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Monzo bank


Well-known member
Sounds awesome, but if there are no fees, how are they making money?
Currently it isn't (other UK banks offer free bank accounts as they make money through other means such as lending), though that's not surprising for a startup company.

There's a couple of articles on Monzo, their current operating losses and what they may do to start earning money:



Chris D

XenForo developer
Staff member
I have a golden ticket if anyone wants to jump the queue and get their Monzo current account (UK only obviously).

First person to PM me with their email address gets it, and I'll forward it on.

DragonByte Tech

Well-known member
I've got a golden ticket for a current account too, in case anyone misses out on Chris' offer :)

They've recently launched monzo.me for everyone running the current account (same as paypal.me; request money, you can define a custom amount and a note or just give them the URL directly to input amount), and overdrafts are either in place or rolling out.

I've been using the Current Account since I first had the option to, only had a few DDs to swap so it didn't take much effort. It's been working very well for me :)


Liam W

Well-known member
Wait, how many people here are using Monzo? I had a golden ticket, but I accidentally deleted it. I can get it back if anyone needs it though.


DragonByte Tech

Well-known member
Meh, they'll probably just sell your details and spending habits to advertisers :p
No. They make money via overdrafts, and partnerships with other companies (without giving them your personal data).

For instance, they are partnered with an energy company called Bulb, which uses largely green energy (I believe it's 100% electricity but less for gas), and is cheaper than the big companies. So, if Monzo notices you're paying £150 a month for your energy, they may insert a suggestion into your bank feed that suggest you can save money by switching to Bulb.

(Personally, I save over £10/mo by using Bulb vs ScottishPower based on my latest estimates.)

In the future, they will also offer mortgages I believe, but at the moment they are still drinking the sweet VC milk with a dash of crowdfunded honey. I invested £10 because I wanted my debit card to say "Investor" :D