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Monzo
Monzo describes its main base as London near Liverpool Street, with an office in Cardiff and staff working globally.
What it is
Monzo is a UK bank with current accounts and an app for managing spending, saving, borrowing, and investing. Its Salary Sorter directs income into separate Pots for bills, everyday spending, and other budgeting needs. Customers can use Savings Pots, ISAs, and savings accounts; rates vary by account and subscription plan. Investment options start from £1, and their value can rise or fall. Monzo says cardholders can spend abroad without foreign transaction fees and view live exchange rates in the app. The service can connect other bank accounts and credit cards through FCA-regulated Open Banking, with connection renewals required every 90 days. Security features include transaction notifications, card freezing, biometric login, and extra checks for large payments. Monzo says eligible deposits are protected by FSCS up to £120,000 per person. It offers 24/7 in-app chat support, and accounts are for UK residents. The listed plans include a free current account for ages 16 and up, plus paid options billed in pounds per month.
For and against
For
- Salary Sorter divides income into budgeting Pots
- No foreign transaction fees for spending abroad
- Offers 24/7 in-app chat support
- Card freezing and biometric login are available
- Free current-account plan is listed
Against
- Accounts are for UK residents
- Open Banking connections need renewal every 90 days
- Cash deposits cost £1 per deposit
- Paid plans have age and eligibility conditions
The verdict
Monzo combines UK current-account services with budgeting, savings, investment, and travel-spending tools. Account eligibility is limited to UK residents, and rates and plan conditions vary.
Who it suits
Monzo is for UK residents looking for a current account with app-based budgeting and savings tools. Its investment options may also suit customers comfortable with values that can go down as well as up.
Plans and prices
Business Lite
Free business account
Read 19 Oct 2026 · monzo.com
Free
UK current account · FSCS protection up to £120,000 · 2.75% AER instant savings · £400/30-day UK/EEA cash withdrawals
Read 19 Oct 2026 · monzo.com
Extra
Connected banks and cards · virtual cards · advanced roundups · custom categories
Read 19 Oct 2026 · monzo.com
Perks
Extra features · 3.25% instant-access savings · 3.65% select-access savings · Railcard
Read 19 Oct 2026 · monzo.com
Business Pro
Paid business account
Read 19 Oct 2026 · monzo.com
Max
Perks features · worldwide travel insurance · phone insurance · UK and Europe breakdown cover
Read 19 Oct 2026 · monzo.com
Business Team
Team business account
Read 19 Oct 2026 · monzo.com
Monzo
UK current account · 16+
Read 29 Sep 2026 · monzo.com
On the record
- Account connections
- Monzo connects other bank accounts and credit cards using FCA-regulated Open Banking, and asks customers to renew connections every 90 days.monzo.com · read 29 Sep 2026
- Account eligibility
- Opening a personal account requires UK residence, age 16 or older, a compatible phone and valid photo identification.monzo.com · read 19 Oct 2026
- Accounting integrations
- Business accounts connect with Xero, FreeAgent, Sage and QuickBooks, synchronising balances and transactions; Xero also receives receipts and categories.monzo.com · read 19 Oct 2026
- API
- The Monzo Developer API is a REST and webhook interface hosted at api.monzo.com.docs.monzo.com · read 19 Oct 2026
- API authentication
- The API uses OAuth 2.0 authorization codes, access tokens and optional refresh tokens, with approval completed in the Monzo app.docs.monzo.com · read 19 Oct 2026
- API restriction
- Monzo says its Developer API is unsuitable for public applications and may connect only to the developer's account or a small explicitly permitted user group.docs.monzo.com · read 19 Oct 2026
- Budgeting
- Salary Sorter divides income into separate Pots for bills, spending and other budgeting needs.monzo.com · read 29 Sep 2026
- Cash and cheques
- Customers can deposit cash at PayPoint or Post Office for £1 per deposit and pay in cheques through the app.monzo.com · read 29 Sep 2026
- Company customers
- Monzo says more than 16 million personal and business customers use its services.monzo.com · read 19 Oct 2026
- Company founding
- Monzo's press page says it was founded in early 2015 and became a regulated bank in August 2016.monzo.com · read 19 Oct 2026
- Customer support
- Monzo says customers can use 24/7 in-app chat, UK and overseas telephone numbers, and email support.monzo.com · read 19 Oct 2026
- Deposit protection
- Eligible Monzo deposits are covered by the UK Financial Services Compensation Scheme up to £120,000 per person.monzo.com · read 19 Oct 2026
- Fraud protections
- Security features include Call Status, instant transaction notifications, card freezing, biometric login and extra checks for large payments.monzo.com · read 29 Sep 2026
- IFTTT integration
- Monzo connects to more than 500 IFTTT services and supports transaction triggers, receipt triggers and moving money into or out of pots.monzo.com · read 19 Oct 2026
- Investments
- Monzo offers investment options starting from £1 and says investment values can go down as well as up.monzo.com · read 29 Sep 2026
- Legal entity
- The developer portal identifies the provider as Monzo Bank Limited, company number 09446231, at Broadwalk House, 5 Appold Street, London.developers.monzo.com · read 19 Oct 2026
- Limit: Android complaints
- Google Play reviews report unexplained account closures, formerly free functions becoming subscription features, slow support and no mobile cheque deposit.play.google.com · read 19 Oct 2026
- Limit: branches and fees
- Finder notes that Monzo has no branches, charges 3% for some out-of-EEA cash withdrawals above the allowance, offers no current-account interest and may require a paid upgrade for full functionality.finder.com · read 19 Oct 2026
