You’re in safe hands
As a fully regulated UK bank, your money’s protected up to £85,000 by the Financial Services Compensation Scheme (or FSCS for short). We follow all the same rules as high street banks, so you can rest assured your money’s safe.
Does Monzo take your money?
Monzo fees and charges
There are no charges for opening or running a Monzo current account. Payments in the UK, cash withdrawals in the UK (exclusions apply) and payments abroad are all free – other than the Mastercard standard exchange rate – with no added fees.
What is Monzos strategy?
Monzo’s main relationship marketing tactic early on was to build a brand community. This brand community fostered customer loyalty and engagement, gave their customers a sense of belonging, and humanized their brand by bringing themselves seemingly closer to their clients.
Who is Monzo backed by?
Yes! Because we’re a regulated bank, Monzo accounts are covered by the FSCS. That means up to £85,000 of the money in your account is protected. You can find out more about FSCS protection, and look us up using the FSCS’ bank and savings protection checker.
Is Monzo a trustworthy bank? – Related Questions
Is Monzo Russian owned?
Monzo Bank Ltd (/ˈmɒnzoʊ/), is an online bank based in the United Kingdom. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.
What are the cons of Monzo?
Monzo’s Cons 👎
- Monzo’s saving rates aren’t very high.
- Monzo uses Mastercard’s exchange rates.
- Monzo charges a £1 fee every time you deposit cash into your Monzo account.
- There’s a monthly limit on how much you can withdraw for free when abroad.
- Monzo doesn’t have a desktop app.
- Monzo doesn’t offer a credit card.
Which is better Starling or Monzo?
Monzo is the better choice if you’re looking for an excellent mobile app and great savings. Starling Bank is the better choice for no-fee digital banking and a free euro (€) account.
Is Monzo or Revolut better?
Monzo claims to be a replacement for a traditional account and offers a range of services to help you replace your existing bank. Revolut is slightly more limited as it’s effectively a prepaid card that gives you multiple currency options and lets you send money overseas quickly and easily.
Who owns Starling bank?
100% independent. We’re not owned by any other bank. We’re part-owned by our founder Anne, employees and an employee benefits trust with investment from Harry McPike, a global private investor, Jupiter, Fidelity, Railpen, Qatar Investment Authority, Millennium Management and Goldman Sachs.
Is Revolut Russian?
Revolut cofounder Vlad Yatsenko is Ukrainian; both he and Storonsky have British passports. They’re closing the company’s Moscow office, according to a person familiar with the plan.
Which bank is behind Revolut?
Revolut is a British financial technology company that offers banking services. Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.
Revolut.
| Type |
Private |
| Industry |
Financial technology |
| Founded |
1 July 2015 |
| Founder |
Nikolay Storonsky Vlad Yatsenko |
| Headquarters |
London, England, UK |
What happens to my money if Revolut goes bust?
E-money institutions must safeguard your cash, but there is not FSCS protection in the event that the company goes under. Revolut holds customers money with another bank, and that cash is ring-fenced. That means your money isn’t used by the bank to lend or invest your money.
Does Monzo have a banking license?
One of those “routes” is a partnership with a traditional bank based in the U.S. While Monzo is a fully licensed bank in the U.K., the startup is partnering with Ohio-based Sutton Bank to provide its U.S. accounts.
How much is Monzo worth?
How much is Monzo worth? Monzo is worth $4.5 billion after the company’s valuation surged following a $500 million funding round in December 2021. This makes it Europe’s third most valuable neo-bank behind Revolut and N26.
Is Monzo an offshore account?
Using Monzo Abroad
Use Monzo anywhere in the world that accepts Mastercard. We don’t charge any fees for spending abroad, and we don’t mark up the exchange rate – unlike most other banks.
Is Monzo considered a UK bank?
Packed with the best of Monzo
We’re a fully licensed UK bank, which means we’re regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Does Monzo charge a monthly fee?
We don’t charge any fees for using your card wherever you are in the world. And if you choose to be billed in the local currency, you’ll get the best possible exchange rate – Mastercard’s standard rate with nothing added on top.
Which is the best online bank in UK?
We think Monzo is the best online bank in the UK for savers, and Starling Bank is the best for everyday users. Both offer extremely low fees, savvy mobile-first service, and have great track records.
Should I use Monzo as main account?
Making Monzo your main bank account is a great way to simplify your banking. Monzo is an online bank which offers all of the main features of a high-street bank plus a number of other great features such as spending notifications, easy money transfers and low foreign exchange rates for overseas use.
How much cash can you put on Monzo?
Follow this link to find out more. You can deposit between £5-300 in one go. And you can pay in a maximum of £1,000 every 180 rolling days. If you’re 16-17 years old, that limit’s lower, so you can only deposit a maximum of £500 every 180 rolling days.