Monzo Review 2019: Our Rating, Round Up & Budgeting

Monzo Review: Is it worth joining?

4.5 Star Review Rating


  • Overdraft of £1,000
  • Manage via an app
  • Effortlessly enjoy smart budgeting and summaries
  • Insured up to £85,000
  • Easy savings and pots
  • Impressive round up feature
  • Easy to save

Cons x

  • No interest rates
  • Can’t make a cash deposit

Since changing from a pre-paid card in 2015, they’ve attracted millions of customers.. Let’s find out why..

Treasure Talks

In this Monzo review 2019, I talk you through my experience with the bank and many of their regulations that I have studied in recent months.  There are some incredible features including the Round Up cash saving, pots, budgeting and the app itself.

After travelling, trialling different cards and comparing various banks or pre-paid cards- I have offered some of the important information that I discovered in this article.

The self-proclaimed bank of the future is entirely managed through a mobile phone app. This felt very weird for me initially, as I’m used to checking my bank balance at a hole in the wall. But I’ve had great success using it as a budgeting tool.

Is it a bank?

A much-asked question, due to its fast evolution and has transitioned to an actual account. It is a bank but originally started off as a PrePaid card during its preliminary stages. Since then it has gone from strength to strength.

There are over one million customers and is one of the fastest growing banks in the UK.

You can open an account today and be gifted £5 FREE

How Does it Work?

It’s a bank, a modern one!

It’s as though, it is designed by customers for customers, because it has many desirable features that I’ve prayed for in the past. Why have they only just thought of these features? It is super-simple to use and you can open an account today. My steps on how to open account are further down, read on for instructions.

What used to be a limited bank account that was more of a glorified budget app, is now a fully-fledged company with personal accounts. You can open a bank account, open different pots to put your money aside, monitor your budget and pay direct debits. It has everything you’d expect of a bank and they’ve even rectified their saving accounts. Open a savings account and reap 1% interest, you’ll need £1,000 to open savings.

Monzo Overdraft

There’s also a £1,000 overdraft option that you can apply for, but you will be charged 50p for everyday that you are in your overdraft. The maximum monthly charge is £15.50. You will be given a buffer of £20, if you go into your overdraft by that amount, you will be let off- nice touch!

Boasting a number of features and benefits, such as Round Up, Free withdrawals Abroad and more, you can read below to learn more.

Use it for:

  • Bank Account
  • Savings
  • Cash Pots
  • Round Up Feature
  • Online App
  • App Customer Service
  • Overdraft
  • Budgeting

My Review

My verdict fills you in on whether or not I recommend it, but one thing I can say is that this has outgrown its days as a prepaid card. It is a reputable bank that now brandishes all of the expected features, and more.

I love this bank and what it stands for- it has a lot of benefits. At the moment I’m simply using it as a budgeting tool rather than my main account.

Keeping my other bank account, I have decided to use this account and pay into it weekly. It will be responsible for holding my food, shopping and other expenses that I spend on hobbies. The app can then help me budget and I figured, that if I am transferring that money and working it out beforehand too, I will be more mindful with spending.

Although there are great pros to having you direct debits taken from this account, I am sticking with it as a budgeting tool for now.

Direct debits notify you beforehand and the overall interface, makes it easy to understand and pre-plan for bills.

The Features of Monzo

Open a savings account or simply use the pots. Use the cash pots or the round up feature to save up your change.

I’m pleased with what it boasts thus far, and that view’s been shared by friends that have recommended it themselves or are in the finance sector and are aware of the brand.

Here are some of the Monzo benefits and features:

Round Up

I originally heard about the account as I looked for a way to round up my spending. What this means is, if you pay for a coffee that costs £2.51, then your bank will charge you £3 and place the 49p difference into a pot.

After just £95’s worth of spending on my groceries, coffee and hobbies- I already managed to hold back £4.00 of savings. Okay, you won’t be going on holiday with it any time soon, but the withdrawal is unnoticeable and it’s worth using it to save. Within a year, I could save £200, a nice little bonus, aye!?


Once I committed, it was all down to budgeting. Afterall, I am using it as a budgeting app. I utilise the summary, the pie chart and even set budget limits.

It’s is easy to use and even easier to keep track of expenditure. I am extremely impressed.

It automatically categorises your expense summary, helping you keep track

Withdraw Abroad

With hopes of revisiting South East Asia, I am constantly looking for better abroad deals. It is great that this account enables you to withdraw for free. Check the complete terms before signing up.

You can withdraw £200 every 30 days when abroad, for free. It’s a 3% charge thereafter, which is pretty standard.

Customer Services

Nothing bugs me more than listening to outdated opera on hold for a useful customer service personnel. But you can contact Monzo via their app, they will attend to your needs ultra-fast and even have a padded help section. You can use a search option on the help screen and find the answer you need.

It’s Free

Yes, it is free. You won’t be charged for withdrawals or direct debits.

Hint: When you join through this link
you will be rewarded with a 
generous £5 

How Do I Apply for an Account?

This was the part that had me baffled at first. It is pretty different, to say the least. Yet it is simple to join Monzo!

Then again, it’s a revolutionary account, what do you expect?

You need to be:

  • A UK Resident
  • Over 16
  • Need the App on Android or Apple (iOS)
  • Your email, address, date of birth, phone number, photo ID
  • Will need to record a short video (don’t worry, it is super easy)
  • This all done via the phone app

Follow these instructions to sign-up:

  1. Click onto this link and get £5 free when you join.
  2. Once clicking onto the link, you will receive instructions.
  3. Enter your info including a picture of your ID and wait for a text with the verification code.
  4. You will enter the verification code and also send a short video saying your name (for security reasons, to keep you safe)
  5. Takes a little bit of time to approve
  6. Once approved you can setup your pin, payments via Google Pay and also details for you card to be sent out
  7. That easy!

Is it Secure?

It’s been regulated by FCA since 2017. Due to the way it’s set up it is difficult for any scammer to appy for an account in your name.

There’s also protection if the company was to go bust, you are insured for up to £85,000 and double if it’s a joint account.

Monzo Review Money Saving Expert

This is the real test, how did it do with Martin Lewis?

You guessed it, it placed number 1, beating all of the famous counterparts.

In one of the reviews and customer polls it came top of the pile, something that gave me extra confidence when joining.

Monzo Review Reddit

If you are anything like me, you are interested to hear real people’s experience via forums.

I love the home page of the Internet (Reddit) and the general consensus I got, was that they are impressed with Monzo. Although many are doing similar to myself and keeping one high-street account for bills and direct debits whilst using Monzo as a second account.


A handy app that is perfect if you want to improve your budgeting skills. It is a fast-growing bank that we expect many of the big names to eventually follow. I believe this bank to be worth joining and have recommended to many of my friends and family.

One of the downfalls is the lack of interest, but they’re working on this. It is a great account to utilise to your advantage, this includes the budget summary, round-up, instant purchase reports and easy payments to friends and family.

It is all available at your fingertips with the app. It is easy for everybody to use, whether you are well-versed with smartphones or not.

It is the bank of the future! Sign up here.


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