Monzo Bank is a digital, mobile only so called "Challenger Bank" based in London. The entire customer experience is rooted in the users smartphone via an app, meaning there are no physical branches or even web portal for that matter. The app is currently available for Android and iOS smartphones.
A current acount is available which gives you a sort code and your own account number to transfer funds to and from. There are also a number of other useful features which you will not find in a traditional bank account:
Monzo is targeting a demographic of users who value convenience and technical innovation. One of the most popular features with Monzo is the instant notification of transaction events such as spend, top up or declined transactions. This has proved useful for users who have been the victim of fraud. There is also very smart analysis of transactions as they happen, meaning Monzo can give a fantastic breakdown of spend by category etc. With Monzo there will be no more guessing where a transaction is for.
Monzo Bank Limited is a company registered in England and Wales (No. 09446231). Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Financial Services Register number is 730427.
This product is protected by the Financial Services Compensation Scheme (FSCS). More information can be found on the Monzo website.