A level-headed Monese unleashes free student accounts
With the hysteria of A-level results in the UK still ringing in our ears, mobile-only bank Monese has unleashed free student accounts.
Norris Koppel, CEO and founder of Monese, says: “Collecting A-level results is an extremely stressful event and can have long lasting repercussions throughout the professional lives of the UK’s young people. The cost of attending university is an added worry, and the way students bank during that time is an important factor for managing their finances.”
Monese points out that many new attendees will run up debt of around £50,000, which they may be paying off well in to middle age.
With this happy image stuck in our minds, the bank has launched its “Student Account”.
The idea is to offer international and domestic students various features for an entire year, free of charge. Students will also be given £5 credit in their account once they make a deposit of £10.
Koppel adds that students can open an account in two minutes giving them access to: two accounts (UK current account and Euro IBAN account), free contactless debit card, six free cash withdrawals a month anywhere in Europe and foreign currency exchange via its app.
Ultimately, it’s all about getting new account holders at a young age – and hoping they stay.
As with students, UK challenger banks are everywhere. Our comprehensive list is here.