Details for Monzo neobank

What is Monzo?

Monzo is one of the most prominent digital, mobile-only banks based in the United Kingdom. It was founded in 2015 with the goal of making online banking more accessible, modern and user-friendly. Monzo offers a broad range of financial services, including free bank accounts, bank cards, current accounts with IBAN number, savings accounts, loans and insurance products.

One of the main advantages of Monzo is its mobile app (both Android and iPhone apps are supported). Monzo app offers a high level of customisation and real-time notifications for transactions and spending insights, as well as budgeting tools for tracking spending and ultimately saving money.

Monzo has gained a large following in the UK, in particular among younger consumers. Currently, Monzo has 5.8 million customers, and the vast majority of them are situated in the UK.

Monzo is licensed and regulated by the UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

Residence Requirements

Monzo currently opens bank accounts for UK legal residents. A person can open a Monzo account even if it not a UK tax resident. All that is needed is to live in the UK and have a UK address.

Monzo Business

Monzo Business is a fully digital mobile app service catering to the needs of small businesses in the UK. This digital bank offers a range of features and tools to help business owners apart from day-to-day bank activities manage their finances, such as invoicing, accounting integrations, expense tracking, IBAN numbers, transfers and making bank payments.

Monzo Business has an incredibly simple and user-friendly interface. Monzo Business owners can view, track and manage transactions, monitor their spending in real-time, set up multiple users and assign them different levels of account access and permissions.

In addition to its basic banking features, Monzo Business also offers several attractive tools to help companies manage their finances more efficiently, for instance, the integration with Xero and FreeAgent, as well as creating and sending invoices directly via the app.

Monzo for Teens App

Monzo for Teens is a version of Monzo's mobile banking app that is designed specifically for youth aged 16-17. Essentially, it is a joint account that allows both the parent or guardian and their children to manage the account together.

Monzo for Teens account has most of the same features as Monzo’s classical standard personal account, including a debit card, mobile app, budgeting tools, etc.

One of the key features of Monzo for Teens is that it is designed to help teenagers learn finances at an early age in a safe and controlled environment.

Parents or guardians can set spending limits, approve or decline transactions, receive real-time notifications for all activities and have all the transparency needed to steer their children toward responsible banking habits.

This level of control allows parents to keep an eye on their child’s spending and provide guidance as needed without having to share parents’ own credit or debit card data.