WHO IS MONZO BANK?
Mondo Bank, the predecessor to Monzo Bank, was initially presented in 2015. It garnered popularity as one of the most rapidly expanding crowd-funded projects in history, raising $1 million in only a few short minutes. A new form of banking is now available from Monzo, one where an account is totally controlled and maintained using a smartphone app.
Monzo is a clever banking option because it is a mobile bank that runs on an app. It gives you a MasterCard debit card and runs precisely like a typical current account, with the only distinction being that everything is managed digitally.
HOW DOES MONZO WORK?
Similar to a typical current account, Monzo allows you to set up standing orders, make withdrawals, and make deposits. The main distinction is that you can manage your account online rather than going to a bank. However, unlike traditional banking, Monzo offers capabilities to improve your budgeting, assist you in comprehending and organizing your funds, as well as add some pragmatism to managing your daily expenses.
WHAT FEATURES ARE THERE?
If you open an account with Monzo Bank, you may take use of a variety of advantages, including:
- Live, real-time updates when you use your Monzo card to make purchases through the app, allowing you to monitor your balance.
- The app’s user-friendly visuals make it easier for you to comprehend your spending and saving patterns.
- Anyone may be paid instantaneously using your app without having a Monzo account. Additionally, you may split debts and keep track of who owes you money.
- You should round up every transaction you make to the closest pound, then put the difference in a savings account.
- If you want to be notified if your bills are greater or lower than normal, you can choose to do so.
- You may add receipts and notes to your transactions using the app.
