, I simply wanted somewhere to keep my 1p Savings Challenge separate from my everyday spending; I never expected it to become one of the financial apps I use as much as I do!

Today, it's where I manage our Christmas savings, organise money into separate Pots and keep track of spending that would otherwise be mixed in with our main household account. More recently, it's become invaluable for managing our son's and foster child's money, giving them both the independence of having their own debit cards while allowing me to stay in control and step in whenever they need help.

Will I eventually move my everyday banking to Monzo? Possibly. The longer I use it, the more I can see why so many people have made it their primary current account. For now, though, I'm more than happy to use it alongside my existing bank because it gives me the best of both worlds.

If you're looking for an app that helps you save more, budget better and organise your money without necessarily changing banks, I think Monzo is one of the best options currently available in the UK. It has certainly earned a permanent place on my phone.

Frequently Asked Questions

Do I have to switch my main bank account to use Monzo?

No. That's exactly how I use it. My salary and household bills still go through my traditional current account, while Monzo is used for budgeting, savings, children's spending and day-to-day money management.

Is Monzo free?

Yes. The standard Monzo current account is free to open and includes many of the features I use every day. Paid plans are available for additional benefits.

Is Monzo good for children?

In my experience, yes. We use Monzo's Under 16s accounts for both our son and our foster child. They each have their own debit card, while I can top up their balances, monitor spending and manage their accounts directly from my phone.

Is Monzo safe?

Yes. Monzo is a fully licensed UK bank, and eligible deposits are protected by the Financial Services Compensation Scheme (FSCS), subject to the scheme's limits.

Would I recommend Monzo?

Yes. Even though I don't use it as my primary current account, it's become one of the most useful financial apps I own. For budgeting, saving and managing family finances, I think it's excellent.

*Referral link