monobank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Monobank offers a headline rate of 16% with a business and freelancer account that costs nothing to run, which suits traders who can leave hryvnia alone for a set term. The trade-off is the minimum you must place and the lock-in, so anyone wanting same-day access should weigh an easy-access account.
Key facts
- Best for
- Businesses and freelancers who can commit to a fixed term and want the higher rate.
- Headline rate
- 16%↗
- Rate type
- Fixed↗
- Term
- 12 to 24 months↗
- Minimum deposit
- UAH 1,000↗
- Access terms
- Fixed or flexible terms of 3 to 24 months, withdraw or reinvest anytime, auto-renews by default↗
- Monthly fee
- UAH 0↗
- Account kind
- Fixed↗
- Legal entity
- JOINT STOCK COMPANY "UNIVERSAL BANK"↗
- Headquarters
- Ukraine↗
- Support channels
- Email, Chat, Phone, Help-centre↗
- Pricing model
- Fixed rate
- Official website
- monobank.ua
Everyday accounts
- Currency conversion fee
- 0%↗
- Currencies
- 3↗
- Local account details
- IBAN↗
- Free ATM withdrawals
- UAH 50,000↗
- Transfer fee
- 0 UAH for transfers to any IBAN account↗
- Audience
- Business, Freelancers
- Features
- Digital-only
Facts checked September 26, 2026, 5 sources
Apps and profiles
- Get the app
- App Store
- Elsewhere
- WikidataWikipediaXyoutube.com
Pros and cons
Pros
- A headline rate of 16% on a fixed deposit sits far above PayPal Colombia at 3.3%.
- The monthly fee is UAH 0, and sending money to another IBAN account costs 0 UAH for transfers to any IBAN account.
- Currency conversion is 0%, so converting between currencies costs nothing.
- Local account details include iban, so Ukrainian suppliers are paid directly.
- Support runs through email, chat and phone, so there is a channel for most kinds of question.
Cons
- The term runs 12 to 24 and the deposit renews itself by default, so a long commitment keeps rolling.
- A minimum deposit of UAH 1,000 has to sit in the account before the balance starts earning.
- The headline rate of 16% is below Plazo ES at 24.19% and AXI Card Tarjeta y Credito at 21.59%.
- Only 3 currencies are on offer, under the 5 median across the site.
Who it suits
- A Ukrainian business that can leave its balance alone for 12 to 24 and wants the return fixed.
- A freelancer paid by Ukrainian clients who wants local account details in the form of iban.
- A saver who reads the rate before anything else: 16% sits well above the 3% median across the site.
Who should look elsewhere
- Rate chasers: Plazo ES lists 24.19% and AXI Card Tarjeta y Credito 21.59%, both above monobank's 16%.
- Anyone who needs the money on demand, because the term runs 12 to 24 and the deposit renews itself by default. PayPal Colombia at 3.3% is worth weighing for anyone who accepts a much smaller return.
Rates and terms
The deposit pays a headline rate of 16% on a fixed basis, so the return does not drift with the market during the placement. The money is placed for 12 to 24, and the same figure applies to a placement opened now or later. Set against easy-access savings, where the rate can move while the balance stays available, the trade is a higher number in exchange for a fixed window.
Fees and currency costs
The business and freelancer account carries a monthly fee of UAH 0, and sending money to another IBAN account costs 0 UAH for transfers to any IBAN account. Currency conversion is 0%, so cross-currency dealings add nothing to the bill. The only outlay at the start is the minimum deposit of UAH 1,000, which is the amount that has to sit in the account for the rate to apply.
Access to your money
A placement can be taken as a fixed stretch or as a flexible one, and money can be withdrawn or reinvested whenever you want rather than waiting out a notice period. The published term is 12 to 24 at a fixed rate. Worth checking before you commit: the deposit renews itself by default, so a balance left alone rolls into another term.
Who runs it
The account is run by JOINT STOCK COMPANY "UNIVERSAL BANK", based in Ukraine, and the firm is supervised by the National Bank of Ukraine under licence number 92. That registration is the part to check before money goes in, since it names the regulator responsible for the firm. Support runs through email, chat and phone for account questions.
How monobank compares
Where monobank is available
- Available
- Ukraine
- Licence in Ukraine
- National Bank of Ukraine (NBU) (92), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What rate does monobank pay on its deposit?+
The deposit advertises a headline rate of 16% and the rate is fixed, so the figure holds for the whole placement rather than drifting with the market. For context, PayPal Colombia lists 3.3% on its savings product. That gap is the main reason a saver would pick this account.
How long do I have to leave the money in the deposit?+
The published term is 12 to 24 and the rate is fixed for that whole period. Terms can be taken as a fixed stretch or as a flexible one, so the length you sign up for is a choice rather than a single window. Readers who want shorter placements should set this against an easy-access account.
Can I withdraw before the term ends?+
Withdrawals are possible at any time and a balance can be reinvested whenever you want, so the term is a commitment rather than a lock. The point to watch is the default: the deposit renews itself into another term, so money left alone keeps rolling. The published term is 12 to 24 at a fixed rate.
What is the minimum deposit?+
The minimum deposit is UAH 1,000, which is the amount that has to sit in the account for the rate to start working. The monthly fee is UAH 0, so nothing is taken out of the balance each month. The median minimum across the savings accounts here is €0.11, so this entry point sits at the higher end.
What does it cost to run the account?+
The business and freelancer account carries a monthly fee of UAH 0, and sending money to another IBAN account costs 0 UAH for transfers to any IBAN account. Currency conversion is 0% as well, so nothing is added for moving money between currencies. The only real outlay is the minimum deposit needed to open the position.
How many currencies can I hold, and what does conversion cost?+
The account supports 3 currencies, which is a short list against the 5 median across the site. Conversion between them is 0%, so holding and moving several currencies costs nothing in fees. Local account details run to iban, which is what a Ukrainian supplier needs to be paid directly.
Who runs the account and which regulator supervises it?+
The account is run by JOINT STOCK COMPANY "UNIVERSAL BANK", based in Ukraine and supervised by the National Bank of Ukraine. Its licence number is 92, and that registration is the detail to check before money goes in. Support runs through email, chat and phone for anything that comes up afterwards.
Can I pay Ukrainian suppliers and take out cash?+
Local account details include iban, so paying a Ukrainian supplier is a direct transfer rather than a payment through someone else. The allowance for cash withdrawals is UAH 50,000. The service is digital only, so the app is where the account is opened and run.
Who is the account built for?+
The account is aimed at business and freelancer, so businesses and freelancers billing Ukrainian clients are the natural customers. Freelancers benefit from conversion at 0% when a client pays in a currency different from the balance they hold. Support runs through email, chat and phone if the account needs setting up.
Sources
- monobank.ua/about checked September 26, 2026
Backs: Features
- monobank.ua/business/currency-account checked September 26, 2026
Backs: Currency conversion fee
- monobank.ua/en/about checked September 26, 2026
Backs: Headquarters, Legal entity, Licences
“Legal address and actual location: 23 Olenivska Street, 04080, Kyiv, Ukraine”
- monobank.ua/en/contacts checked September 26, 2026
Backs: Support channels
“Calling from Ukraine 0 800 205 205; Email us: info@monobank.ua; Telegram, Viber, WhatsApp, Facebook Messenger, iMessage; Knowledge base”
- monobank.ua/en/deposit checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Pricing model, Rate type, Term
“Cash out or reinvest - change your mind anytime; From 3 to 24 months; Auto-renews by default”
- monobank.ua/fop checked September 26, 2026
Backs: Free ATM withdrawals, Audience, Currencies, Local account details, Monthly fee, Transfer fee
“FOP account tariffs - 0 UAH: opening and maintenance of the account”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Deposit protection.
Related by the facts
monobank
Businesses and freelancers who can commit to a fixed term and want the higher rate.