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.
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
Checking 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.
Security
• Provides FDIC insurance up to $250,000, ensuring a high level of deposit security.
• Offers robust security features, including biometric and PIN protections.
Service
• Focuses on comprehensive digital banking services accessible via a mobile app.
• Offers no-fee banking, including no overdraft or foreign exchange fees.
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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