What is Monzo? Monzo Review, Features

Monzo is a digital bank based in London, UK, focused on providing convenient and low-cost banking services to its customers.

About Monzo

• Monzo Bank was founded in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman under the name Mondo. It is a British digital bank dedicated to providing customers with convenient, flexible and low-cost services.
• Monzo is a purely online bank with no physical presence. Users can download the bank's app on the App Store or Google Play to conduct business. Currently, there are more than 6 million Monzo account users, and 55,000 people open Monzo accounts every week.

Monzo's Business

1. Focusing on solving problems rather than selling financial products, we want to make the world a better place and change people's lives with Monzo.
2. Monzo provides a piggy bank service, and users can open a savings service based on their own savings goals.
3. Monzo has launched a new installment payment service, Monzo Flex, which is a virtual card that users can apply for from Monzo. Eligible users can get a credit line. Monzo Flex offers installment payment methods: 3 installments, 6 installments and 12 installments. No interest is required for the 3 installment payment, which represents (variable) 6 or 12 installments at an annual interest rate of 19%.
4. Monzo Business Banking helps small businesses take control of their finances.
5. Digital bank Chime can be seen as an alternative to Monzo. Headquartered in San Francisco, California, the digital bank Chime was founded in 2013 and has partnered with Bancorp Bank and Stride Bank to provide low-cost banking services to low-income groups in the United States.

FAQ

Q: Is Monzo a bank?

A: Yes, "Monzo Bank Ltd" is fully authorised in the UK by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Our Financial Services Register number is 730427.

Q: Is my money safe with Monzo?

A: Your eligible deposits with Monzo are protected by the Financial Services Compensation Scheme (FSCS) up to a maximum value of £85,000 per person.

Q: Do I need to be a UK resident?

A: Yes, you currently need to live in the UK to get a Monzo card. However, we hope to launch internationally in the future!

Q: Do you offer joint accounts?

A: Yes, we do! To get a joint account between two people, you both need to have a Monzo current account and have Pay with Friends activated. You'll find a 'Create a joint account' button in your Profile page on iOS and Settings on Android. Unfortunately, you can't have a joint account between more than two people.