Looking for a modern, user-friendly banking experience? Sign up for Monzo and earn a £5 referral bonus. Discover Monzo's innovative features, such as instant notifications, budgeting tools, and fee-free foreign transactions.
Monzo is a free bank account facility with a debit card included.
Monzo is a fully authorised bank and regulated by the FSA, so it 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.
Monzo embraces innovation by integrating with popular apps and services through Open Banking. Seamlessly make instant payments to friends and family, split bills effortlessly, and manage shared tabs with ease. Monzo continually introduces new features and improvements based on user feedback, making sure you have access to the latest and banking technology.
One of the key advantages of Monzo is its user-friendly mobile banking app. The intuitive interface makes it easy to navigate and access your account information, ensuring that you can effortlessly keep track of your transactions and manage your finances on the go. Real-time notifications provide timely updates, allowing you to stay informed about your financial activities.
Keep track of targets for things like groceries and going out. They will let you know if it looks like you’ll go over budget!
Earn up to 4.32% (AER/Gross fixed) interest on your savings. That’s on a 12-month Fixed Pot with a £500 minimum deposit to open. (Fixed means the money will be locked away for 12 months while you earn interest on it.)
Monzo's fee-free foreign transactions feature is beneficial for individuals who travel frequently or make international purchases. By eliminating foreign transaction fees and offering competitive currency exchange rates, Monzo ensures that you can freely use your card abroad without worrying about incurring additional expenses.
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.