1. Instant notifications: We’ll tell you as soon as you spend (and update your balance instantly)
An oldie but a goodie. We notify you when you spend, and update your balance straight away.
Some of you have strong feelings about instant notifications:
And they’ve even helped some people realise their card’s been stolen or used for fraud:
Since we launched Monzo with instant notifications back in 2015, lots of the big banks have added them too, which is handy! 😉
2. Monzo-to-Monzo payments: Pay your pals who are also on Monzo, in just a few taps
It means no more back and forths exchanging bank details 😅
3. Nearby Friends: Pay people near you, even if you don't have their number
Through the magic of Bluetooth, you can send and receive payments from people around you. So if you split the bill at dinner and don’t have someone’s number, they can pay you back without a fuss.
4. Split the bill: Divide costs between you and get paid back
Handy to use with your partner or your friends, it lets you split bills between you (we’ll do the maths) and pay what you owe in just a few taps.
5. Shared Tabs: Keep track of who owes what
Finally! A helpful way to keep track of shared costs and settle up super easily.
Use it to go on a group holiday or split costs with your housemates. Everyone can add payments to the tab. We’ll work out who owes what and make it easy to pay each other back.
6. Get paid early: Get your salary a day before you’re meant to
What else is there to say? You can get your salary an entire day early, if you get paid into your Monzo account.
Most salaries (and student loans) come into Monzo accounts through a system called Bacs (short for Bank Automated Clearing System). It’s a bit outdated, so from the day your employer sends you the money, it usually takes three days to reach your account.
By 4pm on the day before you’re meant to get your money, we can see it coming in the system and be confident it’ll arrive. Once that happens, we give you the option to get your money sooner! (A heads up: we can stop offering get paid early, or change this service, at any time.)
7. Round-ups: Save your spare change
Turn on ‘round-ups’ to automatically save your spare change into a Pot. Every time you pay with Monzo, we’ll round your purchase up to the nearest pound and put the difference in your Pot. It adds up surprisingly quickly!
8. Pots: Organise the money in your Monzo account
Pots let you organise the money in your Monzo account. You can use them for budgeting, to save up for something special, or just to make sure you don’t spend your rent money.
9. Pots goals: Set goals to save towards a specific amount
Set a goal for your Pot and we’ll help you keep track of your progress.
10. Locked Pots: Lock your Pots to stop you dipping in
Lock your Pot until a certain date and if you try to dip in, we’ll remind you not to 🔒
By adding some extra friction, we hope you’ll find it easier to control your spending or save towards your goals.
11. Custom Pot images: Add your own pictures to your Pots
You can add an image to remind you what you’re saving for, or just to organise your Pots and make them all look pretty.
12. Savings Pots: Earn interest on your savings
Savings Pots let you earn interest on your savings, to help your money grow. And you can create one in seconds to earn up to 1.54% (AER, fixed) interest on your money.
See our savings accounts and interest rates, or open a Savings Pot now.
13. Salary Sorter: Sort your money between spending, bills and savings
Salary Sorter lets you neatly sort your money between spending, bills and savings, all in one convenient place (your Monzo account!). It means there’s no more shifting around to see where your money is.
14. Transparent arranged overdrafts: We’ll actually tell you when you’re about to go into your overdraft
Arranged overdrafts are ideal if you need a little extra money to tide you over every now and then. And if you’re eligible, you could get one with your Monzo account.
If you have an overdraft with Monzo, we’ll let you know before we charge you anything, and show you any charges clearly in the app. So you always know when you’re in your overdraft and how much it’ll cost you.
15. Bill tracker: We’ll keep an eye on the cost of your bills and tell you when one changes
We’ll keep track of your regular Direct Debits – like phone contracts and utility bills – and let you know if one of them changes.
So if your energy provider raises their prices, or you rack up a big phone bill while you’re away, you’ll know.
Get access to these 15 features and many more by opening a Monzo bank account!