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Bank Green

Monzo

Our take on Monzo

Monzo is an app-based challenger bank headquartered in London. By the third quarter of 2022, the bank boasted more than six million customers. Monzo doesn’t invest in fossil-fuel-based energy companies, but it does offer savings accounts via third-party banks that do invest in fossil fuels. So while we do recommend Monzo as a "safe" option, we do not recommend use of their savings accounts.

Top Pick

Have you opened an account with Monzo since visiting Bank.Green?


Key Facts

Type: Bank

Mobile Banking: Yes

Environmental Policy: Yes

Founded: 2015

Serving: Consumers & Organizations

Local Branches: No

Products

Current Accounts: Yes

Savings Accounts: Yes

Credit Cards: Yes

Mortgages or Loans: Yes

Business Lending: Yes

ISAs: No

Fees

Overdraft Fee: Yes

Account Maintenance Fee: No

Free ATM Network: Yes


Impact

• Monzo emphasises financial inclusion with features designed to simplify money management.

• Offers tools for budgeting, saving, and spending to empower users to manage their finances more effectively.

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Security

• Provides FDIC insurance up to $250,000, ensuring a high level of deposit security.

• Offers robust security features, including biometric and PIN protections.

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Service

• Focuses on comprehensive digital banking services accessible via a mobile app.

• Offers no-fee banking, including no overdraft or foreign exchange fees.

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Convenience

• Provides 24/7 customer support and a user-friendly app for easy banking.

• Features real-time notifications and automated savings to enhance user convenience.

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Have you opened an account with Monzo since visiting Bank.Green?

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