Anyone got a Monzo account?

[BernadetteRostankowskiWolowitz]

Do you like it? And has it improved your budgeting?

I'm wondering if it's possible to have an account each for me and dh plus a joint account too? Or is it one per person?

I know they have different pots but I just wondered if it's be easier to keep mine and dhs personal spends separate.

No, and it’s not very easy to transfer to international accounts - or not easy enough for me anyway. There’s no markup on the exchange rate wherever you are though, I’ve only used it in the States and around Europe and it just waits 24 hrs or so before giving you the best average exchange rate in whatever currency.

I’m a big fan of Monzo as it’s really helped with budgeting. I’ve created several pots to help me put money by for as and when it’s needed. These vary from saving spending money for holidays, putting money aside for school uniform or bigger annual costs such as car insurance (seems cheaper to pay annually but saving via monzo pot helps me to do this). Sounds silly, but I like how I can attach a photo on each pot. So I’ve lovely photos of the kids of their birthday pots etc.

I’ve found it very accessible too. I think some way through next year I’ll probably switch from my main account and also quite YNAB and just use monzo.

And I’ve linked it up to the Penny Savings Challenge so I’ve another pot for that. Just have to make sure the main account has enough funds for that.
It was incredible easy to apply and set up too!

Yes. Just for my personal spends. I keep everything else in main bank account.

Thanks @Ylfa. That really helps, I'll keep Revolut for overseas spending.

I've just signed up to Monzo, so I'll give it a fair go for a month. Fairly impressed with the app so far and it was instant for me to transfer what I had in Revolut over to Monzo.

I love it love it love it.

We just use it for spending as opposed to cash and it’s much better than cash, more like just using your debit card but not if you know what I mean?

I use the round up feature and empty the £5 or so out of that pot every week and pay it towards a credit card I’m paying off.

Wholeheartedly recommend. We also used it abroad recently and it was fantastic. No more guessing how many euros etc to change then having some left or not enough.

Bloody love Monzo, it has changed my life! I’ve always been rubbish at budgeting, did well with the envelopes cash system for a while but then slipped and got totally mixed up trying to run several bank accounts.
Dh and I have individual and joint account (you can’t have a joint unless you both have individuals). I have pots set up for EVERYTHING - healthcare for meds, kids pocket money, groceries, fuel, socialising, dog food, exercise, haircuts, bus passes. I’m actually managing to save money for the first time in so long and we are living comfortably too.
I loved the old app but they recently changed it and I don’t find it as easy to use and categorise spends etc but still love it. Usually when I know how much money I need I make a joke at the till about jiggery pokering money about while I shift it from the pot to the main account, that’s the only drawback. Love it 👍🏻

I have one and love the way it shows you exactly what you spent in a foreign currency immediately. That is the one feature I got the card for but I also love the instant payment information about every transaction.
The thing I dislike is that although it tells you about the transactions it doesnt update until you go into the app. So it remains on the 'old' total until you go in and only then will it give you the current amount available. Bad news for me who forgot to do this and just checked
the old screen before going to the shop on a busy Saturday morning...

I'm really interested in this, I was thinking of downloading it but I don't want to use it as my main account, I'd just want to transfer some money over each month and have 'pots' for certain things, kind of like an online version of the envelope system. Is this an option? Thanks

I looked at Monzo but went for Starling in the end. They are both really good. I like the fact the money goes out immediately unlike with my main account which takes 3 days to show things online except ATM withdrawals.

Starling has the extra advantage of having a Euro account that you can operate via the £ account. So you can transfer money into it when the exchange rate is favourable (ish) and then spend whenever you are on holiday and the money comes directly out of the Euro account without fees.

That’s exactly what I use mine for. Still have my other account. This is just for personal spends.

I've just set an account up, it seems good so far. I can definitely see the benefits of it if you're trying to get your finances in order. I'm hoping it will be a good way for me to try and save money and cut down on how much I spend on frivolous things.