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 4th of 34 providers reviewed.

Customer happiness 81.96%
Customer trust 73%
Complaints performance 64.7%
Transparency rating 70.01%
Fairer Finance score
Reviewed Spring 2021
72%
Gold ribbon: first place

Savings accounts

Ranked 16th of 50 providers reviewed.

Customer happiness 72.12%
Customer trust 67.28%
Complaints performance 64.69%
Transparency rating 61.96%
Fairer Finance score
Reviewed Spring 2021
67%

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

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

Monzo

Current Account

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

Monzo

Plus Current Account

2 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
Annual reward and cost scenario i £77.76
Add-ons, cashback and rewards i Assurant phone insurance, AXA worldwide family travel insurance with winter sports
Part of FSCS or international equivalent i