Monzo is a new bank, Monzo Bank Ltd, which challenges the way normal banks work. From this you can have a coral Mastercard, this can be used all over the world. The bank is completely online and mobile friendly.

How does Monzo work?

The card you are given is completely controlled by the downloaded app onto the smartphone or android. For you the app will have your spending broken down into 12 categories including; transport, eating out and shopping.

Monzo takes out no credit check, gives you a full current account and if you lose your card you can instantly freeze your account!

Using Monzo abroad

You don’t have to notify the bank when you will be using the card abroad or order a separate card. Which is amazing compared to other normal banks. You won’t be charged when spending in shops, hotels etc. You can also take out £200 with no fee but a 3% charge is applied to any withdrawals which go over that £200.

When taking out money consider that the ATM may take a small fee, even if they do not.

Savings with Monzo

This bank is not a savings account but it is building on a new feature called the Savings Marketplace. You will then be able to open a savings account with a different provider.

But it does help you with budgeting, through a range of in app features. This is a fantastic feature which rounds up your spending to the pound and put it into your savings pot. For example; if you have spent £1.60, 40p will then be transferred over automatically to your pot.

Applying for Monzo

You must be a UK resident ages 16 or over for an account. You can download the app or apply through the website.

A joint account is now available. But you must both already have an account open, but you will receive a separate joint account card!

Want to find out more? Then go to Monzo and have a look round their website. We advise before taking out an account anywhere you should also get advice first. Speak to our Personal Finance Expert or check out the Money Saving Expert.

Do you already use Monzo bank? Let us know on our poll here.