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We usually review investment solutions here at adamfayed.com, but some of our clients have asked us to review some of the new “challenger banks”.

In this context we will review Monzo — an online bank based in the United Kingdom.

Introduction

There’s one banking service that could literally skyrocket in the future for its modern approach and its catchy way of arranging all your expenses.

It surely needs some improvements but Monzo is undoubtedly one of the right candidates for best card and banking service in the UK.

It started as the perfect card for youngsters to spare money during their holidays for the free commissions it has offered and now it has become the best management tool to administrate your after-salary expenses in 2020.

Once Monzo launched their first card in 2015, back then the card was not a current account, it lacked most basic features, just direct debits and basic payment options, and it was not even called Monzo, it was first known as Mondo and the company had to change its name after it tried to register the trademark.

A quick host of users followed and the Monzo name arrived in 2016. Monzo offered fairly basic but very brightly coloured prepaid cards until 2018 when they launched their current account, almost exactly a year after they were granted their banking license.

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Today the company is fast becoming one of the most popular challenger banks in the UK valued at £2 billion in the last funding round in 2019 with over 3 million customers.

As they continue to grow and expand, let’s take a look at their current account in detail.

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