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Last updated on October 2nd, 2019 at 08:55 pm
I’m a little bit in love with Monzo! I signed up to this bank to claim a free £5 for doing so (unfortuntely this offer is no longer available). I figured I’d get my free money then move on. However, their amazing app had me sold instantly.
When I started to read more about them, I found out that they do a lot of good too. I genuinely think that they could be a strong contender for the future of banking.
Monzo are an app-based bank that started in 2015. You can manage all of your money through the app on your phone and you’ll be joining 35,000 other people that open an account with them EVERY WEEK.
You can sign up with Monzo by clicking this link. If you click the link from your phone or tablet, you’ll be prompted to straightaway download their app from the App Store or from Google Play.
Once you’ve got the app, you just need to follow the instructions to sign up. It will only take a few minutes and your account will be set up and ready to use.
Once you’ve signed you will be able to request your bright orange card that will be linked to your account. Being a contactless Mastercard means that you will be able to use it in most shops quickly and easily. You will also be able to use it online. (I used mine for matched betting.)
This means you’ll be able to spend money in shops and online without needing your card to hand. You can do this through the Monzo app with a couple of clicks.
The app is full of useful information in the form of charts and graphs to help you manage your money. You can see a summary of your spending, set budgets and get notifications.
Monzo has a feature that allows you to split your money into different pots. This means that you can keep money on one side and you won’t be able to spend it. As they say on their website it is like keeping this money in a piggy bank.
If your balance in one of these pots is over £1,000 you’ll earn 1% interest on it too.
You can also get the app to round-up the purchase you make and add these to a savings pot of your choice. This is a very popular and easy way to save as it doesn’t feel like saving at all.
The short answer is yes! Any account with Monzo is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. This is the same protection that you get from the major high street banks.
It boils down to the fact that they are offering a great service. The app is jammed packed with features that I didn’t even know I wanted from a bank until they started providing them.
Even better is that it is all on my phone. I get complete controlled over my money along with lots of helpful features, chart and graphs to help me meet my money goals.
Disclaimer: Remember the information you read here does not represent advice. Any ideas or suggestions are just that and may not work for you. Read the full disclaimer here.
Looking After Your Pennies is an eco-friendly personal finance blog written and managed by Charlotte Jessop.
I write on a variety of topics including frugal lifestyle, eco-friendly living, money-making ideas and generally how to make your money go further.
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