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 3rd of 31 providers reviewed.

Customer happiness 83.26%
Customer trust 77.06%
Complaints performance 68.5%
Transparency rating 62.65%
Fairer Finance score
Reviewed Spring 2023
73%

Buy Now Pay Later

Ranked 8th of 10 providers reviewed.

Customer happiness 47.13%
Customer trust 52.05%
Fairer Finance score
Reviewed Spring 2023
50%
Gold ribbon: first place

Savings Accounts

Ranked 24th of 53 providers reviewed.

Customer happiness 74.88%
Customer trust 73.15%
Complaints performance 68.5%
Transparency rating 49.71%
Fairer Finance score
Reviewed Spring 2023
67%

Bank accounts

Current accounts

Monzo

Current Account

3 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

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

Foreign use bank accounts

Monzo

Current Account (Inside Europe)

5 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 (inside Europe)

5 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

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 £200.00

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

Plus 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

Plus Current Account

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 £400.00

Overdrafts

Monzo

Premium

3 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £0.00
Arranged overdraft interest rate (representative EAR) i 29%

Monzo

Current Account

3 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £0.00
Arranged overdraft interest rate (representative EAR) i 29%

Monzo

Plus Current Account

3 stars
Risk based overdraft? i
Arranged overdraft interest free amount i £0.00
Arranged overdraft interest rate (representative EAR) i 29%

Premium bank accounts

Monzo

Premium

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

Personal loans

Monzo

Personal Loan

Representative APR (on £5,000 loan, 36 month term) 26%
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 amount 60 months

Savings Accounts

Easy Access Accounts

Monzo

Instant Access

Interest Rate (AER) i 3.2%
Maximum Balance i Unlimited
Part of FSCS i
Withdrawal Penalty i
Additional Information i
Minimum Opening Balance i £500.00
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
Penalty free withdrawals? i

Travel insurance

Travel insurance add-on: winter sports

Monzo

Travel Insurance

3 stars
Ski equipment owned cover limit i £750.00
Single owned item cover limit i £0.00
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 £0.00
Unused ski pass due to illness or injury i £500.00