As a generation who apparently like to splash out on flat whites and smashed avo on toast perhaps more regularly than we should, perhaps it’s time to face the music and look at our spending.


How many times can you ‘treat yo self’ when you’re deep into your overdraft and it’s two weeks until pay day? It’s all too easy to avoid looking at your bank statement or have a selective memory about your spending habits. The fact that you are five hundred pounds in the red, is not because you made a generous donation to charity, despite what you may tell your mother.


So, the Twenty Mile Club decided to look into the much hyped Monzo card.


First of all, what is a Monzo card and why is it being hailed as ‘the bank of the future’?

Quote Monzo:

‘Built for your smartphone, this is banking like never before. One that updates your balance instantly, sends intelligent notifications, and is actually easy to use.

Get instant spending notifications, add receipts to your purchases, manage your budget, and more. We don’t charge setup or usage fees, and there are zero charges for spending abroad.’




The Monzo card is like your typical bank card and can be used for shopping, contactless payments and sending money to friends. However, unlike a bank card there is not sort code or account number and you can’t use it for standing orders or direct debits- however there are plans to provide current accounts later this year.


How does it work?


The Monzo card is a pre-paid MasterCard debit card. You can top the card up from the app (including a £100 top-up to start with) and use it at cash machines, in-store and online. The card provides handy notifications re your spending habits and can also be suspended using the app, if it’s lost or stolen.



Why use Monzo?


It’s a game changer for travel:

The bank promises no fees on your transactions, anywhere in the world. When you withdraw cash abroad, you’ll be pleased to know that you won’t be hit with any charges. That means no ATM fees and being charged exactly zero pounds in conversion. This means more spending allowance on your travels- hurrah! This will no doubt mount the pressure on standard practise banks, who hit you with exchange fees and ATM’s charges when withdrawing cash abroad- but perhaps they’ll start to rethink their methods…

It’s simple, easy to use and informative. It sends you notifications on your spending so you’re always aware of how much you spend on say ‘entertainment’ compared to ‘food’ a week and makes you actually think more about mindless and impulsive spending.

You can ping money across to other Monzo users in a heart beat

It’s bright orange! You can’t miss it when wading through your cards.



The bad news?


To get your hands on one of the Monzo cards you will currently be waiting in a queue of up to 15,000 people- however we believe it’s worth the wait!



As Monzo says:

We’re building the best current account on the planet and we want you on board.


So, as not to miss the party and to get your finances in order sooner rather than later, we would join the queue and start changing your spending habits for the better.