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 (EDIT 26.08.17:- I’m now testing the Monzo current account! 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 the Mastercard for a few months now for spending and the real-time features are superb. Whenever you use the 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 apps real-time update which shows you exactly why your card has been declined too.
The Mastercard is also superb for foreign transactions, with zero charges for spending abroad and instant translation of your spends from local currency into Sterling.
Finally, the apps most valuable feature may well be its ability to help you budget. You can attach receipt scans to your purchases, and the app 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 the app opened my eyes to what I was actually spending!
How much does it cost?
The 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.
EDIT:- Want to get your Pre-Paid Mastercard card tomorrow?
My friends at Monzo have been in touch to offer Tubblog readers the opportunity to skip the queues of thousands!
Sign-up using the special link https://monzo.com/s/tubblog/ and your card will be posted to you the same day. Nice!
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