Receive £5 when using the referral golden ticket here.
Monzo now offering £5 to new sign-ups
What is Monzo?
Monzo originally launched back in 2015 as a prepaid MasterCard. The initial users loved the bright coloured card and the accompanying app that made managing their finances effortless. With notifications whenever the card was used and the ability to freeze the card from the app in the event it got lost, helped all the initial users track their spending.
Nowadays Monzo has stopped offering it's original prepaid cards, instead offering current accounts like any other banks. Unlike regular banks however, Monzo does not have any branches, nor does it have a fully functional internet banking website (the website is more as an emergency backup), instead you manage your Monzo account entirely from your phone using one of be best banking apps currently available. Keeping the original features to help you manage and track your spending, Monzo has added offer features such as saving pots which allow you round up transactions to the nearest £1 with the difference instantly being saved.
Like conventional banks, Monzo is signed up to the Financial Services Compensation Scheme (FSCS) meaning that deposits of up to £85,000 are protected.
The user base of Monzo has grown exponentially in recent months, with the challenger bank coming top in a recent Which? Survey. Monzo scored 86%, compared with 85% for First Direct. Nationwide Building Society (79%) finished third and Metro Bank came fourth (76%).
Now Monzo will even pay you £5 if you sign-up using a golden ticket referral (the Expert with Points one can be found here).
We will publish a full review of the Monzo app in the coming weeks.
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