Every Friday I share one of my favourite finds of the week — a web-site, tool or app that has impressed me.
My Friday Favourite this week is Monzo – The Bank of the Future.
What is it?
Monzo is a new type of UK-based bank, run without branches and built to function via your Smartphone.
How can it help me?
One of Monzo’s first products is a Pre-Paid Mastercard Credit Card (current account and other services coming soon) which helps you track your spending via an Android and iOS app.
The app allows you to instantly see balance updates, spending — in real-time, sends intelligent notifications and is easy to use.
I’ve been using a Monzo Mastercard for a few months now for spending and the real-time features are superb. Whenever you use the Monzo card, the app updates instantly to let you know what you’ve spent, and where.
If you’ve ever had your card declined for no understandable reason, then you’ll like the Monzo app real-time update which shows you exactly why your card has been declined too.
The Monzo Mastercard is also superb for foreign transactions, with zero charges for spending abroad and instant translation of your spends from local currency into Sterling.
The @Monzo Mastercard has zero charges for spending abroad and works via your Smartphone
Finally, Monzo’s most valuable feature may well be its ability to help you budget. You can attach receipt scans to your purchases, and Monzo automatically categorises your spend and gives running totals of what you’ve spent on a daily, weekly and monthly basis. I thought I had a good handle on how much I spent on eating out, for instance, but Monzo opened my eyes to what I was actually spending!
How much does it cost?
The Monzo Pre-Paid Mastercard is free to order and requires a £100 top-up to activate.
How can I get it?
Download the Monzo App for free and join the waiting list for the Monzo Beta test.
You can also visit the Monzo web-site to find out more about their banking plans, find Monzo on Twitter, and visit the Monzo Facebook page.