What is Monzo Bank?
Monzo is a type of bank that you use with your phone. It doesn’t have buildings where people go and stand in line. Instead, everything is done on an app. You can open an account, send money, and check your balance — all on your mobile.
When and Where Did It Start?
Monzo was created in 2015 by a group of people in London, England. They wanted to build a new kind of bank that feels easy, quick, and smart for everyone.
What Can You Do With Monzo?
You can make a bank account using your phone.
1. It shows how much money you spend and where.
2. You get alerts when you spend.
3. You can keep money aside in small sections (like piggy banks).
4. You can lock your card if you lose it and unlock it again if you find it.
5. You can also use it to pay bills or send money to people.
Is It Safe?
Yes. Monzo follows rules made by UK money authorities. If something goes wrong, people’s money is protected up to a certain amount. The app also has safety tools like passwords and fingerprint login.
Who Uses It?
Many people in the UK — especially young adults — use Monzo. It’s easy to understand and use. Millions of people have accounts now.
Anything Else?
Monzo also gives options for business accounts, extra features (if you pay), and loans. It keeps everything in one app, so you don’t need to go anywhere.
In Short:
Monzo is a phone-based bank that is simple, smart, and works from your pocket. It’s popular because it saves time, shows where your money goes, and makes banking feel less boring.
