A lot has changed over the past couple of decades, with the rapidly evolving world of online connectivity transforming various aspects of our everyday lives. One of the most noticeable places is with online banking, something that has a relatively short history [a history of online banking], but has nonetheless become the norm in astonishingly little time.
Although, do you really think it’s surprising that online banking took off in the way it has? It’s just so much easier than faffing around with a chequebook or visiting your local bank in person, and nowadays there are companies like Monzo who are exclusively online banking providers.
Deciding who is the best online banking provider these days can be difficult, although there are loads of people who would say Monzo straight off the bat. In many ways Monzo have revolutionised the art of banking, particularly with how much easier they make saving money. We’ve been doing a little research here at Winzum, and you can read on for a lowdown on Monzo!
What is Monzo?
Right then, by now most people will know at least a little about Monzo, but if you’re completely in the dark, Monzo are an online bank that have risen to prominence over the last few years. They are the biggest of the so-called “challenger banks” in the UK, organisations that generally tend to exclusively use online banking.
The classic Monzo hot-coral debit cards are extremely eye-catching, and it’s something that you probably would have seen before. Monzo’s mobile online banking is also impeccable, operating on a smooth and well-designed app for both iOS and Android.
A quick history of Monzo
Monzo was originally called Mondo, launched in 2015 by a group of ex-Starling Bank employees who wanted to revolutionise online banking. In 2016 they amazingly crowd-funded £1 million in just 96 seconds, which is still a world record for a crowd-funding campaign.
A lot of people, therefore, saw the potential in Monzo, and by 2017 its UK banking licence restrictions ceased, which meant that the company could start offering genuine current account.
Some of the best things about Monzo
The fact Monzo has become such a successful online banking provider is no fluke, as there are several reasons why customers love the emerging bank so much. Firstly, the debit card itself is unique and incredibly pleasing to look at, with the patented “hot-coral” colour already becoming a bit of a cult classic. But the best thing about Monzo is their exceptional mobile app, which allows customers to do a range of things, from checking their spending to cancelling a debit card, and it even gives geographical locations of all your transactions too.
How Monzo can really help you save
The Monzo app is also insanely helpful for saving money, mainly because it allows you to break up your account into separate portions dedicated to things like bills, food, entertainment and essentials. You can also set a spending limit on these through the online banking app, a great way to save money!
Monzo also sends a notification through every time you make a transaction, which unconsciously helps you from going on too much of a shopping spree. You can read more tips on how to save money here [a few of the best ways to save money].