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 perks or just really cool cards, and I think I enjoy collecting them.

However, there are some newcomers…

I had an ISA with Halifax for about four or five years, but every year they reduced the interest rate. When I was legally a child, they gave you a better rate for whatever reason, but I’m guessing it’s to hook you early. Why hook you early? It’s a savings account; nobody really checks their savings account, so they can lower rates and nobody bats an eye. Banks are a business, and this is capitalism, so it makes sense. What doesn’t make sense is that 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 doesn’t this happen automatically?

Enter Monzo

Monzo is “The bank of the future.” It’s now my primary bank account, and they’ve just launched ISAs, so I ditched Halifax and moved straight over. Now you’re probably wondering what makes it different. Well…

• Instant notifications when you spend and receive money
• Freeze your card whenever you want
• Verify big purchases with a notification
• Split bills with your friends instantly
• ISAs with 1.14% interest, 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 regulated by the government; you get everything you normally get, just with no branches, which saves them a lot of money. They then use that money 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: you need to have £500 to open an ISA, and this is only open to UK residents.

If you want to read more, head over to their website at monzo.com.