Five Reasons Why I Love Monzo

Wednesday, 2 October 2019

For a few years now i've had several people around me talking about Monzo, but being with Natwest for the last 10 years I didn't understand how a bank could be as amazing as it was made out to be - it's just a bank, right? Wrong. Very, very wrong! I finally gave in to the hype a month ago and in that short time it has completely changed and bettered the way I handle my finances. There are many advantages, but here are my personal top 5 favourite features about Monzo.

1. Setting up and using your account is so, so easy.
Download the app, fill in your information, take a photo of your ID and record a quick selfie video (trust me it's not as daunting as it sounds!) and you're good to go. I was accepted within about 20 minutes and with Apple Pay on my phone I was able to start spending without the physical card (which only took 2 days to arrive). Sounds a bit too good to be true and/or unsafe? Monzo are fully authorised and regulated by the FCA, and your money is protected up to £85,000 by the FSCS. I transferred some money from my current account straight to my Monzo and I was good to go. The app interface is extremely easy to navigate with no hidden settings or confusing terms, and friendly help is available 24/7 should you have any questions. 

2. The 'Pot'.
This was the feature I was most interested in before downloading Monzo, and it certainly hasn't disappointed. Setting up a pot is basically a separate savings area, which isn't visible in your available balance but is easily accessible should you need it. You can deposit a sum of money into the pot at any time, but my favourite part is the round up's. If you turn this feature on, Monzo will round up all spending to the nearest £1, and chuck the rest in your pot. EG; if your Starbucks costs you £3.45, it will automatically deduct £4 from your available balance, and the 55p will be put into your savings pot. I personally love this feature as it's such a simple and effective way to save - in just 4 weeks I had £41 without even noticing anything missing.

3. Spending notifications.
Every time you spend, you will receive a notification on your phone. As well as this being a great security feature, it's a good way to open your eyes to how much the odd fivers throughout the day add up. You can see how much you've spent per day, and in your summary, you can see how much you've spent in each category (groceries, eating out, shopping, entertainment, family etc). Monzo can also work out if you'll run out of money based on your spending habits and pay date.

4. Travel.
A massive attractive perk to Monzo for most people is no fees on exchange rates when using your card abroad. Due to the constant security within notifications and instant app upstates per spend, you don't need to notify Monzo of your travels in advance. Pay in shops, restaurants, online, anywhere in the world in any currency with no fees at all! Cash withdrawals abroad aren't as flexible, but Monzo still offer up to £200 withdrawals every 30 days with no additional cost.

5. Bill splitting and easy transfers. 
The amount of times we've all been to dinner with our friends and spent far too long asking the waitress to do several transactions for one bill is uncountable, but with Monzo's bill splitting feature this problem is a thing of the past. Pay on one card, and when you click the transaction on the app,  simply click 'Split bill' and select the people you want. Once they accept the request the money lands straight back in your account - as simple as that. Transfers in general are super easy, long-gone are card readers and sort codes; Monzo detects anyone who also has a Monzo account by simply accessing your contacts, so you can transfer money in seconds.

These are just a small handful of the perks that Monzo has to offer. They also have the new  Get Paid Early feature, overdrafts, ISAs and much more. They pride themselves on being "banking made easy" and I honestly couldn't agree more. Since using Monzo I have felt like I have so much more control over what I spend, simply by being able to see it on a user friendly interface with instant notifications. I am personally using Monzo has my "spending account" meaning I transfer a chunk of my salary each month to my Monzo so I can leave my current account to handle bills, and this works so much better for me on a daily basis.

Money is such a stress for many of us and I certainly see it taking it's toll on my mental health. Making it easier in any way is such a massive help and I really couldn't recommend Monzo enough - in the month i've been a user i've already converted nearly 10 of my friends and family, and there's no excuse for you not to be the 11th!

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© Image Source: Monzo

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