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.
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| 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% |
| Customer happiness score | 56.03% |
|---|---|
| Customer trust score | 58.19% |
| Fairer Finance score Reviewed Autumn 2023 |
57% |
| 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% |
| 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% |
| 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 |
| 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 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Risk based overdraft? i | |
|---|---|
| Arranged overdraft interest free amount i | £0.00 |
| Arranged overdraft interest rate (representative EAR) i | 39% |
| Risk based overdraft? i | |
|---|---|
| Arranged overdraft interest free amount i | £0.00 |
| Arranged overdraft interest rate (representative EAR) i | 39% |
| Risk based overdraft? i | |
|---|---|
| Arranged overdraft interest free amount i | £0.00 |
| Arranged overdraft interest rate (representative EAR) i | 39% |
| 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 |
| 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 |
| 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? |
| 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 | |
| Natural disaster baggage cover i | |
| Max trip duration i | 45 days |
| 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 |
| 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 |