Monzo
Monzo is a UK bank with current accounts and app tools for spending, saving, borrowing, investing and money management.
What Monzo is
Monzo is a UK bank with current accounts and app tools for spending, saving, borrowing, investing and money management. Its Salary Sorter divides income into Pots for bills, spending and other budgeting needs. Customers can use Savings Pots, ISAs and savings accounts, with rates varying by account and subscription plan. Monzo says cardholders can spend abroad without foreign transaction fees and see live exchange rates in the app. It connects other bank accounts and credit cards through FCA-regulated Open Banking, with connections needing renewal every 90 days. Security features include instant 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. The bank offers 24/7 in-app chat support. Accounts are for UK residents.
Good
- Salary Sorter divides income into budgeting Pots
- No foreign transaction fees when spending abroad
- 24/7 support through in-app chat
- Card freezing and biometric login are available
Watch out
- Open Banking connections need renewal every 90 days
- Cash deposits cost £1 per deposit
- Accounts are for UK residents
Who it suits
Monzo suits UK residents seeking a current account with app tools for budgeting, saving, travel spending or investing. Plan conditions and rates vary by account or subscription.
Verdict
Monzo combines current accounts with budgeting, savings, investment and travel-spending tools. Check the plan conditions and account-specific rates before choosing an option.
Plans and prices
From Monzo's own pricing page, checked 19 Oct 2026.
| Plan | Price | What it gives you |
|---|---|---|
| Business Lite | Free | Free business account |
| Free | Free | UK current account · FSCS protection up to £120,000 · 2.75% AER instant savings · £400/30-day UK/EEA cash withdrawals · £200 outside UK/EEA |
| Monzo | Free | UK current account · 16+ |
| Extra | £3 a month | Connected banks and cards · virtual cards · advanced roundups · custom categories · auto-spreadsheet · three credit scores · unlimited UK/EEA withdrawals · £3 a month |
| Perks | £9 a month | Extra features · 3.25% instant-access savings · 3.65% select-access savings · Railcard · Uber One · Greggs and Vue benefits · three cash deposits monthly · £9 a month |
| Business Pro | £9 a month | Paid business account · £9 a month; first month free |
| Max | £19 a month | Perks features · worldwide travel insurance · phone insurance · UK and Europe breakdown cover · family insurance add-on · From £19 a month |
| Business Team | £25 a month | Team business account · Starts at £25 a month |
The facts
Each one read from Monzo's own pages, with the date it was checked.
What it does
- Account connections
- Monzo connects other bank accounts and credit cards using FCA-regulated Open Banking, and asks customers to renew connections every 90 days.checked 29 Sep 2026
- Account eligibility
- Opening a personal account requires UK residence, age 16 or older, a compatible phone and valid photo identification.checked 19 Oct 2026
- Accounting integrations
- Business accounts connect with Xero, FreeAgent, Sage and QuickBooks, synchronising balances and transactions; Xero also receives receipts and categories.checked 19 Oct 2026
- API
- The Monzo Developer API is a REST and webhook interface hosted at api.monzo.com.checked 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.checked 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.checked 19 Oct 2026
- Budgeting
- Salary Sorter divides income into separate Pots for bills, spending and other budgeting needs.checked 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.checked 29 Sep 2026
- Customer support
- Monzo says customers can use 24/7 in-app chat, UK and overseas telephone numbers, and email support.checked 19 Oct 2026
- Deposit protection
- Eligible Monzo deposits are covered by the UK Financial Services Compensation Scheme up to £120,000 per person.checked 19 Oct 2026
- Fraud protections
- Security features include Call Status, instant transaction notifications, card freezing, biometric login and extra checks for large payments.checked 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.checked 19 Oct 2026
- Investments
- Monzo offers investment options starting from £1 and says investment values can go down as well as up.checked 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.checked 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.checked 19 Oct 2026
- Limit: independent review
- Forbes Advisor says many features are paid-only, some cash withdrawals or deposits incur fees, savings rates may be beaten elsewhere and there are no branches.checked 19 Oct 2026
- Limit: verification and support
- Trustpilot summaries and reviews mention account-access checks, frozen or blocked payments, difficulty transferring money out and frustrating support contact.checked 19 Oct 2026
- Mobile requirements
- The September 2026 support policy requires iOS 18 or later and Android 11 or later, with advance notice before older versions are dropped.checked 19 Oct 2026
- Notable limits
- The plans page says customers can have up to 5 live virtual cards, create up to 9 every 30 days and a maximum of 100 per year.checked 29 Sep 2026
The company
- Company customers
- Monzo says more than 16 million personal and business customers use its services.checked 19 Oct 2026
- Company founding
- Monzo's press page says it was founded in early 2015 and became a regulated bank in August 2016.checked 19 Oct 2026
- Headquarters
- Monzo describes its main base as London near Liverpool Street, with an office in Cardiff and staff working globally.checked 19 Oct 2026
Where it runs
- Limit: Android complaints
- Google Play reviews report unexplained account closures, formerly free functions becoming subscription features, slow support and no mobile cheque deposit.checked 19 Oct 2026
- Limit: iOS reviews
- Apple reviewers mention no mobile cheque deposit, no web or iPad app, missing widgets, delayed refunds and difficulty getting help after account closure.checked 19 Oct 2026
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