While the bank’s losses for 2019-20 are significant, it puts them down to increased investments. But is this something Monzo current account and savings account customers need to worry about? Monzo’s many additional tools and features, from budgeting pots to bill splitting, make it easier to manage your money. ; You can set monthly budgets and spending goals, both overall and for different spending categories. Monzo is fully regulated by the Financial Conduct Authority (FCA) so must follow rules on separating client money, being clear about charges and treating customers fairly. The standard Monzo remains free to use (here’s my review). absolutely shocking service from Monzo absolutely shocking service from Monzo. By continuing to browse you consent to our use of cookies. As Monzo is a regulated bank, there are many rules and regulations they need to strive to in order to make sure that Monzo users’ money and data is completely safe. We're here and ready to keep supporting you with your money. The big app-only banks, such as Atom, Starling, Tandem and Monzo, have attracted millions of pounds of savers’ deposits. If a UK bank, building society or credit union goes bust, the FSCS will cover up to £85,000 held in deposit accounts. Monzo’s latest annual report shows its losses after tax reached £113.8m in 2019-20 – more than double the year before. Yes. The verdict: Revolut vs Monzo. I LOVE monzo, but I am wondering if my family's savings are safe in it, or if I should just use it as a secondary bank to my main established bank. We're keeping an eye on the situation as it changes to make sure we keep looking after our customers and our team. You can also freeze your card so that it can’t be used by other people if you’ve temporarily misplaced it. Unlike a lot of the other similar apps, Monzo is actually a ‘real’ bank. Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a deposit account. You can understand more and change your cookies preferences here. However, should the worst happen and Monzo goes bust, deposits of up to £85,000 (or up to £1m in certain circumstances, see below) will be covered by the Financial Services Compensation Scheme (FSCS). There are unique budgeting, spending categorisation and saving tools. The bank’s management have admitted there is a risk the company won’t be able to execute its business plan which could “adversely impact its ability to generate a profit or raise sufficient capital to meet future regulatory capital requirements.”. You can read more about how we protect you here. The Monzo Mastercard Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a … They’re links that we send to your email, that let you log into the app in one click. Monzo offers a wide array of banking features: You can see your spending categorized by the type of transaction (e.g. Revolut is much more focused on the international side of banking and on offering you innovative, techie features at a … Find out more about us on the blog or join our Monzo Savings Squad on Facebook , Existing customers can get help via the app. Is Monzo Safe to Use? We know being trusted with your money is a big responsibility, and it’s one we take seriously. The money that you keep with Monzo is protected by the Financial Services Compensation Scheme (FSCS). Read our FAQs which provides some information and guidance on support available if you're affected by the financial impact of coronavirus. Monzo, simply put, quite perfect. Signing up to get a Monzo account is simple: it takes fewer than five minutes and you can do it all from your phone. Emailing gives the slowest replies, so we recommend chatting to support in the app or calling them. For instance, if you had £50,000 saved with Halifax and £50,000 saved with Bank of Scotland – which are both a part of Lloyds Banking Group – you’d be in danger of losing £15,000 if the group were to go bust, as the savings would exceed the FSCS protection limit. How We Manage Our Finances After Marriage: Monzo Joint Account Experience | Naomi and Jack - Duration: 5:17. After requesting a limit increase on transfers I had to answer a load of questions which I did accurately and promptly. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.. A Monzo community forum is also available, though Monzo seems to have stopped answering queries here. As with much of the UK economy, the full effects of the coronavirus crisis aren’t fully understood yet, but banks face several challenges from the fallout. It might sound counterintuitive, but passwords don’t always make things more secure. Monzo reviews. We use cookies to allow us and selected partners to improve your experience and our advertising. Monzo is a regulated UK bank. Yes! ... and that customers' money was safe. The reason for its rapid growth is that it offers a number of features missing from most high-street banks. It’s worth taking extra care if you have a Monzo savings account that’s offered through a partnership with other savings providers, including OakNorth Bank, Charter Savings Bank and Paragon. This means that you are protected by the UK Government (up to £85,000 or £170,000 on a joint account). More than 4 million people are already using Monzo to manage their money and according to YouGov 90% of customers say they'd recommend Monzo to a friend. And acted quickly to replace our customers’ cards when British Airways suffered a similar breach. Both Monzo and Starling do 'soft searches' of your credit report when you apply (unless you're applying for an overdraft – more on this in the Starling Bank and Monzo product-specific boxes below). I have a startup in the media space, opened an account, started to transfer money to my FX broker which is common in my line of work. Monzo has also been preparing for future coronavirus-related losses. Both are great if you travel often, almost entirely fee-free. Many banks are moving online, but Monzo takes it further by specialising on smartphones. What we mean by this is that they are supervised by the UK’s banking regulator … You can find out more about our sign up process here. Richard Browning has seen banks come and go since the 1980s. Starling Bank offers much of the same service as Monzo's paid-for 'Pro' option but does so for free. So we built 3D Secure the Monzo way! absolutely shocking service from Monzo absolutely shocking service from Monzo. This means that you are protected by the UK Government (up to £85,000 or £170,000 on a joint account). Atom Bank is arguably the most recognisable app-only bank. How safe is Monzo? How much is Monzo Plus. It’s as safe as any bank. Monzo does not have any physical bank branches. Naomi and Jack 2,090 views In short, no. It’s super quick and easy to pay friends with any of these banking apps, too. Is Monzo Safe? Coronavirus and the illness it causes, Covid-19, could affect you in many different ways. I keep reading posts online about accounts getting frozen.. Are these from normal everyday accounts, no gambling or crypto or dodgy transfers? One of the most important things people often overlook is whether an app-based bank can actually work as a replacement for a traditional bank account, such as those held with Natwest or Barclays. Its annual report asserts that it has enough ‘High Quality Liquid Assets’ – that is, investments that can be quickly and easily converted into cash – to cover all of its customers’ deposits. Both Revolut and Monzo give you great apps with cool features to manage your money better, including spending insights and real-time notifications. This makes logging in quick and simple (you don’t have to remember a password or type it in accurately) and it means you’re unlikely to have your password stolen (because you don’t have one!). This may be the result of a house sale, redundancy payment or inheritance, for example. Monzo's insurance is provided by Pluto and offers a good level of cover, but there are exclusions – it doesn't cover those over the age of 46, for example, and pre-existing conditions aren't included, so check the terms and conditions to make sure it's right for you. Monzo is an excellent choice if you live in the UK, a digital bank that could easily replace your old bank. 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