Monzo Bank Reviews

Updated Jul 20, 2021

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Found 268 of over 280 reviews

3.5
60%
Recommend to a Friend
85%
Approve of CEO
Monzo Bank CEO TS Anil (no image)
TS Anil
23 Ratings
Pros
  • "I've had the best time of my career at Monzo(in 30 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 20 reviews)

  • Cons
  • "Monzo have over-promoted folks and so we have lots of people in roles which they aren't yet qualified for - this has lead to some bad outcomes(in 41 reviews)

  • "Shift patterns for those in customer operations are hugely detrimental to mental health(in 13 reviews)

  • More Pros and Cons
    Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.
    1. 5.0
      Former Employee, less than 1 year

      Great place to work

      Jul 7, 2021 - Customer Service Representative 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Great environment, friendly staff, good vibes.

      Cons

      Working from home can be lonely sometimes

      1 person found this review helpful
    2. 4.0
      Former Employee, more than 1 year

      Great Place To Work

      Jul 12, 2021 - Squad Captain in Rock Hill, SC
      Recommend
      CEO Approval
      Business Outlook

      Pros

      - Culture that is inclusive of people and opinions from anywhere - You can join without banking experience and learn an entirely new industry - People are given a lot of trust to do the job how they want - Their standard of "default to transparency" makes it easy to see how and why decisions are made - Good people

      Cons

      - The Workforce Management team really did everything they could to destroy COps (Customer Operations, ie frontline customer support workers) through 2020 and it ended badly for both sides. Hopefully they are improving now. - I left because I was passed-over for a promotion I knew I'd earned, which left a bad taste. I ended up making 2.5x for the same promotion at my new (current) employer. - There is a lot of inexperience in some parts of leadership. It's being addressed with lots of senior external hires. I think it's OK to promote from within even though it means you get inexperienced leaders but the employees on the frontline are not understanding when it comes to mistakes by leadership and are quick to launch personal criticisms of leaders in public places.

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    3. 5.0
      Current Employee, less than 1 year

      Amazing job

      Jun 29, 2021 - Anonymous Employee 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      I honestly don't understand some of the reviews on here. Probation when I was a frontline COp was stressful, however as long as you are good at customer service you will pass. It's very hard to get let go at the end of your probation and Monzo are more hard on issues than people. The progression at Monzo is on a next level. I started of as frontline COp and quickly moved onto working in fraud and financial crime. Monzo will honestly invest in you as long as you show the passion needed to progress.

      Cons

      Some benefits had to go such as in person socials for remote workers but nothing major.

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      1 person found this review helpful
    4. 2.0
      Current Employee, less than 1 year

      Overpaid managers

      Jul 2, 2021 - Anonymous Employee 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      If you want to get into financial services or get your skills upgraded in technology, it’s a good one to get into

      Cons

      The salary below the manager level is really low - far below the average The managers earn more than industry standards and this is where the company profit is eaten up Lots of managers are over promoted, don’t have people skills and wouldn’t be on this level and earn this money anywhere else - they behave like head teachers not managers High school feel - we are only missing cheerleaders They think that they are better than they are - the whole thing is about making you one of the Monzonauts - which sounds great but really it’s a bit of brainwashing Since the managers are overpaid, there’s no money for decent pay raises for doers and there is high rotation of people Management don’t listen No processes, the company is a mess Firefighting every day, no long term solutions

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      1 person found this review helpful
    5. 2.0
      Current Employee, less than 1 year

      Avoid!

      Apr 30, 2021 - Customer Operations Specialist in London, England, England
      Recommend
      CEO Approval
      Business Outlook

      Pros

      n terms of equipment, the company provides a great new macbook and and additional screens, plus other perks.

      Cons

      In terms of culture and KPIs, they expect you to perform under ridiculously high targets and if ANY mistake is made, you will not pass probation. Bearing in mind that at least 80 cases per day need to be worked on, through rushing and stressing all day, it is obviously impossible to not oversee something or make small mistakes. Unfortunately we are penalised for absolutely everything. Extreme micromanaging, and we are given only a 1 hour break per shift. They say we are free to take other screen breaks during the shift and that we must, but then give us targets and expectations that are so high, it’s impossible to leave the desk and still perform well. Poor communication and guidance, training barely covers half of the job. New tasks are added on schedules and no information on how to work on them or even how to find them is provided unless we chase people. Salary is extremely low, specifically for this line of work and pressure. I live in London and am struggling to finish the month without touching my savings. It’s a good name to have on the CV, but not worth it!

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      12 people found this review helpful
    6. 2.0
      Current Employee

      Very weird

      Jul 20, 2021 - Financial Difficulties Specialist 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Work from home Some nice people

      Cons

      Experts are very rude Things change on a daily basis which is confusing Their targets are unrealistic Training is extremely poor Shift are designed to kill your social life. Not sure why we need to constantly jump on other task when I applied for a specific role

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    7. 5.0
      Former Employee

      Wonderful place to work.

      May 19, 2021 - Cop in London, England, England
      Recommend
      CEO Approval
      Business Outlook

      Pros

      - Flexible and remote working is great for fitting in with home life - Poor performance is fairly managed to allow those that want to put in the effort to succeed - Lots of excellent employee benefits

      Cons

      - Training is often muddled (the trainers themselves are great!) due to poor management of the knowledge base system - While most managers are great, some COp squad captains seem to lack empathy and don’t build genuine connections. I was fortunate to have a wonderful manager.

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      1 person found this review helpful
    8. 1.0
      Former Employee, more than 1 year

      A Tale of Two Monzos

      Jul 16, 2021 - Financial Crime Specialist in Glasgow, Scotland, Scotland
      Recommend
      CEO Approval
      Business Outlook

      Pros

      - You can work from home

      Cons

      A Tale of Two Monzos Your experience at Monzo will vastly differ based on what your job title is. If you work in the office, are an Engineer/ work on the product, or manage a team, there's a good chance you'll have the 'Monzonaut' experience. If you are a COp, there's a good chance you'll have the worst working experience of your life. Monzonauts get a fantastic London/ Cardiff city office experience. They moved recently to a much larger, more modern space, and truly do get the 'bank of the future' lifestyle. The remote working COps get a home office supplement for a desk, chair, monitor etc. They also get £50 a month for lunch, in lieu of the free breakfasts, juice, alcohol and snacks the office workers get (Oh wait sorry, that was revoked). Monzo has a rampant target fetish that is enforced by micro-managing Squad Captains, who aren't qualified to manage a lamppost, never mind a team full of 15+ professionals that get treated like untrustworthy infants. Their desire to be the King of Target Mountain means that people of all domains have an unending fear of punishment and dismissal. If you don't meet your targets for a specified period, you are dragged in to a 'fact-find' meeting, which is to discuss the potential reason behind your lack of achievement. It does not matter what reason you give in this meeting, you're likely to be dragged in to a disciplinary anyway, as Monzo Squad Captains are mindless worker drones hellbent on making their worthless underlings miserable. Burnout is widespread, you are expected to work faster and harder than a Court Stenographer. All COp domains are targeted, even if management don't actually know what the job entails. I was once working on communication between Law Enforcement officials and the Financial Crime Team in the bank, which included triaging emails and GDPR requests. Their performance tracker, Looker, could not pick up data from the email platform we used, Front, and so my line manager dragged me in to a fact-find meeting. He was questioning why I hadn't shown any activity in the following metrics: Front Message events (emails sent), Tasks Closed on our internal system, and SLACK REACTIONS (Emoji reactions on Slack!!!!) This fact-find is particularly hilarious, as I was trained that I didn't have to send any emails, I didn't have to close tasks (rather, I had to open them), and Slack is our communication tool, so why would I be on there putting emojis on posts while I'm supposed to be working? Slack, the popular workplace communication tool, is a software that shows a list of channels, all serving a different purpose. You have squad channels, domain channels, announcement channels etc. You also have non-work related channels. This tool is used as social media. It is a Black Mirror-esque popularity contest which is used to decide promotions and important cultural roles (like a COps Council, a mediating bridge between management and the peasants). The more you get your face out there, emoji react until your fingers bleed, the more chance you've got to get moved up the pay scale. Speaking of, new COps who join this year, will get paid less than anyone else that joined prior. So two people doing the same job, will potentially be compensated very differently, and for a bank that wants to trailblaze, isn't a good look. Monzo, during a round of COVID redundancies, decided that the only person in the company responsible for Diversity and Inclusion, should be put up for redundancy. Monzo is a legacy bank wolf in new shiny cool start-up sheep clothing. As long as they *look* like they're diverse, they don't care if they actually are. My experience was one of an outcast, as I was Scottish rather than an Eton College graduate. I consistently felt like my working class background was looked down upon. Be hard on people, not problems. Monzo's catchy progressive employee slogan - "be hard on problems not people" is totally reversed. You will be dragged through corporate barbed wire if you dare mention that you have a mental health problem that goes beyond "my avocados aren't ripe :(" It will forever and always be used against you, serving as ammunition to kick you out the door. In meetings with your manager, if you've performed below target, and previously told them about mental health issues, they'll treat you like it's mental health related. They are not equipped to deal with complex mental health issues, and incompetence is rife. I raised a grievance against my manager, as they had a pattern of disrespect and bias against me, consistently treating me like I'd had a mental breakdown. This particular monzobot must have had a shrine in his house dedicated to targets, or maybe he wanted to be Star of the Week. He gave me a final warning after a target-based disciplinary, without ever giving me a first warning. During my grievance against him, I was at risk of losing my job due to this warning, so I threatened an ACAS employment tribunal on the basis of discrimination according to the Equality Act. I requested retraining (the lack of training and support provided led to poor performance) and a new manager. I was given these, with the training happening 5 months later, but the new manager happened fairly quickly. I was under the impression that the grievance chair agreeing with me would lead to the final warning being forgotten about, however this came back to bite me. They tactically and expertly avoided specifically agreeing about my line manager's bias. This meant, when the time came, they could use his baseless allegations against me as they were fair play. As it took so long to receive retraining, my struggle was greatly increased. I was given a week of training, which was better than my initial training, but no real improvement in the content. Due to mental health issues, I was supposed to receive an amendment to my schedule, promising consistent working days (but chaos in the hours I start and finish), however this was not given before the termination of my contract so I did not get the chance to perform adequately according to what would have been conducive with my mental health. They terminated me based on a lack of achievement, which was brought on by complex anxiety issues. Since the allegations from my old line manager were fair play, they used them to produce the idea of a pattern of work avoidance and acting against their Code of Conduct, specifically integrity. When I was let go, my work laptop became a shell, and I was not permitted to say goodbye to people I spent 2 years forming relationships with. It seems as though Monzo give their Squad Captains a disciplinary and dismissal quota to reach. Monzo is a rocketship: Apollo 13. Monzo marketed themselves as a trendy spending card, and now struggle to understand why people don’t pay their salaries in. They now punish the average user by introducing fees for things like replacing cards, and the accounts have lower spending limits. This is blatant incompetence (who’d want to entertain a bank that punishes them?). This, coupled with the Watchdog special that happened in 2019, makes Monzo a bank that’s hard to trust. The Watchdog report was born out of a consumer misunderstanding, however the public will never forget this report. Monzo is not making a profit, and is struggling to figure out how to do so. Each product launch is a shot in the dark to see what sticks. If you’re looking to get a job here, don’t. If you’re currently employed here, GET OUT.

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      4 people found this review helpful
    9. 4.0
      Current Employee

      Crime officer

      Jul 11, 2021 - Financial Crime Officer in London, England, England
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Supportive co workers at all time

      Cons

      A lot to learn and very hard work at all times

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    10. 5.0
      Current Employee

      Welcoming

      Jul 5, 2021 - Financial Difficulties Specialist 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Welcoming community Less pressure that your typical financial institution Understanding of "life"

      Cons

      The company is still pre-profit, which could concern others

      1 person found this review helpful
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