Monzo review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Monzo suits UK residents who want a fee-free current account, a linked instant-access savings pot and card spending abroad without a markup. The current account runs a monthly fee of £0, savings pay 2.75% to 3.5% variable, and deposits are covered by the FSCS: FSCS up to GBP 85,000.
Key facts
- Best for
- A fee-free UK current account paired with instant-access savings.
- Monthly fee
- £0↗
- Deposit protection
- FSCS up to GBP 85,000↗
- Currencies
- 38↗
- Free ATM withdrawals
- £200↗
- Transfer fee
- 0 for UK transfers and foreign-currency card spend; international transfer up to GBP 9 fixed plus 0-1.80%↗
- Legal entity
- Monzo Bank Limited↗
- Headquarters
- United Kingdom↗
- Founded
- 2015↗
- Support channels
- Help-centre↗
- Audience
- Business, Teens
- Pricing model
- No monthly fee
- Features
- Joint account
- Official website
- monzo.com
Savings
Pros and cons
Pros
- No monthly fee on the current account: £0
- No exchange rate markup on foreign-currency card spend: 0%
- Savings pay a variable rate of 2.75% to 3.5% with instant withdrawals and interest paid monthly
- Deposits are covered by the FSCS: FSCS up to GBP 85,000
Cons
- Support runs on help centre only
- Savings need a Monzo current account first, and the pot sits in an easy access product
- International transfers charge £0 to £9 plus a percentage, unlike UK transfers and foreign-currency card spend, which cost nothing
Who it suits
- UK adults and teens who want everyday spending with no monthly cost
- Savers who want instant access to their money without a notice period
- Travellers who spend abroad often, given the 0% markup and 38 currencies
Who should look elsewhere
- Anyone chasing a fixed-term rate, since the savings rate is variable and money comes out instantly
- People who want phone or email help, because support runs on help centre only
- Shoppers who only need a wallet for online payments can look at PayPal Colombia instead, where the monthly fee is $0
How Monzo compares
8.9 vs 8.7
Monzo vs Airwallex8.9 vs 8.6
8.9 vs 8.0
8.9 vs 8.9
8.9 vs 9.1
8.9 vs 9.2
8.9 vs 8.7
8.9 vs 8.7
Monzo vs Pixpay FR8.9 vs 8.7
Monzo vs Skrill8.9 vs 9.0Its monthly fee of €0 matches, while Monzo pairs its current account with instant-access savings and FSCS up to GBP 85,000.
8.9 vs 8.7
Monzo vs CitiBank AE8.9 vs 9.5
8.9 vs 9.4
8.9 vs 9.3
8.9 vs 9.2
8.9 vs 9.2
8.9 vs 9.2
8.9 vs 9.2
8.9 vs 9.2
8.9 vs 9.2
8.9 vs 9.1
8.9 vs 9.0
8.9 vs 9.0
8.9 vs 8.9- 8.9 vs 8.9
8.9 vs 8.7
8.9 vs 8.5
8.9 vs 8.5
8.9 vs 8.5
8.9 vs 8.4
8.9 vs 8.3
8.9 vs 8.2
8.9 vs 8.1- 8.9 vs 8.1
8.9 vs 8.0
8.9 vs 8.0
8.9 vs 8.0
8.9 vs 9.1
Where Monzo is available
- Available
- United Kingdom
- Licence in United Kingdom
- Financial Conduct Authority (730427), checked September 26, 2026
- Licence in United Kingdom
- Prudential Regulation Authority, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does Monzo charge each month?+
The current account has a monthly fee of £0, and the pricing model it runs on is no monthly fee. The savings side carries no monthly charge either, with a minimum deposit of £0. The legal entity behind both is Monzo Bank Limited.
Is my money protected?+
Deposits are covered by the FSCS: FSCS up to GBP 85,000. In the UK the account is regulated by the Financial Conduct Authority and the Prudential Regulation Authority, so it is a bank rather than an e-money wallet. The legal entity is Monzo Bank Limited, based in the United Kingdom.
What interest do I get on savings?+
The instant-access savings pay a variable rate of 2.75% to 3.5%, with interest paid monthly. Withdrawals are instant with no limits, the account kind is easy access, and the minimum deposit is £0, so money moves in and out as often as you like.
What does it cost to spend or send money abroad?+
Foreign-currency card spend and UK transfers cost nothing, and the exchange rate markup is 0%. International transfers carry fees of £0 to £9 plus a percentage on the amount sent, and the account holds 38 currencies.
Who can open an account?+
Monzo's listed audiences are business and teen, and the savings product is open to adults and to those above a minimum age. A Monzo current account is required before a savings pot can be used, and interest is paid monthly on whatever sits in it.
How quickly do I get a card?+
Delivery time is Same day for 95% of customers, average 1 day, so most customers wait the same day and the average is a day. You can also move money out to a bank account or a card, since payout methods cover bank and card, which suits people who keep spending away from the app.
Can I share an account with someone?+
Joint accounts are one of the listed features, joint account, so two people can hold an account between them. Cash machine withdrawals include an allowance of £200, which helps if either of you still relies on machines.
How does this compare with other providers?+
Monzo scores 7.3 overall, with the offer part at 8.6 and the cost part at 6.3. On monthly fee it ranks 1 of 500 brands, against a site median of €0 and a maximum of €449.
Sources
- en.wikipedia.org/wiki/Monzo_(bank) checked September 26, 2026
Backs: Founded
“Founded 18 February 2015”
- monzo.com checked September 26, 2026
Backs: Audience, Features, Support channels
“Joint account, Under 16s account, 16-17s account ... Business banking”
- monzo.com/current-account/plans checked September 26, 2026
Backs: Free ATM withdrawals, Deposit protection, Headquarters, Legal entity, Pricing model, Monthly fee, Licences
“Fee-free cash withdrawals abroad Up to £200”
- monzo.com/features/travel checked September 26, 2026
Backs: Currencies, Exchange rate markup
“Send money in 38 currencies”
- monzo.com/information-about-current-account-services checked September 26, 2026
Backs: Delivery time
“The same day, for 95% of customers - On average, in 1 day”
- monzo.com/legal/fee-information checked September 26, 2026
Backs: Payout methods, Transfer fee, Fee to send 1,000
“Sending money within the UK: £0 ... Debit card payment in foreign currency: £0 ... Cash withdrawals in the European Economic Area (EEA): £0”
- monzo.com/savings-isas/instant-access checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Rate type
“You can withdraw your money instantly, as many times as you like. There's no waiting around with delays or limits.”
Compiled from 7 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Currency conversion fee.