Anyone have a monzo card?

[cessi]

What's the pros and cons I have just applied

Hi
no cons I believe, husband and two adult kids have had one each for a long time
I loaded £250 before lock down and forget to use it !

No cons that ive learnt of yet. Now I know exactly what I spend my money on. Didn’t know before and for years just spent and spent without a thought.

Now I set myself a budget for each type of outgoing and it shows me how much I’ve spent for example on groceries and how much of my budget I have left.
It was a real eye opener as to how much I spent on takeaways, restaurants, drinks out etc. It’s really helped to show me where I can cut back. So I try to buy everything with it where I can. Just send myself a set amount every month from my main account and try to stick to it.

You can use it abroad too fee free. And withdraw up to £200 cash fee free.

the cons (when I looked into one years ago) were that they were not an fca regulated bank.

Oh and also I round up to what I call a Christmas pot. This is an option and not automatic. You can call your pot whatever you want.

So for all transactions it rounds it up to the next pound and sends the change to the pot. So far (and even with this lockdown) I have £100plus saved towards Xmas which I ‘unlock’ in early Dec. Helps to pay for Xmas parties and some of the inevitable expenses that time of year.

I have two! A personal account and a joint account. The phone app is so useful. I can access both my accounts on there. Transactions show up immediately. You can set up pots to organise your money which is so helpful. The only con is that for security you sometimes have to put your pin in instead of using contactless. It does tell you that is going to happen but I don't often register it/pay attention so I get embarrassed when my card is 'declined'. It isn't really declined, you just do it again and type in your pin. I did bond with a fellow Monzo card user in a coffee shop once when it happened to her!

Monzo is regulated under the FCA and you would be covered by the FSCS.

I have my main account with first direct and a secondary account with Monzo.

My children have them (16+). It's a great, straight forward account. The app is brilliant and it really helps with budgeting.

Very easy to open. I recommend them

Yes, really good. I don't use mine as our main household joint account, but I do use it for day to day spending. I love that anything that you buy is deducted immediately and it's really clear what you're spending your money on. Really easy to set up too - I'd definitely recommend.

I have one so does teenage son, very very useful and easy to use.
I transfer X sum each month from when I'm paid and then once it's transferred to Monzo I move it into "pots" so I have a Going out pot, a grocery shopping pot, a petrol & car parking pot and a spends pot which is my money to do whatever I want with over the month.
I love how quickly the transactions show I will be paying in the supermarket and the app will tell me instantly what I've spent and where.
My husband has a TSB Acct which is woeful, he bought food shopping on Friday from Tesco is only just showed on his statement yesterday, if I hadn't remembered that would have me £120 astray in working out what We had left in the acct.
As soon as my other kids are 16 I'm going to get them to get one. My eldest has really done well with his own pots he has a going out, a saving and a Xmas and birthdays pot too.

Dh and I both have one. Not as our main accounts, but great for putting money into "pots" to help with budgeting for birthdays and Christmas.

I have one - it’s great. I don’t get my salary paid in there at the moment so some of the tools aren’t useful for me but moving money between pots is so quick, and it’s so easy to see what you have.

I used it abroad as they don’t charge for foreign currency transactions and it was so good - every time paid for something I got a little notification on my phone telling me how much it was in Sterling. Made budgeting super easy.

Monzo used to be a prepaid card but it's now a regular bank. I've had an account since it was a prepaid - I actually really liked it for going abroad, which was why I got it. At the time I was a bit aggrieved they changed it to a current account!

I do use the account as a pocket money one now - I love the app, so easy to use an I love that transactions reflect immediately so you always know where you are with your funds.

I use the pots function too - really handy.

Also love the bright orange card as it's so easy to find!

Thanks for all your comments do yous use it as your main current account

I use mine as my main account, but actually think it's best to use a different one for bills and Monzo just for general spending.

I love my Monzo account but I use it as the other posters do as a second account. I put my frippery money on it for teas, coffees work lunches etc. I also love the round up feature. I helpfully transferred all my round ups onto a TUI travel card in euros for my summer holiday .

My DH and I have it as our main accounts.

Another vote for them! Their customer service is very good (done via the app as a chat) and I've had no issues.

I've set up a joint account with them so both my husband and I have a card. We use the account for our food shopping & general spending so if he stops for milk, it comes out instantly and we can both see how much we have left.

I've got pots all over the place now (they're very addictive) and the general spending account rounds up each transaction (I think it goes into the holiday fund).

It isn't my main account yet but I think it will be. Just need to get some more order to my finances and increase the savings pots.

3 of us have them in our family, Ds2 is not yet 16.

It started when Dh went out for work lunches and meant one person paid the whole bill and everyone else just transferred their share instantly to the bill payer through Monzo.

I got one when Ds1 turned 16 so I can give him money for lunches for sixth form as they don't always use the school canteen, their location means they are near to lots of food places. Plus if he picks up any items for me on the way home such as food I can just transfer money. I like the locking mechanism on the app.

It is not our main account but a good secondary one. Always good to have two accounts just in case.

It was incredibly simple to set up at home.

I use the money dashboard app for budgeting with my normal bank account. Really good and easy to use - you just import transactions and then it wither allocated them to a pot based on the supplier or you manual add.

Best decision I ever made. My salary goes into it now. I only have a high street bank account for cheques.

It sounds amazing I can't wait for it to come now thanks everyone

Had mine for 3 years and it's great. Automatically moves my savings into different pots with higher interest than HS banks, lets me see exactly what I'm spending on. I can set limits on say 'eating out' and it'll tell me when I'm close to the limit.

You can freeze it yourself from the app if you lose your card

@bluefoxmug I believe it is FCA authorised now

I use it as my main yes

Although my salary is paid to a Hs bank and I transfer the next day

I'm with Starling and, having compared notes with a Monzo customer before now, understand they are very similar. I absolutely love Starling (main account, I used to be a First Direct customer) as it makes budgeting and managing money much easier. Partner also switched and has a personal account as well as a business account, and we have a joint account.

I never disliked FD, but the visibility of your money with these challenger banks is on another level. I won't be going back to High Street banking for anything other than maybe a credit card.