Monzo Bank Reviews

Updated 6 Jul 2020

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3.7
66%
Recommend to a Friend
87%
Approve of CEO
Monzo Bank CEO Tom Blomfield
Tom Blomfield
105 Ratings
Pros
  • "I've had the best time of my career at Monzo(in 26 reviews)

  • "The flexible working hours really suit me and having so many different areas to work in both within the office and working from home is great(in 12 reviews)

Cons
  • "Some catching up to do internally to the type of company Monzo is now(in 27 reviews)

  • "No cons brilliant company to work for(in 7 reviews)

More Pros and Cons
  1. COVID-19
    Helpful (1)

    "Friendly and fun"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Customer Operations in Cardiff, Wales
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Monzo Bank full-time for less than a year

    Pros

    Very generous to work for (even in the midst of an outbreak, despite what the headlines would suggest) I think the base pay is pretty generous too, considering you get so much freedom and allowances alongside it. Mistakes are dealt with really well and the culture has built and understanding that people will make mistakes and that's okay. Everyone is so friendly and supportive. Even working from home, people reach out to you to offer advice and support if they've picked up on something you may have gone wrong on or if you just need advice. Transparency is definitely evident in day to day operations, most doors are always open. Great development opportunities with options to branch out into many different sections of banking. A lot of trust is put in staff to do what they think is best, there's a lot of freedom as long as youre still following regulatory rules and guidance. Great holiday, sick, mental health and a mountain of other kinds of non-work allowance. You get a set amount of allowance while on shift to take breaks and rest your eyes/ears (5-10 minutes at the end of every hour is often recommended). You have targets but you are not strained and disrespected in your daily workload. Plenty of paid non-interactive time while on shift, either for self development/learning, activities with your colleagues or shadowing people from various teams/sections of the bank.

    Cons

    It seems everyone is always learning in a big way and this can cause confusion and inconsistencies in day to day operations. Especially due to the ever-changing of guidances and practices. It can seem a little hectic and unorganised sometimes but I think that's all a learning curve being such a fresh bank. Not really too much of a biggy but the initial training upon starting is a little limited before going fully into the role. (they do cover a lot but i felt it fell a little short by about a week). There is plenty of support at all times though, it's just easy to get lost. There seems to be a lot of errors and outages.

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  2. Helpful (12)

    "Going rapidly downhill - such a shame"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Software Engineer in London, England
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Monzo Bank full-time for more than a year

    Pros

    Without a doubt the best thing about Monzo is the people - they are the most passionate, talented and awesome colleagues that I have ever had. There are some decent benefits - flexible working (also see cons), private healthcare allowance, personal development budget etc. A really good name to have on your CV.

    Cons

    A year ago Monzo was a very different place to how it is now. I joined as a lover of the product, excited at the prospect of working for a company that valued transparency and the people building the product at their core. In that time Monzo has changed - I have seen it described before as being "cultish" and that is right now more than ever. People genuinely feel scared to voice their opinions and go against the status-quo. Feedback to upper management is "not encouraged". People are gotten rid of quickly, behind closed doors which adds to a culture of fear. It is essentially a cult. The turning of the tide seemingly stems from an announcement last year that remote working was no longer permitted if you were going outside the UK. This hit quite hard because a lot of people made use of the benefit to visit family members who lived in another country without having to take holiday. Whilst the reasoning behind this (tax etc) was understandable, it was communicated from the legal/people team without a shred of empathy for those it affected. One of the Monzo values that is instilled into you on day one is that feedback is welcomed and encouraged. Some people left feedback on the seemingly tone deaf announcement of this policy update, and were immediately shut down quite visibly. No lessons were therefore learnt from this announcement. It was made quite clear that if you spoke out of turn their would likely be consequences. It should be said at this point that Monzo is haemorrhaging money. From after the announcement to stop remote workers travelling abroad, each month there has seemingly been another bombshell dropped for another money saving tactic with the same tone deaf message and the same absolute lack of being open to hear from the people these messages are affecting. The next "big" announcement was in January, the "reward" team were going to be introducing a monthly performance review system. Whilst this was going ahead, promotions were going to be frozen. The promotions freeze was never officially announced, I presume for fear of feedback that this would go down like a lead balloon, but it was something that I had to try and get out of my manager. This has lasted 6 months (they are still frozen) but whilst this was going ahead a handful of white male Platform team engineers were promoted during the freeze. Whilst the Platform team is undeniably important, it is unfortunately the "Bullingdon Boys Club" of Monzo. Everyone outside of the club is unfortunately overlooked. Also during this time, a group of Associate Engineering Directors were likewise promoted. A furlough scheme was introduced a few months ago that would "mean we would save peoples jobs in the long run". "If we don't get enough volunteers, their will be redundancies"... The messaging behind the scheme was incredibly bad, again from the people team, people genuinely felt guilty for not taking it and I know some who got into financial difficulty during this period. We got enough people to volunteer to take furlough leave, those who were left behind doubled down on very specific problem areas to try and save the company as much money as possible. Any experimental work was cut, features that people had been working on for the last half a year were cut. Any room for failure was cut, and what was typically a good engineering culture has become that of a pressure cooker. Whilst the furlough scheme was ahead, Tom Blomfield stood down as CEO to make way for TS Anil. Soon after this, the people on furlough were returning back excited to get going after two months of being away from their work. Three days later, at the company meeting, yet another bombshell was dropped by TS himself that we would be making 100+ redundancies. Again, yet another announcement without a shred of empathy. The thing that upset me most was that Tom Blomfield said all but two words throughout this whole announcement and has since completely disappeared from sight. Pretty poor leadership in my personal opinion from someone who has built this company from the ground up, created the Monzo family. I'm sure people wouldn't have found this so hard if he could have found it in himself to have supported those he bought in to help build his vision of "making money work for everyone". The special thing about Monzo was that everyone felt part of something, like you were a family all working towards a vision - we did things differently to other banks and other companies, but that was ok because we were in this together. This completely corporate-esque handling of one of the biggest upsets the bank has ever seen has been the nail in the coffin for a lot of people. The messaging is dreadful, yet again - I quote: "Volunteer for redundancy to save someone else's job"... This is straight up a guilt trip tactic and is bullying. Most of engineering and product has been put at risk of redundancy. Product owners, designers, user researchers, web engineers, mobile engineers and QA engineers have been hit the worst - their teams are going to be shrunk to up to 75% of what they originally were. Again, another final nail in the coffin, the thing that makes this bank so special, is the user experience, and all of the client focused engineers, designers and product owners are being hit the hardest. Also, the fact that the ONLY Diversity and Inclusion role was put "at risk" with everything going on in the world right now is so incredibly offensive and down right embarrassing. I worry for the future of Monzo as a company and as a product. I worry that the people who have made this special are being removed from the equation and whilst profitability is undoubtedly the most important thing here, it seems that this has become the entire focus and the thing that made Monzo different is slowly fading away.

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  3. "It’s okay"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Financial Crime Specialist in London, England
    Doesn't Recommend
    Negative Outlook
    No Opinion of CEO

    I have been working at Monzo Bank full-time for more than 3 years

    Pros

    Completely established to be a remote role amazing c-level

    Cons

    Aggressive SMT’s, micromanagement is rife, they are rapidly reducing any autonomy, benefits and pay

    Continue reading
  4. "Used to be 5 *"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Rather Not to Say in London, England
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Monzo Bank full-time for more than a year

    Pros

    It's new and quirky. Great office space

    Cons

    It's new and quirky - lacks professionalism.

  5. "It's alright"

    3.0
    Current Employee - Customer Operations in London, England

    I have been working at Monzo Bank full-time

    Pros

    Decent pay, holiday, a lot of nice people willing to help you.

    Cons

    Senior leadership talk down to you. There seems to be a hierarchy and sometimes Customer Operations people are seen at the bottom of the barrel. Only ever scheduled on really early shifts or really late even though you signup to be on Open Availability you don't choose when you work.

  6. "Good entry level roles"

    4.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Customer Operations in Cardiff, Wales
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Monzo Bank full-time

    Pros

    Great opportunities Good pay brackets Room for growth

    Cons

    Hours can be harsh Shift patterns

  7. "From a start up to a global finance company"

    4.0
    • Work/Life Balance
    • Career Opportunities
    • Senior Management
    Current Employee - Analyst 
    Positive Outlook

    I have been working at Monzo Bank full-time

    Pros

    Acknowledges areas for improvement, renewed focus on strategy, smart and driven colleagues

    Cons

    Some catching up to do internally to the type of company Monzo is now

  8. "Ok"

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Operations 
    Doesn't Recommend
    Positive Outlook

    I have been working at Monzo Bank part-time for more than 3 years

    Pros

    Company mission, coworkers, pay, remote work

    Cons

    Support for customer service staff

  9. "ok"

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Customer Service Agent in London, England
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Monzo Bank full-time

    Pros

    Diverse, wfh, lunches, great colleagues

    Cons

    Pay, promotions, targets, lack of experienced people in right positions.

  10. "Awesome Company Culture"

    5.0
    Current Employee - Customer Operations in Cardiff, Wales

    I have been working at Monzo Bank full-time

    Pros

    Very good place to work. Great culture. Good career progression.

    Cons

    Remote working can get lonely.

Found 140 reviews