Monzo

Founded in 2015, Monzo is a digital, mobile-only bank based in London, offering both current and business accounts.

It was set up by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippin and Gary Dolman who met whilst working at Starling Bank. It is currently planning on expanding to the US. 

Monzo
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Gold ribbon: first place

Bank accounts

Ranked 5th of 30 providers reviewed.

Customer happiness score 81.44%
Customer trust score 76.05%
Complaints performance 65.36%
Transparency rating 58.75%
Fairer Finance score
Reviewed Autumn 2023
70%
Most trusted

Buy Now Pay Later

Ranked 6th of 12 providers reviewed.

Customer happiness score 56.03%
Customer trust score 58.19%
Fairer Finance score
Reviewed Autumn 2023
57%

Personal loans

Ranked 14th of 27 providers reviewed.

Customer happiness score 64.75%
Customer trust score 64.75%
Complaints performance 65.2%
Transparency rating 56.73%
Fairer Finance score
Reviewed Autumn 2023
63%
Best digital experience
Gold ribbon: first place

Savings Accounts

Ranked 24th of 53 providers reviewed.

Customer happiness score 77.25%
Customer trust score 74.12%
Complaints performance 65.38%
Transparency rating 51.05%
Fairer Finance score
Reviewed Autumn 2023
67%

Bank accounts

Current accounts

Monzo

Plus Current Account

2 stars
Annual fee i £60.00
Maximum cash machine withdrawal per day i £400.00
Part of FSCS i
Cash withdrawal fee in UK (own bank) i £0.00
Card payment fee (£) i £0.00
App capability? i

Monzo

Current Account

2 stars
Annual fee i £0.00
Maximum cash machine withdrawal per day i £400.00
Part of FSCS i
Cash withdrawal fee in UK (own bank) i £0.00
Card payment fee (£) i £0.00
App capability? i

Foreign use bank accounts

Monzo

Current Account (Inside Europe)

4 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £0.00
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i Unlimited

Monzo

Premium

4 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £0.00
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i £600.00

Monzo

Premium (inside Europe)

4 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £0.00
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i Unlimited

Monzo

Current Account

3 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £0.00
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i £200.00

Monzo

Plus Current Account (Inside Europe)

3 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £0.00
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i Unlimited

Monzo

Plus Current Account

3 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £0.00
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i £400.00

Overdrafts

Monzo

Premium

2 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £0.00
Arranged overdraft interest rate (representative EAR) i 39%

Monzo

Current Account

2 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £0.00
Arranged overdraft interest rate (representative EAR) i 39%

Monzo

Plus Current Account

2 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £0.00
Arranged overdraft interest rate (representative EAR) i 39%

Premium bank accounts

Monzo

Premium

2 stars
Add-ons, cashback and rewards i Assurant phone insurance, AXA worldwide family travel insurance with winter sports and discounted access to over 1100 airport lounges, cashback on international transfers (0.3% on up to £25,000)
Part of FSCS or international equivalent i

Investing and pensions

Ready-made General Investment Accounts

Monzo

Monzo Investments

5 stars
Cost (Year 1) i £295.00
Account closure fee £0.00
Charge for transferring investments to another platform i
Does the provider have a mobile app?
Charge for selling holdings if not enough money in account for charges
Completing paper applications
Cash withdrawal by BACs £0.00
Same day payment/payment by CHAPs £0.00
Early account closure fee £0.00
Cost of receiving paper statements for a year
Charge for transferring cash to another platform i £0.00

Ready-made Stocks and Shares ISAs

Monzo

Monzo Investments

5 stars
Cost (Year 1) i £295.00
Account closure fee £0.00
Charge for transferring investments to another platform i
Charge for selling holdings if not enough money in account for charges
Completing paper applications
Cash withdrawal by BACs £0.00
Same day payment/payment by CHAPs £0.00
Early account closure fee £0.00
Cost of receiving paper statements for a year
Charge for transferring cash to another platform i £0.00
Is there a mobile app?

Personal loans

Monzo

Personal Loan

Representative APR (on £5,000 loan, 36 month term) 25.7%
Unpaid Repayment Fee i £0.00
Early settlement fee (Days interest) 0 days
Available to new customers? i
Eligibility checker
Minimum borrowing amount £200.00
Maximum borrowing amount £25,000.00
Minimum borrowing length 24 months
Maximum borrowing length 60 months

Savings Accounts

1 Year Fixed Rate Accounts

Monzo

Fixed Savings Pot (with OakNorth)

Interest Rate (AER) i 4.9%
Minimum Opening Balance i £500.00
What happens at maturity? i Your provider will write to you before the account matures. If you don’t give them any instructions, the money in the account will be paid into a linked or nominated account
Part of FSCS i
Maximum Balance i £500,000.00
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i A Monzo Current Account is mandatory for new and existing Current Account Customers to open a Savings Pot.
Can you make early withdrawals? i
Withdrawal Penalty i

Monzo

Fixed Savings Pot (with Paragon)

Interest Rate (AER) i 4.84%
Minimum Opening Balance i £500.00
What happens at maturity? i Your provider will write to you before the account matures. If you don’t give them any instructions, the money in the account will be paid into a linked or nominated account
Part of FSCS i
Maximum Balance i £500,000.00
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i A Monzo Current Account is mandatory for new and existing Current Account Customers to open a Savings Pot.
Can you make early withdrawals? i
Withdrawal Penalty i

Easy Access Accounts

Monzo

Easy Access Savings Pot (with Shawbrook)

Interest Rate (AER) i 4.61%
Balance Tiers i 4.61% from £10
Minimum Opening Balance i £10.00
Withdrawal Penalty i
Part of FSCS i
Maximum Balance i £85,000.00
Minimum Age to Open Account i 18
Penalty free withdrawals? i
Sharia Account i
Additional Information i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Additional Opening Criteria i A Monzo Current Account is mandatory for new and existing Current Account Customers to open a Savings Pot.

Monzo

Instant Access Savings Pot

Interest Rate (AER) i 4.1%
Balance Tiers i 4.10% from £1
Minimum Opening Balance i £0.00
Withdrawal Penalty i
Part of FSCS i
Maximum Balance i £100,000.00
Minimum Age to Open Account i 16
Penalty free withdrawals? i
Sharia Account i
Additional Information i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Additional Opening Criteria i

Monzo

Instant Access

Interest Rate (AER) i 4.1%
Balance Tiers i
Minimum Opening Balance i £1.00
Withdrawal Penalty i
Part of FSCS i
Maximum Balance i £100,000.00
Minimum Age to Open Account i 18
Penalty free withdrawals? i
Sharia Account i
Additional Information i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Additional Opening Criteria i

Monzo

Instant Access Savings Pot - Plus & Premium

Interest Rate (AER) i 4.6%
Balance Tiers i 4.60% from £1
Minimum Opening Balance i £0.00
Withdrawal Penalty i
Part of FSCS i
Maximum Balance i £100,000.00
Minimum Age to Open Account i 16
Penalty free withdrawals? i
Sharia Account i
Additional Information i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Additional Opening Criteria i

Monzo

Easy Access Savings Pot (with OakNorth)

Interest Rate (AER) i 4.51%
Balance Tiers i 4.51% from £10
Minimum Opening Balance i £10.00
Withdrawal Penalty i
Part of FSCS i
Maximum Balance i £500,000.00
Minimum Age to Open Account i 16
Penalty free withdrawals? i
Sharia Account i
Additional Information i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Additional Opening Criteria i A Monzo Current Account is mandatory for new and existing Current Account Customers to open a Savings Pot.

Monzo

Easy Access Savings Pot (with Paragon)

Interest Rate (AER) i 4.6%
Balance Tiers i 4.60% from £10
Minimum Opening Balance i £10.00
Withdrawal Penalty i
Part of FSCS i
Maximum Balance i £250,000.00
Minimum Age to Open Account i 16
Penalty free withdrawals? i
Sharia Account i
Additional Information i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Additional Opening Criteria i A Monzo Current Account is mandatory for new and existing Current Account Customers to open a Savings Pot.

Monzo

Easy Access Savings Pot (with Investec)

Interest Rate (AER) i 4.55%
Balance Tiers i 4.55% from £10
Minimum Opening Balance i £10.00
Withdrawal Penalty i
Part of FSCS i
Maximum Balance i £250,000.00
Minimum Age to Open Account i 16
Penalty free withdrawals? i
Sharia Account i
Additional Information i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Additional Opening Criteria i A Monzo Current Account is mandatory for new and existing Current Account Customers to open a Savings Pot.

Savings Accounts (ISAs)

Easy Access ISAs

Monzo

Easy Access ISA Savings Pot (With OakNorth)

Interest Rate (AER) i 3.85%
Minimum Opening Balance i £10.00
Part of FSCS i
Withdrawal Penalty i
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i A Monzo Current Account is mandatory for new and existing Current Account Customers to open a Savings Pot.
Penalty free withdrawals? i
Can you transfer in funds from another cash ISA? i
Can you transfer in funds from a stocks and shares ISA? i

Monzo

Instant Access ISA Savings Pot - Plus & Premium

Interest Rate (AER) i 4.6%
Minimum Opening Balance i £0.00
Part of FSCS i
Withdrawal Penalty i
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Penalty free withdrawals? i
Can you transfer in funds from another cash ISA? i
Can you transfer in funds from a stocks and shares ISA? i

Monzo

Instant Access ISA Savings Pot

Interest Rate (AER) i 4.1%
Minimum Opening Balance i £0.00
Part of FSCS i
Withdrawal Penalty i
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Penalty free withdrawals? i
Can you transfer in funds from another cash ISA? i
Can you transfer in funds from a stocks and shares ISA? i

Monzo

Easy Access ISA Savings Pot (With Investec)

Interest Rate (AER) i 3.7%
Minimum Opening Balance i £10.00
Part of FSCS i
Withdrawal Penalty i
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i A Monzo Current Account is mandatory for new and existing Current Account Customers to open a Savings Pot.
Penalty free withdrawals? i
Can you transfer in funds from another cash ISA? i
Can you transfer in funds from a stocks and shares ISA? i

Monzo

Easy Access ISA Savings Pot (With Shawbrook)

Interest Rate (AER) i 3.82%
Minimum Opening Balance i £10.00
Part of FSCS i
Withdrawal Penalty i
Minimum Age to Open Account i 18
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i A Monzo Current Account is mandatory for new and existing Current Account Customers to open a Savings Pot.
Penalty free withdrawals? i
Can you transfer in funds from another cash ISA? i
Can you transfer in funds from a stocks and shares ISA? i

Travel insurance

Annual multi-trip insurance

Monzo

Travel Insurance

2 stars
Medical excess i £50.00
Personal Possessions and Baggage - damaged, lost or stolen - cover limit i £750.00
Cancelling before travel cover limit i £5,000.00
Emergency medical cover and repatriation cover limit i £10,000,000.00
Mental health cover i
Personal money i £250.00
Combined passport & travel documents cover limit i £300.00
Cutting trip short (curtailment) cover limit i £5,000.00
Abandoning your trip (abandonment) cover limit i £0.00
Natural disaster relocation cover i
Max trip duration i 45 days

Single trip insurance

Monzo

Travel Insurance

2 stars
Cancelling before travel cover limit i £5,000.00
Medical excess i £50.00
Personal Possessions and Baggage - damaged, lost or stolen - cover limit i £750.00
Cutting trip short curtailment cover limit i £5,000.00
Missed departure cover limit i £250.00
Abandoning your trip (abandonment) cover limit i £0.00
Emergency medical cover and repatriation cover limit i £10,000,000.00
Personal money i £250.00
Combined passport & travel documents limit i £300.00

Travel insurance add-on: winter sports

Monzo

Travel Insurance

4 stars
Ski equipment owned cover limit i £750.00
Single owned item cover limit i £750.00
Cover limit for hire of ski equipment due to loss/damage/delay to own equipment i £750.00
Avalanche closure cover limit i £500.00
Piste closure cover limit i £500.00
Ski equipment owned excess i £50.00
Ski equipment hired i £750.00
Single item limit for hired equipment i £750.00
Unused ski pass due to illness or injury i £500.00