This here Monzo banking, it’s all the rage these days. You know, I heard folks talking about it down at the market. They say it’s a bank, but it ain’t like the banks I know. No buildings, no tellers, just this thing on your phone. Sounds right strange to me, but young folks seem to like it.
They say you can put your money in it, just like a regular bank. And it’s safe, they say. Some fancy thing called FSCS protects your money up to 85,000 of them pounds. I don’t have that kind of money, but it’s good to know, I guess. If the bank goes belly up, you don’t lose all your savings. That’s a relief, I reckon.
This Monzo thing, it started small, like a little seed. Back in 2016, it was just a card, a prepaid Mastercard, they call it. You put money on it, and you can use it overseas without extra charges. Some smart folks named Tom, Jonas, Jason, and Paul, they started it. Then it grew bigger, like a pumpkin in the summer.
Now, this Monzo banking, it’s got all sorts of accounts. Personal ones, joint ones for you and your spouse, even business ones if you’re selling stuff. You can get your paycheck in there, pay your bills, take out cash with a card, and move money around. Just like a real bank, but all on your phone.
- Salary Sorter: They say it can sort your money when you get paid. Like, put some for spending, some for saving, some for bills. Sounds handy, if you ask me.
- Spending Budgets: You can tell it how much to spend on eating out and whatnot. Keeps you from spending too much, I suppose.
- Joint Accounts: You can have an account with your husband or wife. But you both gotta have your own Monzo accounts first.
- Saving: They got something for saving money too, but I don’t know much about that.
Now, I heard this Monzo, they had to let some folks go, furlough, they called it. Like when you don’t have enough work for everyone on the farm. That put a strain on their money, I reckon. But they’re still going, so that’s something. It’s like a challenger bank, whatever that means.
This Monzo banking, it’s all done on an app. You know, those things on your phone. No branches, no lines, just tap, tap, tap. I guess it’s good for folks who like that sort of thing. I still like seeing a real person when I go to the bank, but times are changing, I reckon.
This Monzo thing, it’s popular, I hear. Lots of folks are using it, especially the young ones. They like things fast and easy, I guess. Me, I’m used to the old ways, but I can see why people like it.
They say it’s a real bank, registered in the UK, even though you can’t see it. It’s like one of them invisible things, but it’s there. They say it’s just as safe as any other bank, so that’s good. I mean, you gotta trust where you put your money, right?
Now if you want to know if this Monzo banking is good for you. You need to think about what you need. If you like using your phone for everything, then maybe it’s a good fit. But if you’re like me and prefer the old ways, maybe stick with what you know.
They have current accounts, savings accounts, all sorts of things. Just like a regular bank, but all on your phone. It’s a whole new world, this Monzo banking thing. I don’t understand it all, but it seems to be working for a lot of folks.
They say there’s a bunch of these new banks now, Monzo, Revolut, Starling, and N26. All growing like weeds after the rain. It’s a lot to keep up with, but I guess that’s the way things are now.
If you have an overdraft, that’s when you spend more than you got, they charge you. I think it’s 19%, 29%, or 39%, a lot, I tell ya. And if you just use Monzo for spending, not as your main bank, there might be more fees. You gotta read the fine print, you know?
So, there you have it. This Monzo banking, it’s a newfangled thing, but it seems to be here to stay. Whether it’s for you or not, only you can decide. Just remember to be careful with your money, no matter where you put it. That’s what I always say.
