Monzo Accounts

[Bookworming]

Just to say they are bloody brilliant!

Sorts your salary to how ever many "pots" you need..

So for example

Direct debits
Christmas
Holidays
Spends
Grandchildren

And let's you set "budgets" for shopping, entertainment etc.

You can lock accounts to make sure you don't spend from theM

So much easier than having to move between accounts, it's all done for you, with one click.

Love it!

But it doesn't have a cheque book, just in case you need one.

Marking place. I was interested in a Monzo account because I thought it might be useful to have a MasterCard as well as a Visa.

Does anybody use it just for days/nights out so there's no worry about losing your 'main' card? I have a post office travel card I do that with sometimes, but I wondered whether Monzo or similar would be less clunky to use.

I've heard about them closing down accounts without notice as well.

Has anyone used revolut? I'm looking at that.

@PolkadotsAndMoonbeams

Marking place. I was interested in a Monzo account because I thought it might be useful to have a MasterCard as well as a Visa.

Does anybody use it just for days/nights out so there's no worry about losing your 'main' card? I have a post office travel card I do that with sometimes, but I wondered whether Monzo or similar would be less clunky to use.

Dh and I use our Monzo accounts purely as accounts for frivolous spending money. We use it like a "pocket money" account.

It means I can get stupid things like coffees and lunches when out or impulse buys online and not worry about what I'm spending, because once it's gone, it's gone, IYSWIM? It's great for contactless purchases for that very reason. Plus it tells you in the app every time you spend something.

It means that we also have far more control over our major accounts, without taking money out in small silly amounts. It's handy.

I use Monzo for a business account, clients pay money in via bank transfer and then I can transfer it straight out into my main account. That way clients never have my main bank details that they could inadvertently reveal or lose. The app is great and so easy to use. The card works on Apple Pay which can be handy. And the app tracks money in and out so is a handy reference for checking when clients have paid etc. I don't leave a huge amount in the account though and transfer payments out quite quickly after receiving them just in case there is an issue with my account.

@AwaAnBileYerHeid

I've heard about them closing down accounts without notice as well.

Has anyone used revolut? I'm looking at that.

I have a revolut card, works well for me. But I only use for travelling, not as a bank account

I don’t have all my money in there, I use it for my monthly ‘spends’. I think Starlings app just looks nicer and is more user friendly, plus at Christmas I could change the app logo to include a little Santa hat that so swung it for me

I had a random transaction in Greece a few months ago, I obviously was not in Greece so contacted Monzo (via they’re online chat) and they refunded me the money straight away. I also raised a dispute with a company who cancelled an event because of Covid but refused to refund me, that took about 8 weeks to sort but again I recieved the money back.

To be fair though I haven’t read a lot
About them so I’ll have a loon later.

@VinterKvinna that's already been asked! Check my posting history please, I'd be playing a very long game!

Don't be so suspicious! It's just a new modem account!

And in true MN style RTFT!

@JoanneCofton so does starling do the same things with pots and limits?

I've never understood the "paid a day early" feature tbh.

How is it helpful? I mean the first time it would be early, but after that it would still be the same number of days until you got paid again so you'd never get the money "early" after the first time

@CutsOffCorners for me it's purely because I can! OH is still paid weekly, it's a useless novelty really.

Monzo and Starling actually have a really interesting history. Tom (30 something founder of Monzo) worked for Anne Boden (50 something founder of Starling) on a project to build a new kind of bank. They were a powerful team - but at the last minute pre launch he double crossed her; went to the investors to say he should run it and not her. They sided with him and she was pushed out - Monzo was born.

Anne Starling had two options - give up with nothing (she’d mortgaged her house) or rebuild on her own. She did the latter and built Starling, which is now super successful.

I don’t have any connection to either of them - I just read Anne Boden’s book - but defo puts me off Monzo!

[quote Bookworming]@VinterKvinna that's already been asked! Check my posting history please, I'd be playing a very long game!

Don't be so suspicious! It's just a new modem account!

And in true MN style RTFT! [/quote]
I rtft thanks, but I am on about my 4th job since joining mn so its hardly out of the realms of possibility is it?

Me and DH both use Monzo, and our joint account is with them too. We both have other accounts and savings held elsewhere but for all our regular spending Monzo is great.

@Bookworming

What an odd thread. Is this an ad for Monzo?

Nope, just telling people about the "modern" accounts!

Oh, this was your answer.... I must have missed it.

How is Monzo any different from having a separate bills account to which you transfer the requisite amount of money every month from your current account, so the D/Ds you've set up are covered?

I love my Monzo account. It's great to help save with all the pots you can create. Instant notifications of deposits and withdrawals.

@Bookworming they do ‘spaces’ instead of pots which you can name and move money into, I can’t see a way to allocate a specific bill to be paid from that space though although I only have them for saving so a space of Christmas, a space of
Our holiday in the summer etc. Also you can set up a child’s space as well. So I’ve set one up for my DS, and got a standing order for £2 a week to go into his space. They send a bank card out (it has restrictions on like most kids accounts) and it’s no extra cost. My DS loves his bank card and likes going to the shop to spend his £2!

I use mine as a pre paid card really. I only put money on if in need to. I use it on holiday and I give it to dd1 when she goes shopping with her friends and load it with whatever amount she's been allocated. Safer than cash. I used to use it far more but since I've started using Apple Pay for everything it's rarely worth moving money around day to day and Monzo isn't my main account

I love my monzo! I got it 5 or 6 years ago for holidays but use it now for my personal spends. Very easy to send and receive money and the split the bill option was great back when going out to eat was a thing!

@thegcatsmother

How is Monzo any different from having a separate bills account to which you transfer the requisite amount of money every month from your current account, so the D/Ds you've set up are covered?

It's different because you can divide your money up into separate pots for each thing and then spend from them. I use it for all my annual things like insurances and saving for things as you can see all on one page how much you've saved for each thing then spend from that pot.

It's essentially an electronic envelope saving scheme, really easy to use, I like it

I love monzo for budgeting. We have pots for food, fuel, house fuel, eating out, kids events and holidays. So much easier knowing how much I have left and I'm never scrabbling to find the money for an oil or coal delivery

Another monzo advocate. I have other similar apps but favour monzo. I like ( in normal times) being able to split bills with friends.
It has a very good exchange rate when travelling or purchasing from abroad.
I never rely on one account but this is my most used.

Just FYI Monzo makes a huge loss every year and the rumour in the fintech world is that it won't be long before they go bust. I still use it but I wouldn't recommend holding large sums of money in there.

Reviewing the choice between starling and monzo I chose starling because the ceo is a woman and has a pretty impressive resume. Monzo is owned buy a tech bro . Female solidarity wins for me

@heroku

Just FYI Monzo makes a huge loss every year and the rumour in the fintech world is that it won't be long before they go bust. I still use it but I wouldn't recommend holding large sums of money in there.

No!!! I love monzo.😞.