Monzo has announced the launch of its current account preview on Android.
The mobile bank announced the current account preview three weeks ago as it rolled out Monzo current accounts to a limited number of customers.
As of 8th August, the current account was being accessed by 683 people, with customers being signed up when they attend events at the Monzo offices.
The preview was originally only available on iOS as the Monzo team was working to bring the Android app up to speed, but now Android users can register their interest in the preview and get involved.
What’s in the Monzo current account on Android?
• sort code and account number, so anybody can send you money and you can receive your salary directly into your Monzo account
• Faster Payments, so you can send money to any other UK bank account with a sort code and account number — it will arrive within two hours, but most payments only take a few seconds
• direct debits, so you can pay regular bills such as rent, utilities and phone contracts
• standing orders, so you can set up regular payments out of your account for things such as rent payments
• a MasterCard debit card, so you can spend anywhere that accepts MasterCard around the world, with a direct connection into MasterCard
• FSCS protection, up to a total of £85,000 eligible funds
Monzo is still working on some parts of the account, so some minor functions will not work.
How can customers get an account?
Monzo will be running events from its offices every week to give out as many current accounts as possible, so for now customers will need to be in London or able to travel to London if they receive an invite to an event.
However, registering interest does not guarantee customers a current account immediately.
Depending on how many people register, Monzo may not be able to give customers an account for a few months.
Last week, Tom Blomfield, CEO of Monzo (pictured above), apologised to customers for the recent card outages they had experienced.
“Unfortunately, we don’t know how long it will take our card processor to fix the issues, but we will always keep our status page up to date.
“People across the UK have come to rely on their Monzo cards and if at times you can’t use your card, you lose trust in us.
“These outages are unacceptable.
“I want to personally recognise that and apologise on behalf of the whole company.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
TSB names new general counsel
TSB has announced that Lorna Curry (pictured above) will become its new general counsel in January 2018.
Why business owners need to know about Help to Grow
Last week, I read with interest some new research from the Institute of Directors’ start-up network (the IoD99) which revealed that UK entrepreneurs are feeling confident about growing and developing their businesses in 2018, despite challenges posed by Brexit and new regulatory requirements.
Metro reveals new director of commercial real estate
Metro Bank has announced Gabrielle Berring will join the challenger bank as its new director of commercial real estate on 2nd January 2018.
Aldermore names new chairman
Aldermore Group PLC has announced that Pat Butler will become its new chairman.
Have banks changed their behaviour since the financial crisis?
A quarter of UK SMEs (24%) believe that banks have failed to change their behaviour since the global financial crisis in 2008, according to a new study.
Revolut introduces cryptocurrency feature
Revolut has added a new feature to its mobile app which allows customers to buy and exchange three major cryptocurrencies.
Secure Trust Bank partners with Complete FS
Secure Trust Bank has been added to the Complete FS lending panel.
FCA publishes new rules for current account providers
The FCA has published final rules which will require providers of personal and business current accounts to publish information that will help customers to compare the service they could receive.
Will there be a rise in UK ‘drive-thru’ banks?
Just over half of finance professionals have said they expect to see an increase in ‘drive-thru’ banks, according to a survey conducted by Specialist Banking.
Swedish mobile banking start-up secures new funding
Swedish mobile banking start-up firm Plexian has completed its secondary public offering.