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Why Open An Account With Monese

December 3, 2019

Some of the links in this post are affiliate links.  This means that if you click on them and make a purchase I may receive a small amount of money at no additional cost to you.

I’ll be honest!  I opened an account with Monese because they had a lovely little sign-up bonus running at the time.  That’s since changed (although there is still a bonus), but there are plenty of reasons to stay with Monese.

 

Let me talk you through the reasons why signing up with Monese is a great idea and what you stand to gain.

 

What is Monese?

Monese is one of many mobile online bank accounts.  Download an app on to your phone and you’ll manage your accounts from there.

 

You’ll be able to do all the things you can do with any other bank account, like pay in money or withdraw it from a cash point.  You’ll get a card and you’ll be able to use this to spend in shops and restaurants or wherever you like really.

 

What are the requirements to open an account?

Unlike other banks, your financial history doesn’t really matter with Monese.  If you are 18 or older and living in the UK or one of these countries then you’ll be able to open an account.

 

There are no overdraft facilities available with Monese at the moment.  This means that they are a perfect choice for anyone wanting to take control of their money without the temptation of debt.

 

What makes Monese different?

Well, technically they are not the same as a bank.  Banks take your money and invest it.  Monese is more of a prepaid gift card that you can use in any shop.

 

This is why you can’t have an overdraft and is also why your money is 100% protected.  It also means that they require fewer checks when opening the account so are a good choice for people who might struggle with a traditional bank.

 

Is it free?

Yes!  Monese does offer some paid-for services which you can get if you are willing to pay a monthly fee.  However, a basic package is available free of charge.

 

What other features do they offer?

The app is packed with great features to help make managing your money simple:

  1. Visual tools. You can use these to set budgets or review your outgoings.  All make it easier to keep track of your money.
  2. Notification on your phone. You will get instant notifications whenever you send or receive money.
  3. Add your card to Apple Pay or G Pay. This will allow you to use your phone to make payments.
  4. Multi-currency account.

 

Tell me about their refer a friend scheme

You all know that I love a refer a friend scheme and Monese have one of the best.  Once you have signed up then you can earn up to £20 for each friend you recruit.

 

Through the app, you can open the “Earn” section to receive your referral code and full details of the offer available.

 

You will receive a payment when your friends make their first card payment and another payment when they spend a set amount of money on their card.  (Check your app for your offer.)

 

Why do I recommend Monese?

No chance of going overdrawn.  Great for budgeting and managing your money.  Good refer a friend scheme.  Easy to use app.  Go check it out!

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.

2 responses to “Why Open An Account With Monese”

  1. This is a great app to keep under control my budget, I should download it.

  2. nadaliebardo says:

    I’ve never heard of monese! Love that there are so many options now a days though.

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Welcome!

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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