When it comes to challenger banks in the UK, several big names are competing for traction. Monzo is one of the biggest players in this market today.
The company specializes in providing a variety of services its clients may need. New features and options are introduced on a regular basis as well.
Plenty of Account Options
Opening a bank account with Monzo is rather straightforward. Unlike traditional banks, however, it has a few more options available. Every customer has individual needs and requirements. Catering to those requirements is one of the reasons why this challenger bank is growing in popularity.
One particular offering the 16-17 Account. Monzo provides this service for young adults in this age range. It provides the same features as adult accounts, bar a few minor exceptions. Age restrictions will remain in place to keep clients safe at all times. Some purchases, such as gambling expenses, are not allowed until one turns 18, after all.
Competitive Interest Rates
Savings accounts were always designed to let users earn interest rates. Due to financial woes globally, those rates are no longer as competitive as they once were. In some cases, banks are now offering negative interest rates to help offset their own reduced profit margins.
With Monzo, things are a bit different. The company does everything it can to help customers save. At the time of writing, users can create a Savings Pot to earn up to 1.35% interest. This rate is fixed, making it a rather appealing option.
The company is also working on a Savings Marketplace. This allows users to compare providers and their interest rates accordingly. For consumers, this is a welcome addition. Getting the most bang for one’s buck is crucial in this modern day and age.
Enticing Core Features
Making life easier for consumers is an aspect most traditional banks have seemingly lost track of. In the case of Monzo, it is one of its core points of focus. That makes it stand out among competitors. More of these features can be introduced as time progresses.
For users traveling abroad, not worrying about foreign exchange fees is a welcome addition. When spending funds through one of Monzo’s cards in a foreign currency, there will be no extra fees. The exchange rate provided by Mastercard is passed on to the customer directly.
What makes this challenger bank so interesting is how users can easily swap between energy tariffs. Monzo is all about helping users save money in whatever way possible. By letting users switch between energy providers through the app, a very engaging solution is created. Switching between providers can net users up to £75 in credit.
To target millennials and younger generations, Monzo is keeping track of what matters. An easy way to split bills and pay separately, for example, is one of those options. The native app lets users do exactly what with ease. Known as Shared Tabs, it is a great solution for the younger crowd, as well as adults sharing expenses.
An Early Payday
Waiting to receive one’s paycheck is often a painstaking process. Through the traditional financial system, payments can often be delayed for various reasons. Monzo customers will receive an advance on the money the day before it is due.
There are no extra fees associated with this option either. Such an option can be crucial for those who have a tight overlapping window between receiving their payday and paying bills.