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I don't use Monzo but the big benefits tend to be - - Low or no fee usage abroad - Real time transaction notifications on your phone. - Transactions showing im
by cbzoiav 8y ago
I don't use Monzo but the big benefits tend to be -
- Low or no fee usage abroad
- Real time transaction notifications on your phone.
- Transactions showing immediately on the account.
- Automatic categorising of transactions. I.e you can see what you spent in restaurants, shops, public transport etc. Monzo also let's you set budgets for individual categories.
- Automatic saving. I.e. Chip monitors your account and takes moves what it thinks you don't need to a savings account.
- Ability to freeze the card in app (if say you lost it).
- kypro 8y agoAnyone want to comment on the disadvantages? Off the top of my head I know they don't have branches so you can't speak to someone face-to-face like you might with a traditional bank. Is online/telephone support generally good with these challenger banks? Are there any other negatives I should be aware of if I sign up? If I deposited a large sum of money into my account would I have all the regular protections of a traditional bank or are there additional risks associated with these small challenger banks?
- dbbk 8y agoMonzo uses Intercom inside their app for customer support. I far prefer it, because unlike with calling a typical bank it doesn’t demand your full attention. You can just shoot them a message, go off and do something else, and reply in your own time. Even then, their response rates have been pretty fast. In terms of financial protection you get the exact same FSCS protection as anywhere else.