If you were once like me, you had a Simple bank account and you really enjoyed it. Then, the dark times came, when Simple shut down forever and forced all of its users to either join the BBVA overlords or go off into the desert in search of a new home. It’s no surprise that many Simple users landed upon Monzo as their digital bank of choice, as it very much resembles Simple in the way it conducts business. It’s all digital with your account being ran from a smartphone app, having first began its life in the UK, then stretching its fingers into the US via a closed beta. Well, that closed beta has ended, with Monzo now open for any US user to sign-up.
US Monzo accounts are provided by Sutton Bank, who technically holds the deposits and protects the money with FDIC insurance. As far as features are concerned, Monzo supports Google Pay and Apple Pay, has a Pots feature for customized savings (there are no standalone savings accounts), ACH fund transfer support, direct deposit, MasterCard-issued debit cards with NFC for tap-to-pay, plus a bunch else. Monzo has always been very transparent in terms of what features it’s working on, with a product roadmap available right here.
I have had Monzo as my primary checking account since January, 2021. So far, it’s totally fine with the one exception being that I can’t use the app to deposit checks. Believe it or not, I still have family send me checks for my birthday, so it’s a little inconvenient that my bank doesn’t support this. It is on the roadmap, though.
If you want to give Monzo a look, download the app and have yourself a good time.