This is our independent review of Monzo, the digital challenger bank.
Through working in banking for almost a decade I was able to see the rise of digital challenger banks up close. For a long time the UK retail banking industry was a largely closed shop, with 5 big name banks dominating the industry.
This Monzo review will look at what Monzo is, how it works, what features it offers and if it’s better than its digital bank rivals. Monzo was amongst the new wave of solely app-based mobile banking alternatives, along with the likes of Starling, Revolut and Monese, to name just a few. Unlike many of its rival challenger banks (except for Starling), Monese is a licensed and regulated UK bank with FSCS protection. This sets it apart from Revolut and Monese when it comes to the protection of your money.
As with all digital challenger banks, Monzo has a wide range of in-app features such as saving pots, spending and budgeting breakdowns and easy bill splitting and payments. Whilst this is to be expected, Monzo also offers overdrafts and loans like traditional banks. So if you want an innovative bank account that still comes with traditional lending options, then Monzo is a good choice for you.
Overall, Monzo offers a very good banking service and combines innovative features with traditional banking. It also frequently appears at the top end of customer satisfaction surveys as well as providing FSCS protection for your money. In my opinion, it’s the second-best offering after Starling Bank, due to Starling’s fee-free personal account and wider range of features including wealth building through its link-up with Wealthify.
Read on for my detailed Monzo review so you can see if it’s the right mobile banking application for you, or use the links below to skip ahead.
- Monzo Review: What Is Monzo?
- Monzo Review: Monzo’s Pros & Cons
- Monzo Review: Monzo’s Features
- Monzo Review: How Do I Sign Up For A Monzo Account?
- Monzo Review: Monzo Accounts
- Monzo Review: Saving With Monzo
- Monzo Review: Borowing With Monzo
- Monzo Review: Budgeting With Monzo
- Monzo Review: Spending Abroad With Monzo
- Monzo Review: International Payments With Monzo
- Monzo Review: Switch To A Better Energy Deal With Monzo
- Monzo Review: Monzo Fees And Charges
- Monzo Review: Is Monzo Safe?
- Monzo Review: Monzo Alternatives
- Monzo Review: What’s It Like Using The Monzo App?
- Monzo Review: Apple, Google & Paypal Integrations
- Monzo Review: Monzo Customer Reviews
- Monzo Review: Monzo Customer Service
- Monzo Review – Final Verdict
Monzo Review: What Is Monzo?
Monzo is one of the best-known UK based retail banks that operates solely from a phone-based app. It rivals many other fintech banking apps such as Starling, Revolut and Monese, all of which pose an alternative to the traditional large high street banks like Barclays, Lloyds and Natwest.
Its aim is to ‘make banking easy’ by offering a wide range of features and banking services all within its app, without the need for high street branches.
You can read our in-depth reviews of Monzo’s alternatives here:
How Did Monzo Form? A Brief History
Established in 2015, Monzo was created by Tom Blomfield, Jonas Huckestein and Jason Bates amongst a few others. They previously worked for Starling Bank, one of Monzo’s largest competitors, but decided to create Monzo when they saw a gap in the fintech market for a pre-paid Mastercard with no transaction fees abroad.
Once Monzo gained approval from the Financial Conduct Authority (FCA), it became a fully-fledged bank and launched its current account in 2017.
On February 28 2021, Monzo reached five million customers – up by approximately one million from the previous year. The bank garnered great initial success by raising a record £1m in 90 seconds during their £20m crowdfunding campaign in 2018. However, since its conception, Monzo has repeatedly lost money. In July 2020, they announced record losses of £113.8m, likely as an impact of falling interest rates and the COVID-19 pandemic.
In Monzo’s most recent financial accounts up to 28th February 2022 they again made a loss, this time of £119m. Making losses for several years is not uncommon with start-ups and early stage fintech companies. Monzo’s main rival, Starling, was also loss-making for a number of years before making its first annual profit in 2022.
Is Monzo a bank?
Yes. Since their banking licence authorisation by the Prudential Regulation Authority (PRA) in April 2017, Monzo has been a fully-fledged UK bank. This means they’re authorised and regulated by the PRA and also regulated by the Financial Conduct Authority (FCA).
As a result of their bank status, up to £85,000 in a user’s account is protected by the Financial Services Compensation Scheme (FSCS). They are therefore comparable to most other high street UK banks and building societies in that, if they were to fail and go bust, up to £85,000 of your money would be covered by the FSCS. See more on Monzo’s FSCS protection below.
Monzo Review: Monzo’s Pros & Cons
Before getting into the details in this Monzo review, here’s a summary of its pros and cons.
Easy to set up: Similar to other banking alternative apps, the setup process is more simple and straightforward than a traditional high street bank. The longest part is proving your identity.
FSCS protection: You’ll get FSCS protection on your deposits with Monzo, a major advantage compared to Monese and Revolut.
Excellent budgeting features: Monzo is one of the best fintech banking apps for budgeting. It was the first of its kind to develop an easy to use budgeting system with various spending categories and corresponding instantaneous phone spending notifications.
Fee-free spending abroad: As a result of Monzo offering a free Mastercard debit card when you first join (£5.00 thereafter for a replacement if you lose it), you’re able to spend with any card machine abroad, like any other traditional banking card.
Automatic saving: Monzo allows for direct debits to transfer money between different accounts so that you can save for financial goals. You can also set up a feature that allows you to round up and save any remaining money after you spend. Monzo’s savings rates are currently competitive too, with 2.1% interest for easy access accounts.
Overdraft and Loans: Unlike other fintech banking apps such as Monese and Revolut, Monzo offers an overdraft and a variety of other loan options. Remember to only borrow if you absolutely need to.
Daily withdrawal and spending limits: Monzo’s daily withdrawal and spending limits may be a problem if you plan on handling large amounts of money passing in and out of your account on a weekly basis. Unless you upgrade to one of their subscription accounts.
Requires internet/ no bank branches: Many people may be worried at the fact that Monzo is purely Internet-based. However, in response to this and to reassure their customers, Monzo does offer plenty of customer support, including a customer helpline phone number (explained more in-depth below).
£1 fee for depositing cash at a local PayPoint: Cash seems to be increasingly discouraged these days and Monzo is no different with its charges for handling cash.
Maximum of £1,000 cash deposit every 6 months for adult current accounts and £500 for 16-17 accounts: For those who deal and work in a cash-centric industry, a Monzo account as their primary bank account likely wouldn’t be suitable.
Lack of features compared to some rivals: Monzo doesn’t currently offer much in the way of wealth-building or pensions options, unlike Starling and Revolut. It may not be for you if you want an all-in-one digital finance app.
Must pay a monthly fee to unlock all features: to avoid certain restrictions and fees, you will need to pay for either a Monzo Plus (£5 a month) or Premium (£15 a month) account.
Monzo Review: Monzo’s Features
Here are the main features of having a Monzo account:
- Salary Sorter and Spending budgets-
- Sort your salary when you get paid.
- Set spending budgets to control your spending for different categories such as eating out and transport.
- Savings and bills pots–
- Ability to create multiple pots to separate your money and save for your larger financial goals.
- Automatic saving where spare change is rounded up and saved to one of your pots is available also.
- Manage your direct debits and standing orders from a specified bills pot.
- Instant spending notifications – Instantaneous notifications whenever you spend.
- Free cash withdrawals abroad up to £200.00 (£250 in 30 days in the UK or EEA, 3% thereafter).
- No transaction fees – No additional charges added or an exchange rate mark up fee when you spend abroad.
- Energy switching – If you use the Monzo app to switch energy providers, you have the ability to receive up to £40 in credit.
- Joint accounts – Set up a joint account with another Monzo account holder.
- Overdraft – The amount you can borrow will vary depending on your credit report. Variable rates of 19%, 29% or 39% EAR apply.
- Apple/Google pay integrations – Pay with your Monzo card on Apple/Google Pay.
- Loans – Monzo offers £25,000 in various loan options.
- Get paid early – A newer feature that allows Monzo customers to be paid their salary or student loan a day early.
- Shared tabs – Ability to split multiple bills between people and easily keep track of who owes what.
- International transfers – Monzo is partnered with Wise (a large money transfer company) so you can send money internationally with no hidden fees.
- Monzo Flex– Monzo Flex is a buy now, pay later scheme that provides you with the option to pay later in 3, 6 or 12 instalments.
Features We Like:
Monzo’s budgeting features: the budgeting and tracking features in the Monzo app are great and really help it to stand apart from other digital finance apps. If you like the idea of having useful budgeting tools built in to your banking app then Monzo is a great choice for you. Read more on these features below in this Monzo review.
No transaction fees abroad up to £250: A major factor to consider for those who particularly love travelling!
Shared tabs: Great for eliminating that after bill analysis and awkwardly reminding your friends that they owe you money. The Monzo app makes it incredibly easy to split your bills amongst friends and family and subsequently remind them of the money they owe.
Monzo Review: How do I sign up for a Monzo account?
Signing up for an account is very straightforward. Simply download the Monzo app on your smartphone and follow the required steps to open a free current account.
You’ll require a valid ID such as passport or driver’s licence which you’ll need to upload a photo of, as well as answering a series of questions. We explain the setup process more in detail down below.
Monzo Review: Monzo Accounts
Monzo offers a range of curret accounts, including personal, business and joint accounts.
Monzo Current Accounts:
Three types of Monzo personal current accounts exist. The below comparison table sets out the benefits and drawbacks of each one. We’d recommend opening a free account to begin with before paying for one of the premium packages.
|Monzo Basic||Monzo Plus||Monzo Premium|
|UK current account|
|Minimum subscription||3 months||6 months|
|Fee-free spending abroad|
|Instant spending notifications|
|Other bank accounts in Monzo|
|Fee-free withdrawals abroad (3% charge thereafter)||£200||£400||£600|
|Interest on balance and pots (up to £2,000)||1.00%||1.50%|
|Free cash deposits (at Paypoints across the UK)||1||5|
|Round up spending|
|Discounted airport lounge access|
You can also open a joint account with Monzo.
Monzo 16-17 account:
Monzo also offers an account specifically for teenagers. The key features of the Monzo ‘teen’ account are:
- Contactless Mastercard debit card
- Apple/Google Pay
- Spending notifications
- Spending budgets
- Split bills
- Fee free spending abroad (the same limits apply as the personal account)
- No overdraft
Monzo Business account
Monzo more recently opened its business account in early 2020, lagging its rivals. Below are its key features:
- Free instant UK bank transfers
- Instant notifications
- Monzo pots
- Mobile and web access
- Additional integrated business tools
- Digital receipts and in-app invoicing
- 2 account options: Pro a paid-for option at £5 per month, or Lite a free business account
Monzo Review: Saving with Monzo
Monzo allows you to set up various pots to transfer money into to build towards your savings goals. The interest rates on Monzo’s savings accounts are currently competitive and help to make Monzo an attractive option if you want to get a return on your money. Three types of savings pots are available (accurate as at August 2023):
- Instant Access Savings Pot
- Allows you to earn up to 4.0% interest and withdraw the money instantly.
- No minimum deposit. Provided by Monzo.
- Easy Access Savings Pot
- Allows you to earn up to 4.05% interest and withdraw the money the next working day.
- To open you need a minimum of £10 deposit. Accuont provided by partner banks.
- Flexible ISA
- Offers a savings rate of 3.49% and the ability to withdraw the money the next working day.
- You can add money any time and open with a minimum deposit of £10. Provided by partner banks; Paragon currenty provides the top rate.
- Fixed Term Savings Pot
- Allows you to earn up to 5.6% in interest but there are limitations on when you can access the money.
- The earliest being 6 months after depositing the money and the longest being 12 months in which you are unable to add or withdraw any money to the pot.
- To open a fixed savings pot you need a minimum of £500.
- Provided by partner banks.
You should alway shop around to ensure you’re getting the best rate possible on your savings. But having the convenience of opening interest-earning savings accounts with a decent rate of interest all within the Monzo app will be a useful feature for many.
Monzo Review: Borrowing with Monzo
As with any traditional bank, Monzo allows you to borrow money. There are three ways you can do this with Monzo – an overdraft, a loan and a purchase instalment plan called Flex:
Current account holders can apply for a maximum of £2,000 overdraft, which will be charged at a rate of 19%, 29% or 39% EAR, depending on your credit score.
If you enter into an unarranged overdraft by mistake, the charges will be capped at £15.50 per month. However, you will be notified if this were to happen and you have until midnight to add money into your account before entering into your overdraft and being charged.
As always, I advise you to avoid borrowing at interest if at all possible. But if you like the idea of having an overdraft as a backup, and still want all the features that come with a digital bank, then this makes Monzo a good option for you.
One thing I didn’t like during the sign up process with Monzo was that I was asked to choose an overdraft level straight away. This was without formally being asked if I wanted an overdraft in the first place. Below is a screenshot of the screen I was presented with – note that you have to tap ‘close’ in the top left to avoid signing up for an overdraft:
Monzo loans are currently only available on personal current accounts. They ask three questions to determine your borrowing amount (without affecting your credit rating).
Monzo loan features:
- 5-minute application
- Receive the loan on the same day as you apply
- No fees for paying off your loan early
- 24/7 chat or phone support
- 22.8% representative APR on loans up to £10,000
- 8.9% representative APR on loans between £10,000 – £25,000
After taking a quick look at other personal loans on the market (December 2022), you may be able to get cheaper loans elsewhere. You should always shop around when looking for a loan rather than going with your bank. Ideally, of course, you should avoid borrowing at interest where possible.
With Monzo Flex, customers are offered the ability to spread the cost of purchases over a series of months. Borrowing over 3 months can be interest-free and 6 to 12 months will be charged at a representative variable interest rate of 24% APR. Obviously, you do not want to be paying 24% interest on a purchase if you can avoid it. I recommend you apply for a 0% credit card instead if you’re able to and really need to borrow to purchase something.
You can sign up for Monzo Flex via the app. Monzo will run an eligibility check in the form of a soft search to see if you can be pre-approved for credit.
If you choose to apply for Monzo Flex, a hard credit search will then appear on your credit file and if you miss a payment, your credit score will be affected in the same way as any other loan or credit product.
The 0% over 3 months option is a useful feature for smaller purchases if you feel that they are essential. It’s also preferable to dipping into your overdraft, so you may find this a useful feature if there’s something you need to purchase but you may not have the cash for it upfront.
Monzo Review: Budgeting with Monzo
One of Monzo’s earliest selling points was its budgeting features, and until this day it is still one of the best systems within the fintech banking space.
You’ll get a much greater understanding of where your money goes, and some tools can help prevent you from overspending too. This is one of Monzo’s key strengths and will make budgeting and tracking your finances easier for you, especially if it’s something you struggle to do at the moment.
As explained above, Monzo pots allow you to partition your overall balance into smaller amounts.
You can have 20 different pots with a customised name and photo to show their purpose.
You can make it easier to split money paid into your account from your salary across different pots using the salary sorter (however, it’s not automated).
Payments must be over £100.00.
Tracking your spending
The app also tags all your spending with categories such as ‘Transport’ and ‘Entertainment’. These allow you to see at a glance where your money is going. The only downside is that these categories can’t be customised with a free account.
You can set a spending budget and limits within each category. The idea is you’ll get an indicator that you’re about to go over your set budget for that month.
Left to Spend
You’ll see this on the home screen of the app if you’ve set up the budgeting feature. This figure tells you how much-unallocated money you have left until the end of the month (or your preferred payday). Again, a nice feature to have to help you plan your monthly spending and saving.
Monzo Review: Spending Abroad With Monzo
With the free personal account, you can withdraw £200 in cash per month outside the UK and EEA, ad £250 in 30 days within the UK or EEA. Anything more than £200 outside the EEA (or £250 inside the UK/EEA) will have a 3% fee charged. For a Monzo Plus account, the limit is increased to £400, and for Monzo Premium it’s £600.
These limits to withdrawing cash abroad are frustrating, and I still prefer using my Halifax Clarity card as it does not have these limits and also charges no fees or commission.
When withdrawing cash abroad you will be offered the MasterCard interchange rate, which is usually not too far off the spot FX rate for most currencies.
International Payments With Monzo
Monzo has teamed up with Wise to facilitate international payments. In my view, Wise is the best on the market for sending money abroad and receiving money from abroad. This is due to its low cost and how straightforward it is to use the Wise app.
This link up with Wise is a great feature as it means you can go straight to one of the best international payments offerings. However, it’s not fully integrated into the Monzo app which is less convenient than Starling, Revolut and Monese where you’re able to make international payments within their apps.
Monzo Review: Switch To A Better Energy Deal With Monzo
UPDATE: Monzo’s energy switching service is now closed. Below outlines how it worked when it was available through the Monzo app.
When you switch energy providers using the Monzo app, you’ll receive £40 in credit. You’ll need the following information to be eligible:
- Energy types (gas and electricity/just electricity)
- Number of bedrooms
- Meter type
Monzo also claims to keep an eye on the energy market and notify you of any changes so that you can be certain that you are getting the best deal after you switch.
Monzo Energy Switching Exclusions
You cannot switch energy providers with Monzo if:
- You live in Northern Ireland- Monzo is currently not linked with Northern Irish energy providers.
- If you have a prepayment metre.
Monzo Fees And Charges
There are no charges for opening or running a Monzo Basic current account. As outlined above, the Monzo Plus and Monzo Premium accounts require a monthly subscription of £5 and £15 respectively.
Payments within the UK are free and UK/EEA cash withdrawals are free up to a monthly limit depending on your account type outlined above.
Monzo uses Wise for international payments, which prides itself on being more transparent and cheaper than traditional banks. It is currently my favourite way of making international payments.
From 31st October 2020, Monzo introduced new fees for some of its users. Those fees are summarised below:
- 3% fee if you withdraw more than £250 in 30 days in the UK or EEA for free accounts.
- £5 fee for replacement cards due to loss
Is Monzo Safe?
Monzo has a UK banking licence authorised by the PRA and is regulated by both the PRA and the Financial Conduct Authority (FCA). Therefore it must protect client funds and treat customers fairly. As part of being regulated by the PRA, Monzo must follow a strict rulebook – literally called the PRA rulebook – to satisfy the PRA that it is fully compliant with the rules that govern banks in the UK.
Your money with Monzo is protected by the Financial Services Compensation Scheme, which protects up to £85,000 of your money in a Monzo account if the company were to go bust. This limit rises to £170,000 on a joint account. You’re also able to complain to the Financial Ombudsman service if you have a dispute with Monzo that you cannot resolve directly with them, as a result of Monzo being regulated by the FCA.
I used to work on regulatory disclosures at a large global bank, so for this Monzo review I dived into their Pillar 3 disclosure. Regulated banks in the UK must provide financial and capital information publicly and to the regulator so that they can be assessed for risk. A Pillar 3 disclosure contains much of this information and is required by the PRA for all UK regulated banks.
I don’t want to get into the full technicalities of bank regulation as part of this Monzo review, but their key ratios look healthy. Interestingly, Monzo has a Common Equity Tier 1 (CET1) ratio of over 155% (as at 28th February 2022) which is far higher than the regulatory minimum. This is due to a fundraising round it did in December 2021 which provided £450m of additional shareholder capital, therefore driving up its ‘good quality’ capital. This is important, as it shows that Monzo is in a strong position to absorb losses, particularly as it has been consistently loss-making over the last few years.
The CET1 ratio is a measure of the amount of high quality capital the Bank holds compared to its total exposures. Essentially the higher the ratios, the better capitalised the bank is and, in theory, the better it is able to absorb losses in the event of major risks occurring.
By comparison to the ratios reported by traditional banks in 2021-22, the CET1 Ratios of Barclays, Lloyds, HSBC, Nationwide and NatWest range from 13.3% (Barclays) to 36.4% (Nationwide), so Monzo sits far above them.
Monzo also provides a lot of information on how to spot and prevent fraud on your account, which is good to see.
This Monzo review wouldn’t be complete without looking at how it compares to some of its rivals.
Monzo is a fully regulated UK bank, but there are some other great digital challenger banks out there too. Here’s a quick round-up of the best alternatives to Monzo. For a full rundown you can read my detailed review of the best Monzo alternatives.
Like Monzo, Starling Bank is a fully licensed UK bank that comes with FSCS protection on your deposits. It also has 24/7 UK based customer support.
The main standout features that Starling has over Monzo are its personal finance marketplace and the fact that it’s personal current account comes with no subcription fees.
For a detailed look at Starling Bank compared to Monzo, read my detailed Monzo vs Starling comparison.
Another great alternative to Monzo is Revolut, which style itself as a digital finance ‘super app’.
Revolut is not a fully licensed UK bank, though. Instead, it is an FCA regulated e-money institution. However, it has one of the best range of money management features of any digital finance app.
With Revolut you can make some of the lowest cost international transfers, spend at home and abroad on your debit card and even get your payday early on a day of your choosing. The main feature that sets it apart from its rivals is its investment options. You can invest in stocks, commodities and cryptocurrencies from the app.
For more on how Revolut compares to Monzo, read my in-depth Revolut vs Monzo guide.
What’s It Like Using The Monzo App?
The user experience of the app itself is a key part of how digital banking apps set themselves apart. This part of my Monzo review will give an overview of what it’s like using Monzo’s app.
Monzo Account Setup
Setting up the Monzo app is quite straightforward. You first need to enter your preferred email address. Monzo will then send you a corresponding email so you can verify your account, which sends you back to the app to enter the rest of your personal details, such as your name and date of birth, address and phone number. You will receive a text message with a verification code from Monzo once you have entered your number.
You’ll also be asked a series of questions about your finances and how you plan to use your Monzo account. Your answers to these questions won’t affect your ability to open an account. Once you’ve completed these, you’ll then need to verify your identity.
The app then uses Monzo’s credit reference and anti-laundering systems to verify your identity. You’ll need to provide a photo ID, such as a driver’s licence or passport, plus a five-second selfie video of yourself.
Once these documents are uploaded and your application is approved, you’ll be sent your contactless Mastercard and asked to set up your PIN. You’ll then have complete access to the rest of the Monzo app and its various features.
As I mentioned above, you may get asked which level of overdraft you would like to have at the end of the account sign up process. It’s not obvious at first glance that you can choose not to have an overdraft, and I am not a fan of how this was presented. It should be made clearer that you don’t need to sign up for an overdraft when opening an account.
Inside the app:
The app’s user face is tremendously easy to navigate as a result of the ribbon bar at the bottom.
The various tabs such as your spending categories, budgeting, card page and settings to change any of your account details are very simple to set up and use.
Apple, Google & Paypal Integrations
Monzo makes it very easy to link your Apple, Google or Paypal account.
To set up, simply add your Monzo card to your Apple Wallet. Once done, you can then tap your phone on any contactless card reader to pay, instead of relying on a physical debit card.
This is a particularly useful feature in those times when you’re in a hurry and forget your purse or wallet at home. The majority of us always take our phones wherever we go, so you’ll likely never be in a situation where you won’t be able to pay for something.
Monzo Customer Reviews
Rated 4.4 stars on Trustpilot (December-22), Monzo contains 80% excellent and only 12% poor or bad reviews. Its rating of 4.4 puts it alongside Starling and ahead of Revolut (4.3) and Monese (4.0).
Examples of recent Monzo reviews below:
Excellent, 5 stars Monzo reviews:
- “Very trustworthy and quite efficient with money transactions”.
- “Have been with them for a while now and I have to say that Monzo is the best bank that I have been with and I love the features it gives.”
Bad/Poor Monzo reviews:
- “Not really recognised by a lot of establishments like for instance the post office…..in regards to cheque lodging not a good procedure.”.
- “Tried to open an account. Input all relevant info plus video. App told me 5 minutes to 48 hours they would get back to me. 10 days later still no response. When u try to call a long wait. App does not work for chat while you wait for approval.”
Monzo is also rated 4.9/5 on Apple’s App Store based on over 127,000 reviews.
Monzo Customer Service
Monzo’s customer service and support are excellent. You can contact their team through two primary ways:
Live chat within the app: Typically very fast and reliable. They even offer between urgent and non-urgent ways of connecting.
Phone: Connected immediately and allowed me to talk to a real person within minutes.
To top everything off, Monzo’s customer service is available 24/7. Monzo has better customer service options than Monese and Revolut, in my view, and is on par with Starling’s.
Monzo Review – Final Verdict
Monzo is an FSCS protected bank, making it a safer choice than some of its fintech rivals. You can also get an overdraft and a personal loan as a Monzo customer, so it offers traditional bank lending alongside a feature-packed app.
Its budgeting and saving features particularly shine amongst many of its competitors as a result of its easy to understand yet advanced system. It truly allows you to make meaningful progress towards your financial and saving goals. On the downside, it lacks fully fledged wealth-building features such as investing. This is something that rivals Starling and Revolut are ahead on.
As I mentioned earlier in this Monzo review, its app itself is nice and easy to navigate. It offers various small yet useful features such as Apple Pay and Paypal integrations to connect all your finances together conveniently in one place.
But, like its digital rivals, Monzo lacks support for those who like to use cash. Its limited functionality in this regard almost excludes those who need to constantly deposit and withdraw money, as you can only withdraw £1,000 in cash every 6 months with the free personal current account. If this sounds like you, Monzo likely won’t be a suitable primary banking option.
Overall though, Monzo is a very good digital bank with good customer support options and responsiveness. For times of urgency, having this reassurance, particularly for something as important as your finances, is a significant factor to consider in a bank. Some of Monzo’s main strengths are its budgeting and saving tools, which help to make Monzo a great digital banking choice.