Monzo

Monzo is a UK bank that describes itself as "a bank that lives on your phone", with accounts opened and run mainly through a mobile app. App-first banks like this are often called neobanks or challenger banks. They compete with traditional high-street lenders on ease of use rather than on branch networks. It operates as a regulated bank, with eligible deposits protected by the FSCS up to £120,000 per person.

Its range starts with the Hot Coral current account and includes joint accounts, an under-16s account for children aged 6 to 15, and a business account for sole traders and limited company directors. On top of the free account, the company sells paid subscription plans called Extra, Perks and Max, as well as Flex and Aura credit cards, savings accounts and ISAs, investments, pension consolidation and a mortgage connection tool. Bundling savings, credit and investments alongside a current account is a common way for app-based banks to deepen relationships with customers who first sign up for everyday spending.

Budgeting features include Salary Sorter, which splits income into separate Pots, a dedicated Pot for paying bills, round-ups of spare change into savings, and cashback offers. For travellers, cards carry no foreign transaction fees and show live exchange rates in the app. Customers can also deposit cash at PayPoint or Post Office locations and get support through in-app chat 24/7. Banks without branches commonly rely on retail networks to handle cash deposits, which still matter to customers who are paid in cash.

Monzo serves UK residents and reports more than 16 million personal and business customers. The company's phone-based model reflects a wider move in UK retail banking from branches to mobile apps.