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Monzo Bank offer savings, overdrafts, loans, junior bank accounts and more. They also service business customers.
Monzo aim to make banking easy – you can open a full UK bank account from your phone for free, and manage your money all in one place. They offer a number of account options, such as current accounts, plus accounts and business accounts.
One of the exciting features of a Monzo account is that you can create customised savings pots, to encourage you to meet your savings goals. Monzo will also automatically round up your spare change and put the excess in your savings pot.
In terms of Monzo’s borrowing options, they offer overdrafts of up to £1,000 and loans up to £25,000. The latter come with varying Representative APRs, depending on how much you borrow and allow you to make flexible repayments.
Last Updated: February 2023