In a bank account satisfaction survey by consumer champion Which?, smartphone-only crowdfunded Monzo came first with score of 86 per cent. Here’s what you need to know it.
How do you get a Monzo card?
The bank began issuing cards in December 2017 to all its existing and new customers with everybody signing up for the current account getting a Debit Mastercard.
To open an account, you first need to be a UK resident and over the age of 16 , then you need to download the app and sign up in a process the bank says takes just a few minutes.
But if you're under 18 you won't get full access to its services as Monzo has blocked transactions on age restricted purchases such as gambling.
MONZO1The bank has no branches but has picked up an award for customer satisfaction
How does the banking app work and are there any fees?
Unlike a high street bank, Monzo is purely a digital service and is managed through an app – and there are no branches.
It's designed to help you keep an eye on your spending by tracking and categorising what you're buying, like clothes, eating out and entertainment.
The idea is that it's clearer to manage your funds and know where to cut back, by receiving spending updates, clever budgeting and bill splitting.
Customers will soon be able to block payments to gambling sites from their Monzo account to help curb addictions.
They will be able to turn the feature on themselves in the app but to remove the block, will need to chat to a member of staff at Monzo who's been trained to help vulnerable customers.
Monzo says there are no fees for day-to-day use while payments in the UK and abroad, and cash withdrawals in the UK all free, with no added fees.
Customers can withdraw up to £200 month for free abroad, after which there is 3% fee.
Payments in shops, restaurants and online are free, even when abroad, says the bank.
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