Decent Experience but a few things to consider.
I have been using Monzo for 2+ years and as my primary account for the past 14 months. Day to day it’s been great. No major issues. I love features like t eh get paid early and the cash back is a nice feature but I would like to see permanent benefits. One of the things to consider is when I set up my account I was 16 and I had set the gambling block on my account. However I am now 18 and would like to play the lottery, but the cooldown to change this is a year and I would like to see an option to change this. I don’t gamble but I want to buy a lottery ticket and can’t now for a year. The other thing I would consider is they are completely an online bank so no physical branch I can walk into. It’s not normally an issue but a changed phone a few weeks ago and during that period I didn’t have access to move money between saving and my account. It wasn’t directly Monzos fault just comes with the nature of an online only bank account.
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Closest to Simple in the US
Simple was special, but like everything special it was violently obliterated by a monster. I’ve tried almost everything out there and few, if any came close. I used Monzo while living in the UK and, even in its infancy there, it was beautiful. Then it came here and was initially very rough and a far cry from its UK counterpart. It has now caught up and is really quite lovely. However, I have a few shortcoming to note: mobile check deposit (seriously, this should have been a first order feature); second, it needs more than just a mobile app (the iPad copy and paste does not count), at least make a web app you can shove onto the iPad as well; next, please add widgets; also, I had this gripe in the UK too, and that’s the card, would it kill you to allow some colour options?; and finally, digital currency support would be nice, MetaMask, Coinbase, whatever, just some level of support would be nice, though I know that’s a complicated ask in the US.
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Extremely Upset
Today, November 14, 2024, I received an email from Monzo, abruptly announcing the closure of my account without any prior warning or explanation. Despite my calls and emails, I’m met with silence—no response, no assistance. It’s appalling for a bank to behave this way, disregarding the trust of its customers.
Let me be clear: my account information is entirely legitimate. I use this account as a safe place for my savings, only transferring money when necessary. To have it closed with no valid reason speaks to nothing but ignorance and poor handling on Monzo’s part. The fact that others have reported similar issues makes this even more alarming—had I known this was typical of Monzo, I would have closed my account myself long ago.
The impact of this closure is distressing. I have essential expenses, including medications, bills, and my daughter’s birthday tomorrow, all of which rely on these savings. Monzo’s abrupt and baseless actions have caused a deeply hurtful inconvenience. I’m now prepared to take this further, and I’ll be working with others who have faced similar treatment to pursue a class-action lawsuit. This experience has been unacceptable and a betrayal of customer trust.
Let me be clear: my account information is entirely legitimate. I use this account as a safe place for my savings, only transferring money when necessary. To have it closed with no valid reason speaks to nothing but ignorance and poor handling on Monzo’s part. The fact that others have reported similar issues makes this even more alarming—had I known this was typical of Monzo, I would have closed my account myself long ago.
The impact of this closure is distressing. I have essential expenses, including medications, bills, and my daughter’s birthday tomorrow, all of which rely on these savings. Monzo’s abrupt and baseless actions have caused a deeply hurtful inconvenience. I’m now prepared to take this further, and I’ll be working with others who have faced similar treatment to pursue a class-action lawsuit. This experience has been unacceptable and a betrayal of customer trust.
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Going downhill big time
I have been with monzo since the start and have no problems with the functionality of the app - it’s excellent. However, lately I have had intrusive messages from customer services asking why I’m gambling. I don’t gamble so I was somewhat taken aback. My first instinct was fraud and my account had been targeted!! As it happens I transferred funds to my share dealing account with a large FTSE 250 company who I won’t name but monzo seen this as gambling. This is a company (monzo) who are meant to understand money if you believe their adverts. I have also had another intrusive message from Monzo asking if I need help from another Monzo employee !!!! It’s all a bit baffling TBH as for years I’ve been full of praise for them. However, think carefully about using this company as a bank - the big banks are far more advanced and have a much better range of financial products available to offer you. Also the big banks apps have improved 10 fold. Unfortunately I will be closing my account with monzo as a result of their inappropriate intrusive behaviour. I just wonder if they are feeling the pain now and the big banks are beginning to get the better of them. They try to make light of their image with jokes on LinkedIn etc but in truth, there’s an internal underlying issue here which feels like they are under pressure. Consider carefully who you bank with.
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AVOID AT ALL COSTS
If you’re considering Monzo as your bank, think again. My experience with them has been nothing short of a nightmare. Without warning, they closed my account and froze all my funds, leaving me in financial limbo for nearly three weeks. I wasn’t given any explanation, and every attempt to get in touch with them was met with dismissive, scripted responses or no response at all.
Their customer service is among the worst I’ve ever encountered. I spent hours trying to get answers through their in-app chat, and it was like speaking to a brick wall. I asked repeatedly for a reason behind the account closure, and no one could give me a clear answer. Instead, I was left hanging with no timeline, no clear next steps, and no idea when I’d be able to access my money.
If you want a bank that values transparency, accountability, and decent customer service, avoid Monzo at all costs. They’ve shown a complete disregard for their customers, and their lack of communication and professionalism has left me incredibly frustrated. I strongly discourage anyone from using Monzo if they care about having access to their funds and receiving basic respect and transparency.
Their customer service is among the worst I’ve ever encountered. I spent hours trying to get answers through their in-app chat, and it was like speaking to a brick wall. I asked repeatedly for a reason behind the account closure, and no one could give me a clear answer. Instead, I was left hanging with no timeline, no clear next steps, and no idea when I’d be able to access my money.
If you want a bank that values transparency, accountability, and decent customer service, avoid Monzo at all costs. They’ve shown a complete disregard for their customers, and their lack of communication and professionalism has left me incredibly frustrated. I strongly discourage anyone from using Monzo if they care about having access to their funds and receiving basic respect and transparency.
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Gone down hill especially Customer support!
I’m in the same boat as others. I have been a loyal customer of monzo for around 5 years. It was a great and reliable bank that I could use when travelling. However the customer support in the past year is shocking. After trying to take cash out at a legit ATM in Colombia, no cash was given but I was charged, unfortunately this happened again with another ATM where no cash was received but I was still charged. The app recommends blog pages to help, no number or email. It recommended to cancel that card in case of further fraud and wait 7 days because the money should be returned, however, monzo was my only bank that I could use abroad and the money was not returned after 7 days so I contacted customer support to talk explain my situation and what had happened. This happened in January 2024. It is now September 2024 and all the customer support team have said REPEATEDLY is that I am on a waiting list and cannot contact a manager to discuss this. So technically I have had money STOLEN from me and had no help in trying to retrieve the money back. I DO NOT RECOMMEND Monzo anymore. Great if you don’t encounter a problem but as soon as you do you’re not a valued customer. There’s so many other online banks to use abroad so go to another provider like chase or starling or revolut.
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It's really nice but also confusing
It's a beautifully designed app, but some of the features don't make sense and there's no documentation about how to use them. I had switched hoping for envelope style budgeting like I had with Simple (and most recently Zeta) but there's no clear way to track all of your bills and manually set money aside for them when you get paid. It's overly automated and some bills are tracked in one feature, others in another, and it's just very hard to determine if you have all your bills covered between paychecks. Especially variable bills that aren't credit cards (like utilities). It could use some simplifying and explaining of the features. Just wish it would let me add an expense and set how much it is and when it's due, and let me set money aside for it.
I'll probably stick with it and just track my bills in a spreadsheet for now, but I'm disappointed to have gone through all this work switching just to have less clarity/assurance about my bills being accounted for. I thought that was the whole point.
I'll probably stick with it and just track my bills in a spreadsheet for now, but I'm disappointed to have gone through all this work switching just to have less clarity/assurance about my bills being accounted for. I thought that was the whole point.
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Absolutely LOVE Monzo
Honestly I cannot fault this bank AT ALL; I’ve had nothing but good experiences with them. I’ve been using Monzo for years now, and I’ve recently made them my main bank account. The app is incredibly easy and simple to use, and you have so many perks, even when using a free account. I fled abuse in January and became homeless whilst I was on the run trying to find safety. Monzo went above and beyond to maintain my safety and even checked in with me to check I was okay or could do anything; they even sent links and advice about support I could get with what I was going through. They were extremely supportive and patient throughout everything, and I appreciated everything they did and are still doing. I felt completely safe and like Monzo actually cared, which is a lot more than I can say about any other bank I’ve been with.
The ONLY thing that could be better, is withdrawing money from a cash point or the post office. I COMPLETELY understand why they need to do that, as it’s an online bank, rather than a bank in person like others. However, it does surprise me because they then don’t have branches/locations, so it should make more sense to be able to withdraw cash as they don’t have to pay for buildings to operate. Also having to pay for a new card if it’s lost in any way, even if it’s lost in the post which isn’t your fault. But they’re such small issues as a whole, and Monzo are continuously changing and improving their app.
The ONLY thing that could be better, is withdrawing money from a cash point or the post office. I COMPLETELY understand why they need to do that, as it’s an online bank, rather than a bank in person like others. However, it does surprise me because they then don’t have branches/locations, so it should make more sense to be able to withdraw cash as they don’t have to pay for buildings to operate. Also having to pay for a new card if it’s lost in any way, even if it’s lost in the post which isn’t your fault. But they’re such small issues as a whole, and Monzo are continuously changing and improving their app.
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Please read…..Beware Monzo UPDATED
We have been with Monzo for almost 3 years. Everything all okay until there is a problem and you need to contact someone, this is when the big problems arise!! Monzo have frozen our accounts, day 3 now and still no answer or reason as to why they did this! To busy to answer phone lines! Hours to answer a stupid chat with the same useless answer. In the mean time we can not access our money which also means that we can not transfer from our bill pot, which means our direct debits have failed and we will be charged by our insurance and internet service provider for late payments! Monzo said that we could make a complaint regarding this… we was also told to pay our bills by other means, even thought our bill money is in the pot that we can not access. keep in mind that they expect you to wait up to 4 days for a response every time you call, if you can get through. An absolute joke if you ask me. As soon as they pull their finger out and get this sorted we will be closing our accounts and going elsewhere.
*UPDATE*
Months on and I received £120 compensation!!!
That doesn’t make up for Monzo putting a cefas report on my name, I have had this removed but now my credit score is still a shambles! Score 126 🤬
Thank you Monzo !!!
*UPDATE*
Months on and I received £120 compensation!!!
That doesn’t make up for Monzo putting a cefas report on my name, I have had this removed but now my credit score is still a shambles! Score 126 🤬
Thank you Monzo !!!
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Worst bank I’ve ever dealt with
Absolutely useless bank.
I switched my current account over to them from Santander and it feels me with so much regret, not only does their app barely work, their team are incapable of the simplest task, they locked me out of my bank account for days because my phone was stolen and once I had recovered my number allowed me access to my account via the app but would not allow me to unfreeze the card, I messaged them continuously through the evening trying to get them to open it so I could buy myself some food as I had none and my dog her medicine as she had run out due to the lack of access, then in the morning one of them unlocked it like it was nothing and the easiest thing in the world to do, I raised a complaint, still heard nothing back, but now contactless does not work and as that is the only card I now have due to switching banks, I am struggling to get into work, direct debits are failing to go through despite being set up and the money available, it’s just the worst bank I’ve ever had dealings with, utterly disgusting treatment and they claim to care about vulnerable customers but it’s a pack of lies. Do not switch to them.
I switched my current account over to them from Santander and it feels me with so much regret, not only does their app barely work, their team are incapable of the simplest task, they locked me out of my bank account for days because my phone was stolen and once I had recovered my number allowed me access to my account via the app but would not allow me to unfreeze the card, I messaged them continuously through the evening trying to get them to open it so I could buy myself some food as I had none and my dog her medicine as she had run out due to the lack of access, then in the morning one of them unlocked it like it was nothing and the easiest thing in the world to do, I raised a complaint, still heard nothing back, but now contactless does not work and as that is the only card I now have due to switching banks, I am struggling to get into work, direct debits are failing to go through despite being set up and the money available, it’s just the worst bank I’ve ever had dealings with, utterly disgusting treatment and they claim to care about vulnerable customers but it’s a pack of lies. Do not switch to them.
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