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 9th of 31 providers reviewed.

Customer happiness 81.71%
Customer trust 73.93%
Complaints performance 61.88%
Transparency rating 64.78%
Fairer Finance score
Reviewed Autumn 2021
71%

Savings accounts

Ranked 22nd of 46 providers reviewed.

Customer happiness 69.71%
Customer trust 65.38%
Complaints performance 61.87%
Transparency rating 54.28%
Fairer Finance score
Reviewed Autumn 2021
63%

Bank accounts

Current accounts

Monzo

Current Account

4 stars
Annual fee i £0
Maximum cash machine withdrawal per day i £400
Part of FSCS i
Cash withdrawal fee in UK (own bank) i £0
Card payment fee (£) i £0
App capability? i

Monzo

Plus Current Account

3 stars
Annual fee i £60
Maximum cash machine withdrawal per day i £400
Part of FSCS i
Cash withdrawal fee in UK (own bank) i £0
Card payment fee (£) i £0
App capability? i

Foreign use bank accounts

Monzo

Current Account (Inside Europe)

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

Monzo

Premium (Inside Europe)

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

Monzo

Current Account

4 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £0
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i 200

Monzo

Premium

4 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £0
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i 600

Monzo

Plus Current Account (Inside Europe)

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

Monzo

Plus Current Account

4 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £0
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i 400

Overdrafts

Monzo

Premium

3 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £0
Arranged overdraft interest rate (representative EAR) i 29%

Monzo

Current Account

3 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £0
Arranged overdraft interest rate (representative EAR) i 29%

Monzo

Plus Current Account

3 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £0
Arranged overdraft interest rate (representative EAR) i 29%

Premium bank accounts

Monzo

Premium

2 stars
Add-ons, cashback and rewards i Assurant phone insurance, AXA worldwide family travel insurance with winter sports
Part of FSCS or international equivalent i