We know you love Monzo for spending, and it’s great for travelling abroad. But since we launched back in 2015, we’ve been adding loads of features to Monzo that makes it the perfect main bank account.
So if you’re still using Monzo as just a spending card, you’re missing out. 96% of people who went Full Monzo are glad they did it - and here are 10 reasons why you should join them:
1. You’ll see all your money, in one place
When you get paid into Monzo, use Salary Sorter to neatly separate your money into spending, bills and savings. So no more faffing around with transfers and multiple accounts - it’s all in one place, and your financial admin now takes seconds.
We ran a survey with 4,000 Full Monzo customers last month - and 76% of them said that they budget better now that they’re Full Monzo 🎉
2. Stay on top of your bills
Once you've set up Salary Sorter, we'll automatically move your bills money into your Bills Pot, every time you're paid.
We'll tell you if your bills are higher for the upcoming month, and remind you if you're running low.
And when they're due, we'll pay them for you. So you can see exactly what's leftover in your main balance - and there's no worry about accidentally spending the rent money on pizza 🍕
You can have one Pot for each bill, or one for all of them, or something in between! It’s up to you.
Learn more about Bills Pots here.
3. You can save money in different Pots depending on what it’s for - and earn interest too.
Financial Conduct Authority (FCA) data shows that almost 50% of the money held in easy access savings accounts in the UK is earning less than 0.5% in interest. With a Savings Pot, your money works harder - check out our savings rates here.
And if you find it hard to save, we can round up your spending to the nearest pound and put the difference in a Pot for you.
4. You can apply for an overdraft, if you need one
Sometimes you end up spending more than you’d expected - Monzo’s got you. You can apply for an overdraft of up to £3,000 and pay 19%, 29%, or 39% APR depending on your credit score. We’ll always tell you the exact rate you’ll pay, and what that means in pounds, before you borrow from us. You can find out more in our overdrafts section.
5. Get a loan that makes sense
Planning a big purchase? Maybe you're after a new car, laptop or you fancy fixing up the flat. Whatever it's for, if you're eligible, you can apply for up to £15,000 at a 3.7% APR representative rate in minutes.
6. You can get paid a day early, for free
If you’re Full Monzo and you get paid by Bacs (most people do!), we can advance your salary at 4pm the day before it's due. No cost, no hassle. Just more time with your money. A heads up: we can stop offering get paid early, or change this service, at any time.
7. You can get a joint account, too
If you’re planning on sharing finances with someone, getting a joint account with Monzo is easy. You’ll both get separate cards, and you can keep track of who’s spending what and budget for your joint expenses. You can keep your personal account, too.
8. Splitting expenses is easy
If you’re always splitting the cost of something with your housemates or partner, you can open a Shared Tab with Monzo and make it painless. Or if it’s just a one-off, you can split the bill in just a few taps.
9. Over 7 million customers trust us to keep their money safe
Get instant spending notifications and freeze your card anytime you’re worried.
And because we’re a regulated bank, your eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
10. Plus - when you switch, we do all the hard work for you
We’ll move all your direct debits, standing orders and salary over for you. It’s free via the Current Account Switch Service (CASS), takes 7 days and is guaranteed. (That means if anything goes wrong during your switch, you won’t be out of pocket.) You’ll get to choose your switch date, and your old account will be closed automatically.
If you don't want to switch everything over or close your old account, we can help you send an email to your employer to start getting paid into Monzo.
And if that’s not enough - 98% of people who went Full Monzo would recommend it to a friend! What are you waiting for?
Ready to switch to Monzo?
(If you're on your mobile, tap above to get started. Otherwise, you can learn more about switching here.)