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Digital-only UK bank Monzo is launching in the US

By midian182 · 6 replies
Jun 14, 2019
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  1. Monzo says it’s the UK’s fastest growing bank, with 40,000 people opening an account every week. The company has no physical locations, so everything takes place using the Android or iOS app. It offers benefits including instant spending notifications, no fees when spending cash abroad, person-to-person payments using a phone, and "pots" for splitting savings from spending money.

    As it did when it launched in the UK, Monzo will be offering its debit card and mobile app to US users at in-person events in major cities, “a few hundred people at a time.”

    The firm isn’t a fully licensed bank in the US yet. As that’s a lengthy process, it’s working with a partner bank (Ohio-based Sutton Bank) to serve American users sooner. The partnership ensures customers’ money will be fully FDIC-insured.

    With the promise of no hidden fees or charges and the absence of endless paper forms, it’s easy to see the appeal of digital-only banks such as Monzo, though some people still feel uncomfortable putting their money into organizations that have no traditional brick-and-mortar locations. Monzo will also have to deal with more complex banking regulation in the US compared to the UK.

    If you’re interested in attending one of Monzo’s upcoming US events, you can join the waitlist to be informed when the next one is happening.

    Permalink to story.

  2. dangh

    dangh TS Enthusiast Posts: 31   +41

    Sooo... Like revolut, but smaller.
  3. ckm88

    ckm88 TS Booster Posts: 133   +96

    I use Ally. They are 100% online as well.
    dms96960 and mbrowne5061 like this.
  4. mbrowne5061

    mbrowne5061 TS Evangelist Posts: 1,179   +649

    And their savings account rate rivals that of a 4-week US treasury bond, but without the taxes.
    Reehahs, dms96960 and ckm88 like this.
  5. ckm88

    ckm88 TS Booster Posts: 133   +96

    Yeah they are pretty good overall. I can use any ATM and they will reimburse the fees. Check depositing is a little slow but never had any issues. They have good CD rates too.
    dms96960 likes this.
  6. Shadowboxer

    Shadowboxer TS Booster Posts: 174   +66

    I don’t really understand why anyone would pick Monzo over Starling tbh.
  7. bluetooth fairy

    bluetooth fairy TS Booster Posts: 83   +60

    Besides missing "brick-and-mortar locations", the bank has a name that is associated with porn or italian race circuit, or food delivery service. But not sure, if I find Ally or Starling way better, though. Am I getting too old for this thing?

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