Monzo is an alternative banking app that has increased popularity since its launch in 2015. Monzo focuses on solving money problems rather than selling to their market. particularly in today's society and the current cost of living crisis Monzo is well respected especially within university students as they accumulate a large sum of debt which they hope to pay off at some point. This not only affects their living situations but also their mental health as stress is such a large part of a student's mind.
To go to university you need funding and many households do not have the finances to support their child as much as others which in turn leads to loans and students acquiring jobs to support themselves. This all topples over one another at some point. Monzo has eased money concerns with their various options in using and spending money which differentiates them to other banks. 'Saving pots' has been a large success with not only students put the public in general this not only separates money but creates saving goals. The most popular feature is the round up option, this feature occurs when you spend a certain amount of money and Monzo automatically round up the number to add the extra change into another pot. Many people have gained from using Monzo as one woman said:
I love monzo. The interface is so easy to use and I have pots set up for everything from haircuts to coffee money.
Personally, this makes saving easier for me because I'm saving money without realising. This in turn, makes me feel better when I see my saving pots increase.
Should we make the switch?
Monzo recognises themselves as a bank that lives virtually on your phone. You can top or make free withdrawals.
Benefits of Monzo:
- You receive spending notifications which will either informs you or warn you of what you have spent and whether your spending has increased or decreased from the month before.
-Free cash withdrawals abroad. This is helpful when you are away as many banks charge extras when spending abroad Monzo avoid this in European countries and ensure there is no charges added or exchange rate fee. overall, saving extra money that would've been spent most likely with another bank. I use a Monzo card daily and joined with Monzo specifically for this feature so spending when away is simpler and less harmful to my account.
-Setting up joint accounts with other Monzo holders is simple and easy. you can also request money making it a faster process if a friend owed you money for drinks for example. This ensures that you are not losing any money and you can keep track with who you owe money to and who owes money to you. This avoids any differences with people.
-It costs nothing to join Monzo and does not require a monthly subscription fee.
- Saving pots is the new way forward in saving money because it can be specific and also allows you to lock that account and not be able to open it until a certain date if you are a bad spender and can't control keeping your savings.