Monzo Bank

[CrochetFreak]

Anyone got a current account with them? Sounds very good, any down sides? likes? Dislikes?

Ta

[400ixl]

They are a challenger bank and do work differently to your old style high street bank, so as long as you are comfortable with that then they are pretty good. Pretty much everything is done online and through apps.

They are still run through seed funding, but are well backed, so financially stable (covered by FSCS to the usual £85,000).

The had an 86% customer satisfaction rating with Which recently knocking First Direct off the top for the first time in years. When you compare them to another challenger like Revolut who are not FSCS protected, have a high complaints rate and are being investigated for their money laundering and fraud processes Monzo are in a much better place.

Couple of other challengers doing fairly well are Starling and Metro.

[wanye]

been using them them for a few years now. first with the PAYG credit card, and with the full bank account since they changed over.

i cant fault it, and have had no issues. i wish all banks were this advanced, technology-wise. having spending notifications appear on your phone as soon as they happen seems like something all banks should be giving the option of for customers.

my only (minor) niggle is theyve reduced the amount you can withdraw in foreign currency to £200 per month. then its a 3% fee for anything above that. with a bit of planning, you can get round it (having an account each means double the money allowed!) but as far as everything else goes, i'm very happy. it is my main monthly spending account...

[CrochetFreak]

Originally Posted by 400ixl

They are a challenger bank and do work differently to your old style high street bank, so as long as you are comfortable with that then they are pretty good. Pretty much everything is done online and through apps.

They are still run through seed funding, but are well backed, so financially stable (covered by FSCS to the usual £85,000).

The had an 86% customer satisfaction rating with Which recently knocking First Direct off the top for the first time in years. When you compare them to another challenger like Revolut who are not FSCS protected, have a high complaints rate and are being investigated for their money laundering and fraud processes Monzo are in a much better place.

Couple of other challengers doing fairly well are Starling and Metro.

See more...

Sounding good. Not sure I am prepared to give up my existing current account just yet, but may get an account with them and see how it pans out.

Thanks

[SimonB]

Have them and Starling. Prefer Starling as they pay interest and have more generous cash withdrawal limits when abroad.

Monzo are fairly good though.

[CrochetFreak]

Originally Posted by wanye

been using them them for a few years now. first with the PAYG credit card, and with the full bank account since they changed over.

i cant fault it, and have had no issues. i wish all banks were this advanced, technology-wise. having spending notifications appear on your phone as soon as they happen seems like something all banks should be giving the option of for customers.

my only (minor) niggle is theyve reduced the amount you can withdraw in foreign currency to £200 per month. then its a 3% fee for anything above that. with a bit of planning, you can get round it (having an account each means double the money allowed!) but as far as everything else goes, i'm very happy. it is my main monthly spending account...

See more...

That all sounds good. I am a bit old fashioned and not too happy at giving up my existing current account, so will probably have both for now and see how I get on. Thanks!

[coggie]

Originally Posted by SimonB

Have them and Starling. Prefer Starling as they pay interest and have more generous cash withdrawal limits when abroad.

Monzo are fairly good though.

See more...

What is Starling's withdrawal limit per day when overseas

thanks

[RachaelC]

I use Monzo alongside my First Direct account. All bills come out of FD, but DH and I transfer money into our Monzo accounts for our “spending money” for lunches, socialising etc

[SimonB]

Originally Posted by coggie

What is Starling's withdrawal limit per day when overseas

thanks

See more...

Think it’s £300 per day.

[Pino_Spetzberg]

Originally Posted by 400ixl

Couple of other challengers doing fairly well are Starling and Metro.

See more...

Metro were on the news recently, I think negatively.