Monzo Account

[FartyBug]

Does anyone have one? A few people have mentioned it to me but I've been looking at reviews and seen there's been a spate of them freezing or closing accounts with no explanation which worries me as there's no mention as to what happens with the money!

I like the aspect of it rounding up what you spend so if you spend £3.42, it rounds it up to £4 saves the 58p in an account for you. Unless there's other accounts that do this?

Someone has recommended that I get one for travelling so am thinking about it purely for that. I didn't know anything about rounding stuff up though?

You can use the card abroad for no fee.

Their website says Your money is fully protected by the Financial Services Compensation Scheme (FSCS), meaning that all your money up to £85,000 is guaranteed by the British Government

So I'm not worried about my money going missing.

I have a similar account with N26. I can move money into "spaces" like sub accounts via an app. I have saved ££ this way.

I have one for travelling.

It used to be a Pre paid credit card so you’d put x amount of money on it and then you could spend that.
It’s great for travelling because it doesn’t have fees and if your card is cloned it’s no big deal because it’s not attached to your other money.

Unfortunately mine got turned into a proper bank account and I don’t use it as much anymore.

I use my for travelling too. I’d use it for my main account if it wasn’t such a pain in the arse changing over all my direct debits etc.

I've got a Monzo account. I specifically got it for holidays only as the exchange rate is excellent. In the early days if you were abroad they recommended taking a 2nd card in case of issues/freezing. I've not had any problems in the last 18 months - but it's not my main account.

However from being a holiday only card, I have come to appreciate a number of its features e.g. the app, knowing instantly what you've spent and where and the savings pot.

I have now persuaded my husband to get one and we will then create a joint account which we will use for everyday spending (as we need to budget tightly at the moment)

We may also use the round up saving thing but that's not a priority for me at the moment.

I think there's another specifically savings app called Plum which transfers small amounts around for you so you save without noticing it.

I have one and love it. I use it for my spending account, all my bills are in a different account.
You can separate spending pots and there are tools on the app so you can see where you are spending your money.
You also get a notification straight away when you spend money. So what you see if what is actually in your account.
It's really helped me budget better. Used it abroad recently and it was really easy. Good rates and I calculates how much I spent abroad.
I hate the bright orange card though.

I love mine too. We have separate single accounts and a joint account. We don't use them as our main bank account, just pay an amount in each month and use for spending. We've saved a lot of money since we started doing it, the app and the texts really help me to be mindful of what I was frittering money away on!

We have a joint one and one each. I use the joint one for our grocery and monthly spending and leave the direct debits for our old account where salaries go into.

Also as others have said it's good for abroad and I like the savings lots

I’ve got one. When I first had it it was a prepaid card but now it’s a current account - I think all new ones are current accounts. I have a few current accounts and this is my favourite one to use - the app is so easy to use, make payments from etc, and it tells you how much you’ve spent etc. Also love that the card is bright orange so very easy to find!

Re abroad, I think you can only get a certain amount of cash out for free now, but just card transactions are still free.

Only drawback is that you can’t pay in cash/cheques as there’s no over the counter service and no agreement with the post office or another bank yet.

I've got one for my food shop and its fab. Sends you a message instantly with what's been spent and you can see in real time what's left on the app.

I too have set up the rounding up feature so any spare change goes into a holiday fund.

I find it better than using my HSBC current account as otherwise that just ends up with lots of mini transactions to get milk, etc and things get missed.

I've had no problems except at Christmas I accidentally pulled the card out of the machine before the transaction had completed. I waited a couple of days and emailed them off the app to explain and see where the money was, they refunded it instantly (I think it was lost in the Tesco system at that point).

If you're not keen on Monzo (I let mine closed when they changed from a prepaid card to an actual bank account) Lloyds also round up your spending. It's called Save the Change. I also know someone with a Stirling account and you can chose what to found up to, nearest pound, £2, £5 etc

Can you withdraw cash with it? I’ve been recommended this by several friends but I do all my everyday spending with cash. Wondering if it will be worth it