Monzo launches current accounts

By Moriah Costa on Wednesday 19 July 2017

Digital Banking

Customers are now able to get an account with the challenger bank.

Customers are now able to get an account with the challenger bank.

Bank challenger Monzo is launching its current accounts and hopes to offer an account to all of its customers by the end of the year.

The platform plans to roll out 10,000 to 20,000 accounts over the next few months before offering them to all of its customers.

The account includes a sort code and account number so clients can directly receive payments. Users will also receive a Mastercard debit card and be able to use direct debit to pay bills. Up to £85,000 will be protected under the Financial Services Compensation Scheme.

Other challenger banks are also offering accounts to their customers. Revolut, an app that allows users to pay for goods in 120 different currencies fee free, offers current accounts and recently launched a Euro account. The firm does not offer direct debit but plans to in the future.

The two challenger banks differ in their regulatory licensing. Revolut does not have a banking license, while Monzo has a limited banking license.

You can visit Monzo’s website to see how many live accounts they have up so far. There were 92 live accounts at the time of publication. 

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