Most banks are terrible, Enter Monzo, you can scroll to the header if you don’t want to read.
Banks, most people hate them but they do provide a service for modern society, with most offering free accounts you can open at any time. I have multiple bank accounts, they have different perk or just have really cool cards and I think I enjoy collecting them.
However there are some newcomers…
I had an ISA with Halifax for like 4 or 5 years but every year they reduced the interest rate, when I was legally a child they give you a better rate for whatever reason but I’m guessing it’s to hook you early. Why get you early? It’s a savings accounts, nobody really checks their savings account, they can lower rates and nobody bats an eyes. Banks are a business and this is capitalism so it makes sense. What doesn’t make sense is you can renew your account. What does that mean? Well you can ‘renew your interest rate’, Doing this TRIPLED my rate to 0.6% but why this doesn’t happen automatically.
Monzo is “The bank of the future” It’s now my primary bank account and it’s just launched ISAs so I ditched Halifax and moved straight over. Now your probably wondering what makes it different. Well..
- Instant nonfictions when you spend and receive money
- Freeze your card whenever you want
- Verify big purchases with a notification
- Split bills with your friend instantly
- ISA’s with 1.14% and paid monthly and next day withdrawal
- A custom link where you can get paid right into your account
- Transparency, Everything is in plain English
It’s an actual bank that gets regulated by the government, you get everything you normally get just no branches which saves them a lot of money, money they then use to give you better rates and services, this is technology disrupting industry and I love it. Why Monzo? Well I’ve tried a lot of fintech banks and it hands down comes out on top.
Just a disclaimer but you need to have £500 to open an ISA and this is only open the UK residents.
But if you wanna read more head over to their website monzo.com.