Why I Use Monzo

What’s up, folks? I’m still not sure how I’m going to keep coming up with blog posts, having had one every day this week so far, but here we are again!

Money.

No one likes talking about it, and it feels weird to want to write a blog post about it since I’ve not made the wisest investments in the past.

No, don’t worry, I’m not going to tell you what to do with yours, and yes, this may sound like a weird advertorial, but… I really love banking with Monzo and wanted to write about it.

Brand attachment is a weird thing. As you know, I’m a big fan of Apple products, but that’s about as far as it goes. Between phone providers, utility companies, insurance companies and goodness knows what else, I’ve never felt an affinity for anything along those lines, and that includes banks.

Monzo, however, is a little different. We signed up for Monzo before leaving for Paris in January of this year (remember travel?) and essentially used it as a pot to put our spending money in. Since then, it’s become my main bank account, our joint account AND I have my business account with Monzo.

Here’s why:

Notifications

No one likes getting a call or an email from their bank, but this is a little different.

Essentially, with every transaction, Monzo sends me a notification on my iPhone. It tells me how much I spent, where I spent it, and what my running spend total is for the day.

It’s a small touch, but it’s exceptionally helpful when making quick calculations about spending. It also works for our joint account, so Frankie and I always know how much we’ve spent and can work out what’s left.

It also works with incoming transactions, making it ideal for keeping tabs on which clients have paid and when.

Interface

With the bank being entirely app-based, you’d expect a solid on-device experience, and you’ll find it.

I have three accounts in the app, but my business one is helpfully siloed away. My main and my joint accounts are just a thumb slide away from each other, and moving money between them is nice and easy.

While the card is shown at the top of the page, its numbers are hidden from prying eyes, and you’ll need to enter your pin to get that information.

There’s a handy tracker at the top of the screen that works out how long it is to payday and how many bills you have yet to pay, and you can tag transactions into categories so you always know how much you’re spending on something like “Eating Out” or “Groceries”.

I’ve used mobile banking for well over a decade, but for every baby step alternatives have made in the right direction, Monzo just gets everything right.

Apple Pay Support

Ok, so this is pretty standard-fare these days I’m sure, but Apple Pay means that, unless I’m likely to need my ID, I barely carry a wallet anymore.

Pot It Like It’s Hot

With Monzo, I’m able to siphon off cash into pots for specific purposes. So, once the world goes back to normal, I know I’ll be able to have a holiday fund, or house decorating fund for our new home.

For now, it’s handy just to be able to keep money aside for taxes.

I’m not saying all of this is particularly complex stuff, or not offered elsewhere. It’s just the first time I’ve logged into a banking app and not felt some kind of dread about having to navigate it.

What apps do you use to stay on top of your finances? Let me know!

L

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