Challenger Bank Monzo Starts Rolling Out Current Accounts

After two years of work, British challenger bank Monzo is finally rolling out its free current account product.

The bank, which received its full banking license in the United Kingdom in April 2017,  has been taking the rollout slowly, as promised, though as stated on its site, it aims to offer current accounts to all its customers by the end of 2017. Monzo will start offering the product to its existing customers, with the first three months ideally seeing the rollout to about 20,000 customers.

The bank is at 92 accounts and counting, at the time of this reporting.

That’ s not too bad for a product that only launched a few hours ago. In the spirit of “full transparency,” the bank stated on its blog, it’s started a live feed of all of the current accounts that it has rolled out thus far.

At the moment, a Monzo current account comes with access to the normal banking products one would expect: an account number, Faster Payments (a service within the U.K. that allows participating financial institutions to send money within a two-hour timeframe), and a Mastercard debit card, among others.

Other features are forthcoming, but Monzo is still working out the last few kinks. Future iterations of the account will come with payments from one Monzo account to another (not currently enabled), as well as “top-ups” via debit card, Apple Pay, and Android Pay (forthcoming).

Additionally, customers that receive the first few debit cards will have to turn them in for a future version later in the year, according to Monzo, and Android users are going to have to wait: current accounts are iOS only, though Monzo expects the Android version is only “a couple months” behind.

Right now,  the only eligible consumers for a Monzo current account are those who have been Monzo customers for at least six months.

2 - Readers Like This Post

Grace Noto is Associate Editor of Bank Innovation. She has an MA from the University of Essex, as well as BA in English and a BA in Journalism from SUNY New Paltz. Prior to joining Bank Innovation in the summer of 2016, she worked on Electronic Products Magazine, an online publication surrounding technology and computer engineering, and has worked for other publications, including the Poughkeepsie Journal. She also writes in her spare time, and really needs more hobbies.

  • twitter