Online banks are becoming increasingly popular and could one day completely replace the high street bank. With this in mind there are several banks up and coming and one of the biggest names that have emerged is Monzo. We’ve done a thorough Monzo bank review.
Keep track of your spending
One of the greatest advantages which I found while using Monzo was how easy it was to keep track of your spending. You get instant notifications whenever you spend money instantly. You can also see how your money is being spent with great interactive charts and graphs. It also lets you make a budget and shows you how well you’re sticking to it each month. I have found it to help me keep a lid on my spending and control it helps you visualise how much money you can waste so easily. It also shows you a daily spending tally and gives you the ability to categorise and make notes on your expenditure.
Offering innovation and new products
Monzo is innovating at an incredible pace outpacing the high street bank innovation. Every week or a few weeks you’ll get updates and improvements to parts of the app and the products they offer. They’ve recently added more features that I’m taking advantage of like rolling up each transaction to the nearest £1 and putting the change into a “pot” for later use and setting up a sectional budget in the app where you designate a portion of the money to each category.
In Monzo, you can create saving pots so you can save up for a big spend (a car, a holiday and more, etc) where you can allocate money and then it won’t appear in your available balance. Then once you start travelling you can then release the money you need into your available balance.
Travelling and spending summaries
Monzo is great for people who travel looking for a daily expenditure card whenever you travel to a new country. You get a welcome screen with the direct exchange rate and remind you of any charges( if any at all). Monzo allows you to spend the equivalent of £200 charge-free and after that charge a small amount. Also once you leave the country you get a summary of your spending.