Monzo
monzo.com
What it is
Monzo is a UK bank offering current accounts and app tools for spending, saving, borrowing, investing, and managing money. 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; investment options start from £1 and can rise or fall in value. For travel, cardholders can spend abroad without foreign transaction fees and see live exchange rates in the app. Monzo connects other bank accounts and credit cards through FCA-regulated Open Banking, and customers must renew those connections every 90 days. Security features include Call Status, 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 app is available on Android, iOS, and web, with 24/7 in-app chat support. Accounts are for UK residents. The free current account is listed for ages 16+; paid plans have varying prices and eligibility conditions.
Spec sheet
- What it does
- Monzo provides UK personal and business current accounts managed primarily through a mobile banking app.Read 19 Oct 2026 · monzo.com
- API
- The Monzo Developer API is a REST and webhook interface hosted at api.monzo.com.Read 19 Oct 2026 · docs.monzo.com
- Security
- Monzo says it is authorised by the Prudential Regulation Authority and regulated by the FCA and PRA, with eligible deposits protected by FSCS up to £120,000 per person.Read 29 Sep 2026 · monzo.com
- Headquarters
- Monzo describes its main base as London near Liverpool Street, with an office in Cardiff and staff working globally.Read 19 Oct 2026 · monzo.com
- Account connections
- Monzo connects other bank accounts and credit cards using FCA-regulated Open Banking, and asks customers to renew connections every 90 days.Read 29 Sep 2026 · monzo.com
- Account eligibility
- Opening a personal account requires UK residence, age 16 or older, a compatible phone and valid photo identification.Read 19 Oct 2026 · monzo.com
- Accounting integrations
- Business accounts connect with Xero, FreeAgent, Sage and QuickBooks, synchronising balances and transactions; Xero also receives receipts and categories.Read 19 Oct 2026 · monzo.com
- API authentication
- The API uses OAuth 2.0 authorization codes, access tokens and optional refresh tokens, with approval completed in the Monzo app.Read 19 Oct 2026 · docs.monzo.com
- 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.Read 19 Oct 2026 · docs.monzo.com
- Budgeting
- Salary Sorter divides income into separate Pots for bills, spending and other budgeting needs.Read 29 Sep 2026 · monzo.com
- Cash and cheques
- Customers can deposit cash at PayPoint or Post Office for £1 per deposit and pay in cheques through the app.Read 29 Sep 2026 · monzo.com
- Company customers
- Monzo says more than 16 million personal and business customers use its services.Read 19 Oct 2026 · monzo.com
- Company founding
- Monzo's press page says it was founded in early 2015 and became a regulated bank in August 2016.Read 19 Oct 2026 · monzo.com
- Customer support
- Monzo says customers can use 24/7 in-app chat, UK and overseas telephone numbers, and email support.Read 19 Oct 2026 · monzo.com
- Deposit protection
- Eligible Monzo deposits are covered by the UK Financial Services Compensation Scheme up to £120,000 per person.Read 19 Oct 2026 · monzo.com
- Fraud protections
- Security features include Call Status, instant transaction notifications, card freezing, biometric login and extra checks for large payments.Read 29 Sep 2026 · monzo.com
- IFTTT integration
- Monzo connects to more than 500 IFTTT services and supports transaction triggers, receipt triggers and moving money into or out of pots.Read 19 Oct 2026 · monzo.com
- Investments
- Monzo offers investment options starting from £1 and says investment values can go down as well as up.Read 29 Sep 2026 · monzo.com
- Legal entity
- The developer portal identifies the provider as Monzo Bank Limited, company number 09446231, at Broadwalk House, 5 Appold Street, London.Read 19 Oct 2026 · developers.monzo.com
- Limit: Android complaints
- Google Play reviews report unexplained account closures, formerly free functions becoming subscription features, slow support and no mobile cheque deposit.Read 19 Oct 2026 · play.google.com
- 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.Read 19 Oct 2026 · finder.com
- 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.Read 19 Oct 2026 · forbes.com
- 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.Read 19 Oct 2026 · apps.apple.com
- Limit: verification and support
- Trustpilot summaries and reviews mention account-access checks, frozen or blocked payments, difficulty transferring money out and frustrating support contact.Read 19 Oct 2026 · trustpilot.com
- 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.Read 19 Oct 2026 · monzo.com
- 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.Read 29 Sep 2026 · monzo.com
- Notable news
- Monzo's 14 May 2026 diversity report says employee numbers grew from 3,935 to 5,281 during the reported year.Read 19 Oct 2026 · monzo.com
- Open-banking APIs
- Separate documentation covers authorised PSD2 account-information, payment-initiation and card-based payment instrument providers.Read 19 Oct 2026 · docs.monzo.com
- Personal-account features
- The personal account includes instant payment notifications, spending insights, scheduled bills, subscription management, savings pots and card controls.Read 19 Oct 2026 · monzo.com
- Praise: Android app
- Google Play reviewers praise the customizable layout, broad feature set and prompt support experiences.Read 19 Oct 2026 · play.google.com
- Praise: app and budgeting
- Trustpilot's review summary says users repeatedly praise the intuitive app, spending tracking, savings pots, quick transfers and straightforward account setup.Read 19 Oct 2026 · trustpilot.com
- Praise: feature breadth
- Finder highlights quick app signup, a feature-rich interface, fee-free overseas card spending, in-app savings, PayPoint deposits and Flex credit.Read 19 Oct 2026 · finder.com
- Praise: independent review
- Forbes Advisor rates Monzo 5.0 editorially and highlights fee-free overseas spending, budgeting tools, savings and investing in the app.Read 19 Oct 2026 · forbes.com
- Rating on Apple App Store
- 4.7 out of 5 from 5.7 thousand ratings on the US App Store listing.Read 19 Oct 2026 · apps.apple.com
- Rating on Finder
- 4.3 out of 5 from 299 user reviews.Read 19 Oct 2026 · finder.com
- Rating on Google Play
- 4.2 out of 5 from about 183,000 reviews in the ratings section, with 10 million-plus downloads shown.Read 19 Oct 2026 · play.google.com
- Rating on Trustpilot
- 4.6 out of 5 from 73,542 reviews.Read 19 Oct 2026 · trustpilot.com
- Savings
- Customers can use Savings Pots, ISAs and savings accounts, with rates varying by account and subscription plan.Read 29 Sep 2026 · monzo.com
- Security controls
- Monzo describes biometric login, card freezing, 3D Secure, expiring virtual-card numbers, video-selfie verification and trusted-contact protections.Read 19 Oct 2026 · monzo.com
- Security data practice
- Google Play states that the app encrypts data in transit and lets users request deletion, while collecting or sharing location, personal and other data categories.Read 19 Oct 2026 · play.google.com
- Supported banks
- The listed supported providers include American Express, Barclays, Chase, HSBC, Lloyds Bank, NatWest, Revolut, Starling Bank and others.Read 29 Sep 2026 · monzo.com
- Travel spending
- Monzo says cardholders can spend abroad without foreign transaction fees and see live exchange rates in the app.Read 29 Sep 2026 · monzo.com
- Who can apply
- Monzo states its accounts are for UK residents, and its business account page says eligible applicants are UK sole traders or limited company directors.Read 29 Sep 2026 · monzo.com
Plans and prices
Business Lite Free Free business account Read 19 Oct 2026 · monzo.com
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 Read 19 Oct 2026 · monzo.com
Monzo Free UK current account · 16+ Read 29 Sep 2026 · monzo.com
Extra £3 a month £3 a month Connected banks and cards · virtual cards · advanced roundups · custom categories · auto-spreadsheet · three credit scores · unlimited UK/EEA withdrawals Read 19 Oct 2026 · monzo.com
Business Pro £9 a month £9 a month; first month free Paid business account Read 19 Oct 2026 · monzo.com
Perks £9 a month £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 Read 19 Oct 2026 · monzo.com
Max £19 a month From £19 a month Perks features · worldwide travel insurance · phone insurance · UK and Europe breakdown cover · family insurance add-on Read 19 Oct 2026 · monzo.com
Business Team £25 a month Starts at £25 a month Team business account Read 19 Oct 2026 · monzo.com
Strong points and limits
Strong points
- Salary Sorter organizes income into budgeting Pots
- Investment options start from £1
- No foreign transaction fees for card spending abroad
- 24/7 support through in-app chat
- Eligible deposits protected up to £120,000 per person
Limits
- Open Banking connections need renewal every 90 days
- Cash deposits cost £1 each
- Paid-plan prices and eligibility vary
Who it suits
Monzo suits UK residents looking for current-account access alongside budgeting, saving, and investment tools in an app. Plan eligibility varies, and connected external accounts need renewal every 90 days.
Monzo in depth
Read the full write-up
Monzo is a UK bank that combines a current account with practical tools for budgeting, saving, investing and spending overseas. It is most useful to UK residents who want these jobs handled in one app rather than spread across separate services. The free account covers everyday banking; paid tiers are worthwhile only when their extra tools or insurance match your circumstances.
Overview
Monzo’s app brings current-account banking together with spending, saving, borrowing, investing and money-management features. Salary Sorter divides incoming pay into separate Pots for bills, day-to-day spending and other purposes, giving users a straightforward way to allocate money before it is spent.
You can bring other bank accounts and credit cards into the same view through FCA-regulated Open Banking. Supported providers include American Express, Barclays, Chase, HSBC, Lloyds Bank, NatWest, Revolut and Starling Bank, among others. Each connection has to be renewed every 90 days, so the consolidated view requires occasional upkeep.
Key features
Budgeting and saving
Savings Pots, ISAs and savings accounts provide several destinations for money you want to put aside. The rates depend on the account and subscription plan, so the most suitable option will vary with the return and access terms you need. Salary Sorter is particularly useful for people who prefer an automatic, pot-based budget rather than a separate spreadsheet or budgeting service.
Investing
Monzo’s investment options start at £1, making it possible to begin with a small amount. That low entry point does not remove investment risk: values can go down as well as up, so this feature suits users who accept fluctuations and should not be treated as a guaranteed savings return.
Travel, payments and account safety
Monzo says its card can be used abroad without foreign transaction fees, while the app displays live exchange rates. Peer transfers and international transfers are supported, and virtual cards are available. The plans page allows up to five live virtual cards, with as many as nine created every 30 days and 100 in a year; heavy virtual-card users may run into those ceilings.
Security measures include instant transaction notifications, card freezing, biometric login, Call Status and additional checks for large payments. Monzo is authorised by the Prudential Regulation Authority and regulated by the FCA and PRA. Eligible deposits have FSCS protection up to £120,000 per person. In-app chat support runs 24/7, which is a meaningful advantage when a payment or card issue cannot wait for office hours.
Cash and cheques
Cash can be deposited at a PayPoint or Post Office for £1 per deposit. Cheques can be paid in through the app, giving the account basic support for payment methods that app-first banking often handles poorly.
Pricing
Monzo uses a freemium model. The free Monzo plan costs nothing and is a UK current account for customers aged 16 and over. It is the sensible starting point for everyday banking, Pots, payments and the core app experience.
Extra is billed at £3 a month for customers aged 18 and over and adds advanced money tools. It is aimed at users who have outgrown the free account’s organisation features but do not need insurance or partner benefits. Perks is billed at £9 a month for ages 18 and over and adds extra features and partner perks; its value depends on whether those benefits replace services you would otherwise buy.
Max starts from £19 a month, is for ages 18 to 69, and requires a three-month minimum. It includes travel and phone insurance plus breakdown cover, making it the tier to consider when those policies are genuinely useful. Otherwise, the minimum term and higher monthly cost make the free or lower paid plans the safer choice. A free trial is offered, but paid plans should be checked for renewal before committing.
Cash deposits cost £1 each, and investment values are not protected from market losses. The stated transaction limit is 100 per transaction, a constraint to keep in mind for unusually large payments.
Platforms
Monzo runs on iOS, Android and the web, so it covers the main phone platforms while retaining browser access. Accounts are intended for UK residents. Its business account eligibility is narrower: applicants must be UK sole traders or directors of limited companies.
Who it's for
Choose Monzo if you live in the UK and want current-account banking, pot-based budgeting, savings, low-cost overseas card spending and optional investing in one place. It is also a strong fit for users who value 24/7 in-app support and regulated deposit protection. Look elsewhere if you need permanent external-account links without 90-day renewals, depend on deposit rates that do not vary by plan, or want investment returns without market risk.
Pros and cons
Pros
Broad money toolkit: current accounts, budgeting Pots, savings products, investing and transfers sit together.
Travel-friendly spending: no foreign transaction fees are advertised, with live exchange rates in the app.
Strong account safeguards: FCA/PRA regulation, FSCS protection for eligible deposits and multiple fraud controls add reassurance.
Always-on help: 24/7 in-app chat is available when payment problems arise.
Cons
Paid extras: advanced tools, partner perks and insurance require monthly plans, with Max carrying a three-month minimum.
Connection maintenance: linked banks and cards must be renewed every 90 days.
Usage ceilings and charges: virtual-card creation has annual and monthly limits, while each cash deposit costs £1.
Investment uncertainty: the £1 starting point is accessible, but balances can fall.
Alternatives
For a broader roundup, see Digital Wallet Apps.
Monese is the better choice for occasional use if its free Pay as you go account or £2.95-a-month Everyday plan fits your transfer needs. Wise suits people who want pay-as-you-use international transfers without subscriptions. Google Pay is preferable when the priority is online checkout and in-store tap to pay rather than a full current account. PayPal Invoicing is aimed at creating and sending invoices, with transaction fees when customers pay. Guarda Wallet, Coin Wallet, Rainbow and Solar Wallet are free wallet alternatives; their platform coverage and fee models differ.
Verdict
Monzo is a strong recommendation for UK residents who want regulated everyday banking with integrated budgeting, saving, travel spending and optional investing. Start with the free account, then pay only when Extra, Perks or Max delivers a benefit you will use. Choose another service if recurring Open Banking renewals, paid-plan boundaries or investment risk conflict with how you manage money.
Verdict
Monzo combines a current account with budgeting, savings, travel-spending, and investment features. Review plan eligibility and investment risks, and note the renewal requirement for linked accounts.
Where Specifiction places it
- Personal Loan Apps#1 of 348.8
- Savings Apps#1 of 139.0
- Digital Wallet Apps#4 of 448.9