Monzo

Monzo is an app-based UK bank, best known for its free current account run entirely from a smartphone. It offers personal, joint, 16-17 and Under 16s current accounts, savings held in "Pots", Cash ISAs, credit cards, personal loans, and paid subscription plans that add features on top of the free account¹. There are no branches: the app is the bank, with 24/7 support chat, and a web option at web.monzo.com for customers who cannot use the app².

Monzo is a fully licensed UK bank, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority⁴. Eligible money held with it is protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, including money in Savings Pots and Cash ISA Pots⁵.

Monzo accounts and Pots: what Monzo offers

Monzo's core product is its free personal current account, which comes with a debit card accepted wherever Mastercard is accepted. On top of the current account sit several variations: a joint account, which is a separate account shared with another Monzo customer; a 16-17 account; and an Under 16s account for children aged 6 to 15, which a parent or guardian opens and manages from their own Monzo account².

The feature Monzo is most associated with is Pots: separate spaces inside your account for money you do not want to mix with everyday spending. Pots come as part of the free current accounts, joint accounts, 16-17 accounts and Under 16s accounts, and you can create up to 20 Pots across each of your personal and joint accounts¹. Monzo also runs an automated 1p Saving Challenge, which it describes as the first of its kind by a UK bank, rounding up small amounts into a Pot automatically⁹.

For children, both the parent and the child can create Pots on an Under 16s account, and a parent can lock a Pot with a set unlock date, useful if the money is for a specific purpose. Children can have up to 20 savings accounts and Pots in total¹⁰.

Monzo's savings and ISA range sits alongside Pots rather than replacing them. Instant access savings are held in a Pot, and Savings Pots pay interest monthly, directly into the Pot, with Fixed Rate versions available over 1, 2 and 3 year terms¹⁰. Cash ISAs are opened in the same way: once you have a current account, you go to the Savings area, create a new Pot and choose a Cash ISA. Cash ISAs are open to UK residents aged 18 or over who hold a Monzo current account, and Monzo does not currently offer a Junior ISA⁵. For background on how these products work generally, see our guides to current accounts, savings accounts and ISAs.

On the borrowing side, Monzo offers credit cards and personal loans. Its credit cards are Monzo Flex, which spreads purchases over instalments, Monzo Flex Build, aimed at building a credit history, and Monzo Aura. See our credit cards guide for how these products work. Personal loans are applied for in the app, with no paper forms, and require a Monzo current account; Monzo states you can repay early or pay extra with no fees, and that it does not charge late fees¹². Our loans guide explains how personal loans work generally¹².

Monzo plans: how the monthly charges work

The free current account carries no monthly fee⁶. Monzo also sells paid subscription plans, currently named Extra, Perks and Max, which add benefits on top of the free account¹. Perks, for example, lets you see your other bank accounts and credit cards in the Monzo app (Connected banks), see credit scores in the app through credit reference agencies, access advanced tools, potentially earn a higher rate on Savings Pots, and pay a discounted fee on Monzo Investments and Pensions¹⁴. Each plan's current monthly price is shown on Monzo's own plans page, and Monzo applies terms and conditions to all of them⁶.

The charging mechanics work like a subscription. If you upgrade or downgrade between plans, the new plan starts right away: you are charged the new plan's price first, you receive a refund for any days left on the old plan, and your monthly billing date moves to the day you switched¹⁵. If a plan payment fails and you have no arranged overdraft to cover it, Monzo will try to take the payment each day for 7 days; if it still cannot, it cancels the plan and removes access to all the benefits¹⁴.

Paid plans also change some day-to-day costs. Plan members get a number of fee-free cash deposits each month, and fee-free cash withdrawals abroad up to a stated allowance, with the details shown in Monzo's plan comparison table⁶. Monzo has also changed its plan line-up over time: its older Plus and Premium plans have been replaced by the current range, and Monzo publishes guidance on what that change means for existing customers¹⁶. The current plans have their own pages: Monzo Extra, Monzo Perks and Monzo Max, with the older Monzo Plus and Monzo Premium explained too.

Who can open a Monzo account

To open a personal Monzo account you need to be at least 16 years old, live in the UK full time with the right to reside here, and your phone must run a compatible operating system to download the app¹⁷. Monzo's paid plans and some products are restricted to 18 and over: its plans page states eligibility as UK residents aged 18+, with an upper age of 69 for the Max plan⁶, and loans require a current account and UK residency aged 18+¹².

Joint accounts require both holders to have their own Monzo account, be aged 18 or over and be UK residents². For an Under 16s account, the child must be aged 6 to 15 and a UK resident, and you need to be the child's parent or legal guardian with your own Monzo current account: Monzo states you cannot set one up as an extended family member, younger sibling or friend². Other family members can be given access, but they need their own Monzo current account, must be closely related to the child and be over 18².

Banking with Monzo: app, web and no branches

Monzo has no branches, and describes itself as app-first. The app runs on iOS or Android, and you can use biometrics every time you open it². Most day-to-day banking is done there: sending money to UK bank accounts is free, receiving money is free, and most payments arrive instantly because Monzo uses Faster Payments, which works for any amount up to £1 million¹⁸. You can pay in cheques through the app, up to £500 per cheque, with larger cheques posted in, and add cash at any PayPoint or Post Office for a small per-deposit fee¹⁹. Monzo also reminds you the day before bills are due and warns you if you need to move money to cover them².

For customers who cannot use the app, Monzo provides web access at web.monzo.com, reached by entering the email address linked to your Monzo account³. Some things are not possible outside the app at all: Monzo's published service information shows that sending money within the UK, cancelling a cheque and checking your balance are not available by telephone, with balance checks and payments available 24 hours through internet and mobile banking. Monzo provides a 24/7 service for urgent queries across these channels²⁰.

Monzo's connected banks service is worth understanding if you use it. It is an account information service: it lets Monzo pull your account details, balance, transactions and card details from another bank or credit card and display them in the Monzo app. Monzo's own terms state that this information comes from your other bank, so it cannot guarantee the information is accurate and will not be responsible if it is not. You can remove access to your connected banks at any time through the Monzo app⁴.

Opening an account or switching to Monzo

Opening a Monzo account is done in the app and Monzo says it takes about 10 minutes¹⁷. There is no branch visit: account opening is done electronically, by sending documents and information that way²⁰. You need the app on a compatible phone to apply¹⁷.

Switching uses the Current Account Switch Service (CASS), the industry scheme that guarantees the process. You can switch personal, joint and business accounts to Monzo. You choose a switch date and Monzo does the rest within 7 working days, moving your money, Direct Debits and standing orders, redirecting payments sent to your old account and closing the old account⁷.

You can switch even if you are overdrawn at your current bank. Monzo will not automatically give you the same overdraft limit you had before, and your old bank will contact you separately to agree how the overdraft is repaid²¹. Our current accounts guide explains what the switch guarantee covers and what to check before you move.

Spending abroad and paying in other currencies

Monzo advertises spending abroad on its cards with no foreign transaction fees or hidden costs, on both debit and credit cards¹⁸. This is the headline for travellers: the price you see is the exchange rate applied at the time, with nothing added on top by Monzo.

For sending money abroad rather than spending on a card, Monzo supports international transfers from GBP into 38 currencies through its converter²². You need a free Monzo current account to send money abroad, and depending on the currency you may need a Wise account, with Monzo's currency converter showing the details for each destination²². Paid plans add an allowance of fee-free cash withdrawals abroad, up to a stated amount shown in Monzo's plan comparison⁶. Our money abroad guide and money transfers guide cover the wider options.

Overdrafts and borrowing, and help if you struggle to repay

Monzo offers arranged overdrafts on its current account, subject to a credit assessment, and charges interest on what you borrow. If it can offer you one, you can switch it on when you sign up or apply later, and you can choose your limit within the amount offered, change it at any time in the app, or switch it off entirely²³. To switch an overdraft off, tap Home in the app, tap the three dots on the current account card, select Overdrafts and choose Cancel overdraft; if you would rather the overdraft were removed entirely so it cannot be switched back on, Monzo asks you to search "Switching off your overdraft" in the app and tap Get in touch. You can switch off your overdraft at any time, as long as you are not using it²⁴.

Students should note that Monzo does not offer an interest-free student overdraft; its student account page states you may still apply for an arranged overdraft, with interest charged on borrowing²⁵. Overdrafts are not available on Under 16s accounts¹⁹.

If you are already overdrawn and struggling, Monzo has a defined process. It asks you to get in touch through the app: tap the Help icon in the menu bar, search for "Managing your arranged overdraft" and tap chat at the bottom of the article. If you do not add £25 to your account within 30 days, or talk to Monzo about your situation, it may reduce your overdraft limit to your overdrawn balance²⁶.

More broadly, Monzo has a money worries team for anyone finding repayments difficult, reachable by in-app chat with a financial difficulties specialist, by email or by phone, and it advises anyone tricked into sending money to speak to it immediately²⁷. Free, independent help is also available: see our debt guide for where to get it.

Card disputes, refunds and pending payments

When you make a card payment, Monzo sets the money aside so you cannot spend it while the payment is pending, until the merchant collects it. If the merchant never collects, the money usually returns within 8 days, though hotel bookings, car hire and some other payments can take up to 31 days. If a payment has been pending for 7 days or more, you can ask Monzo to review it by raising a dispute in the app²⁸.

To dispute a transaction, tap it in the app, tap "Something wrong? Get help", scroll to "Help me get this money back" and tap Get Help. Refunds from merchants usually take up to 7 working days to show in your account after the merchant sends them²⁹. On Monzo's credit cards, the process is similar but the options differ: if you do not recognise the transaction you choose Report Fraud, and if you have not received what you paid for, were overcharged or are owed a refund, you choose Dispute the Transaction, reached from the transaction in your credit card feed. Monzo Flex purchases may also fall under Section 75 of the Consumer Credit Act for eligible claims; Monzo sets out how this works for Flex¹³. Our consumer protection guide explains your rights.

If your card is lost, damaged or stolen, you can freeze it in the app and order a replacement by tapping Card, then Freeze, then Order a new card and choosing the reason³. If your phone itself is stolen, Monzo offers three extra security controls you can opt into, each giving greater protection when making bank transfers and savings withdrawals over your daily allowance³⁰.

Scams, fraud and how Monzo contacts you

Monzo's security pages state plainly that its customer support will never ask for your password or card number, and will never ask you to make a bank transfer. It also states it will never call and ask you to move money to a "safe account" or a "holding pen"³¹. Scammers use spoofing to make their caller ID show up as "Monzo" or "HMRC", and a common impersonation scam is a caller claiming to be from Monzo, Amazon or your internet provider who says your account is compromised and asks you to move money³³.

To check whether a call really is Monzo, use the Call Status feature: if you get a call from someone claiming to be Monzo, open your Monzo app, and if Monzo actually needs to speak with you, you will see a notification there. Monzo says this feature helps prevent around 1,000 fraud attempts a month³¹. For online purchases, Monzo advises using protected payments such as your card or PayPal Goods & Services, which offer protection that bank transfers and cash do not, sticking to the app or site where you found the item, and checking a car's V5C logbook before buying³⁴. Monzo also advises avoiding public wifi for mobile or online banking, because most public wifi networks are not securely encrypted, and recommends using mobile data on your own 4G or 5G network instead³⁵.

If you have been scammed, report it quickly: tap Help in the app, search for "Reporting a scam", open the article and tap "Report Fraud", or report the payment as potential fraud through the app³³. For authorised push payment (APP) fraud, where you were tricked into sending the money yourself, Monzo will assess the claim and, if eligible, reimburse you within 5 business days, or up to 35 business days for more complex cases, up to a maximum of £85,000. It may not pay the first £100 of your claim, decided by reviewing your personal circumstances³⁷. If you are unhappy with the outcome, you can take your complaint to the Financial Ombudsman Service³⁷. Our scams and fraud guide covers the warning signs in depth.

Complaints, and how your money is protected

Monzo's main contact channels are its 24/7 in-app chat, its phone line on 0800 088 4040 (free from the UK, or +44 20 3872 0620 from abroad) and email at help@monzo.com⁸. For money troubles there is a separate financial difficulties route, by in-app chat, email or phone²⁷. Monzo's published service information shows it reported 0 major operational or security incidents between 1 April and 30 June 2026, and that it opens internet banking access the same day for 100% of customers²⁰.

If a complaint cannot be resolved to your satisfaction, complaints about APP fraud reimbursement outcomes can be taken to the Financial Ombudsman Service, the free independent body that rules on disputes between consumers and financial firms³⁷. Our consumer protection guide explains how the ombudsman process works and its time limits.

On protection of your money itself: Monzo is a fully regulated UK bank, and eligible deposits are protected by the FSCS up to £120,000 per person⁵. That covers eligible money across your Monzo accounts, including Savings Pots and Cash ISA Pots, and Under 16s accounts are also FSCS protected⁵. The firm behind the brand is Monzo Bank Limited, authorised by the Prudential Regulation Authority and regulated by the FCA and PRA, with Financial Services Register number 730427, and it appears on the Bank of England's list of UK banks authorised to accept deposits⁴.