Monzo review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Monzo suits people who want everyday banking, saving and borrowing handled in one app. The current account has a monthly fee of £0, and the savings pot pays 2.75% to 3.5% with withdrawals any time and no limits.
Key facts
- Best for
- One app for daily spending, easy access saving and personal loans.
- Monthly fee
- £0↗
- Currency conversion fee
- 0%↗
- Free ATM withdrawals
- £200↗
- Card type
- Debit↗
- Card network
- Mastercard↗
- Currencies
- 38↗
- Legal entity
- Monzo Bank Limited↗
- Headquarters
- United Kingdom↗
- Founded
- 2015↗
- Support channels
- Chat, Phone, Help-centre↗
- Features
- Virtual card, Travel
- Audience
- Kids, Business
- Official website
- monzo.com
Loans
- APR
- 29%↗
- Loan amount
- £10,000 to £35,000↗
- Term
- 12 to 84 months↗
- Arrangement fee
- 0↗
- Funding time
- Minutes after approval, into the Monzo account↗
- Representative example
- Borrow £4,800 over 36 months, 35 monthly repayments of £181 plus one final payment of £150.99, 20.9% fixed interest rate, 23.0% representative APR, total repay £6,485.99↗
- Rate type
- Variable↗
- Lender type
- Direct lender↗
- Free early repayment
- Yes↗
- Eligibility
- UK residents aged 18+, Monzo Current Account required↗
- Loan types
- Personal, Debt-consolidation, Car↗
- Credit needed
- Fair↗
- Use cases
- Home-improvement↗
- Pricing model
- No monthly fee
Credit cards
- Annual fee
- £0↗
- Rewards type
- None↗
- Perks
- 0% interest over 3 months on purchases of GBP 100 or more, repeatable, 0% interest if you pay in full, No overseas fees (Mastercard exchange rate only), Section 75 purchase protection, Credit limit up to GBP 10,000, Flex purchases from up to 2 weeks ago, Instant notifications and real-time balance updates, Separate paid card: Aura (GBP 15 a month) adds 1% cashback on groceries, 0.5% on everything else uncapped, auto-invested cashback, Apple TV, Google AI Plus, 2 airport lounge and 2 fast track passes a year↗
- Card kind
- Credit↗
Savings
- Headline rate
- 2.75% to 3.5%↗
- Minimum deposit
- £0↗
- Deposit protection
- FSCS up to GBP 85,000↗
- Access terms
- Instant withdrawals any time, no limits, interest paid monthly, up to 20 Savings Pots, Monzo current account required, aged 16+↗
- Account kind
- Easy access↗
Facts checked September 26, 2026, 8 sources
Apps and profiles
- Get the app
- App Store
Pros and cons
Pros
- A monthly fee of £0 on the current account, and a currency conversion fee of 0% across 38 currencies.
- Savings interest is credited monthly, with withdrawals any time and no limits.
- Personal loans of £10,000 to £35,000 are paid out Minutes after approval, into the Monzo account, and early repayment is free.
Cons
- The credit card charges 29% APR and its rewards type is none, so there is nothing to earn back on it.
- Loans ask for a credit rating of fair and only work alongside a Monzo current account.
- ATM withdrawals come with an allowance of £200, the weakest part of the travel offer.
Who it suits
- People who want spending and saving in one place: the savings account pays 2.75% to 3.5% at a variable rate on an easy access basis.
- Households and small businesses, since the audience covers kids and business and the account includes virtual card and travel.
- People who prefer an app bank with its own regulator: the legal entity is Monzo Bank Limited, based in the United Kingdom.
Who should look elsewhere
- Euro account holders, since bunq charges a monthly fee of €0 on a euro account rather than a UK current account.
- Anyone after a secured card instead of an unsecured rate of 29% APR: Varo Believe Secured Credit Card has a monthly fee of $0.
- Travellers who mainly want a multi currency account: Wise charges 0.1% on conversion, which works on a different basis to a UK debit card.
How it compares on our data
On our data the monthly fee of £0 places Monzo at 1 of 422 brands, and the currency conversion fee of 0% at 1 of 258. The ATM withdrawal allowance of £200 sits lower, at 15 of 124. Fees are the strong suit, cash machine access is not.
The company behind it
The account is run by Monzo Bank Limited, based in the United Kingdom and founded in 2015. The Prudential Regulation Authority licenses it in GB under 730427, and support runs through chat, phone and help centre. That means help in the app, on the phone and in the help centre, all under one UK entity.
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Where Monzo is available
- Available
- United Kingdom
- Licence in United Kingdom
- Prudential Regulation Authority (730427), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep the account day to day?+
The current account runs on a monthly fee of £0 and the savings pot takes a minimum deposit of £0. Loans add an arrangement fee of 0, and the credit card has an annual fee of £0, so the holding costs sit at the cheap end.
Is my money protected, and who regulates the bank?+
Deposits sit with Monzo Bank Limited under protection of FSCS up to GBP 85,000, and the bank is licensed by the Prudential Regulation Authority in GB under 730427. Card and cash losses fall outside that protection, and the retail loss rate in our data runs at 70.15%.
What interest do I earn, and can I get money out?+
The savings account pays 2.75% to 3.5% at a variable rate on an easy access basis, and interest is credited monthly. Withdrawals come any time with no limits, and a Monzo current account is required to hold the savings.
What does it cost to spend and withdraw money abroad?+
Spending abroad carries a currency conversion fee of 0% on the mastercard network, covering 38 currencies. ATM withdrawals come with an allowance of £200, so cash machine use is the part of the travel offer with a cap.
Is the Monzo credit card free to hold?+
The card is a credit card with an annual fee of £0, a standard rate of 29% APR and a rewards type of none. It works on cost and flexibility rather than rewards, so everyday spend does not come back as cash.
Can I borrow from Monzo, and on what terms?+
Loans run from £10,000 to £35,000 across 12 to 84 months, cover personal, debt consolidation and car and ask for a credit rating of fair. Funding is Minutes after approval, into the Monzo account, early repayment is free, and the arrangement fee is 0. The direct lender setup means you deal with the bank directly.
How does Monzo rank on fees against other accounts?+
On our data the monthly fee of £0 places Monzo at 1 of 422 brands, and the conversion fee of 0% at 1 of 258. The ATM withdrawal allowance of £200 ranks at 15 of 124.
Sources
- en.wikipedia.org/wiki/Monzo_(bank) checked September 26, 2026
Backs: Card type, Founded
“Customers signing up for the current account are issued a Debit Mastercard”
- monzo.com/credit-cards checked September 26, 2026
Backs: Annual fee, APR, Card kind, Perks, Rewards type
“Flex Purchase - No monthly fee”
- monzo.com/current-account/plans checked September 26, 2026
Backs: Features, Monthly fee
“Virtual cards (Extra, Perks, Max); Worldwide travel insurance (Max)”
- monzo.com/features/travel checked September 26, 2026
Backs: Free ATM withdrawals, Audience, Currencies, Currency conversion fee, Card network
“If Monzo's your main bank account, make unlimited fee-free withdrawals in the European Economic Area (EEA), and up to GBP 200 every 30 days anywhere else. After that, we'll charge 3%”
- monzo.com/help checked September 26, 2026
Backs: Headquarters, Legal entity, Support channels
“Our address is Broadwalk House, 5 Appold St, London EC2A 2AG”
- monzo.com/information-about-current-account-services checked September 26, 2026
Backs: Licences
- monzo.com/loans checked September 26, 2026
Backs: Loan amount, Eligibility, Funding time, Lender type, Loan types, Arrangement fee, Use cases
“Our representative APR for loans of more than £10,000 and up to £35,000 is 10.0% APR”
- monzo.com/loans/personal-loan-calculator checked September 26, 2026
Backs: Credit needed, Free early repayment, Representative example, Term
“There isn't a particular score that means you qualify for a loan, as lenders (including Monzo) look at lots of different factors in your financial history”
- monzo.com/savings-isas/instant-access checked September 26, 2026
Backs: Access terms, Account kind, Deposit protection, Headline rate, Minimum deposit, Pricing model, 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 9 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Protection.