Monzo in 60 seconds
Monzo at a glance (2026)
Why Monzo winsMonzo tops the FCA’s independent customer-service rankings for both personal and business banking. If you bank mostly through an app, this is the gold standard against which every other UK bank is measured.
What is Monzo?
Monzo is a fully licensed UK bank that operates almost entirely through a mobile app rather than branches. You open an account in minutes from your phone, receive a hot-coral debit Mastercard, and manage everything (payments, budgeting, savings and support) in the app. Because Monzo Bank Limited holds a UK banking licence regulated by the PRA and FCA, eligible deposits are protected by the FSCS up to £85,000, exactly like a high-street bank.
It started as Mondo in 2015 with a prepaid card, became Monzo in 2016, won its full banking licence in 2017 and passed one million customers in 2018. The bank reported its first annual profit (£15.4m) in the year to March 2024, and by FY2025 revenue had grown 48% to £1.235bn. Today it is the UK’s largest digital-first bank and ranks #1 for personal current-account service in the FCA’s independent Service Quality survey. Diana Layfield became CEO in February 2026, succeeding TS Anil; Gary Hoffman remains Chairman. For a head-to-head with its closest rival, see our Monzo vs Revolut comparison.
How does Monzo work?
Monzo replaces the branch and the paper statement with an app. You apply by downloading the app, verifying your identity with a photo of your ID and a short video, and your account is usually ready the same day. A contactless debit Mastercard arrives by post, while a virtual card is available instantly for online spending. Everything else, from sending money to freezing a lost card, happens in a few taps.
- Instant notifications: every payment pings your phone in real time, with the merchant name and a running daily total;
- Budgeting and Trends: spending is auto-categorised so you can set monthly budgets and spot where money goes;
- Savings Pots: ring-fence money for goals in separate Pots that earn interest tied to your plan;
- Fee-free spending abroad: card payments use the Mastercard exchange rate with no Monzo foreign-transaction fee, plus free overseas ATM withdrawals up to a monthly limit;
- App-first support: in-app chat is the main way to reach Monzo, backed by a self-service help centre.
Prefer to weigh Monzo against other app banks first? Our guides to digital banking in the UK and the best budgeting apps put it in context, and you can browse every provider in our digital banks directory.
Monzo plans in 2026
Monzo’s current account is free. Paid plans (Extra, Perks, Max) add insurance, higher savings rates and lifestyle perks like a weekly Greggs treat. Monzo Plus and Monzo Premium are closed to new customers; existing holders can keep them.
Personal plans
Free Current Account
Free Monzo current account with the hot-coral debit Mastercard, no foreign-transaction fees and 2.75% AER (variable) on Instant Access Pots and Cash ISA.
- No monthly fee.
- No foreign-transaction fees.
- 2.75% AER on Pots and Cash ISA.
Monzo Extra
A small step up from Free at £3 a month. Adds advanced money-management tools and customisable budgets.
- £3 a month.
- Custom budgets and saving rules.
- Same FX and Pots benefits as Free.
Monzo Perks
Mid-tier plan at £7/month: a weekly Greggs treat, annual Railcard, money-management upgrades.
- Weekly Greggs treat.
- Annual 16–25, 26–30 or Two-Together Railcard.
- Higher cashback on Monzo investments.
Monzo Max
£17/month, ages 18–69. Worldwide travel insurance, mobile phone insurance, UK and Europe breakdown cover, 3.25% AER on Pots and Cash ISA, weekly Greggs and monthly Vue cinema ticket.
- Worldwide travel + phone insurance.
- 3.25% AER on Pots/ISA.
- Monthly Vue cinema + weekly Greggs + Railcard.
Monzo Joint Account
Free joint account for two personal Monzo customers. Open in the app in minutes, with shared Pots, Bills Manager and Trends.
- Both parties must hold a Monzo account.
- Shared Pots earn 2.75% AER.
- Manage household spending side by side.
Monzo Business
Free Lite or paid Pro plans for sole traders and limited companies, with tax-tagging, invoicing and accounting integrations.
- Free Lite plan for sole traders.
- £9/month Pro plan for limited companies.
- Accounting integrations (Xero, QuickBooks).
Plus and Premium closedMonzo Plus (£5/month) and Monzo Premium (£17.50/month) are no longer available to new customers. Existing holders can stay on their plan, but if they cancel they cannot rejoin. New customers route to Extra, Perks or Max instead.
Monzo plans compared
| Plan | Monthly cost | Savings rate (Pots/ISA) | Standout perks |
|---|---|---|---|
| Free | £0 | 2.75% AER | Current account, hot-coral card, no FX fees |
| Extra | £3 | 2.75% AER | Advanced budgets and saving rules |
| Perks | £7 | 2.75% AER | Weekly Greggs treat, annual Railcard |
| Max | £17 | 3.25% AER | Travel + phone insurance, breakdown cover, Vue ticket |
Rates and perks are as published by Monzo and can change. Always confirm the current figures in the Monzo app before subscribing.
Monzo pros and cons: is it any good?
For app-first banking, Monzo is widely regarded as the UK benchmark: it tops the FCA’s independent service rankings and is a Which? Recommended Provider. The trade-offs are the lack of branches and the fact that the most attractive savings rates and insurance sit behind the paid Max plan.
Pros
- ✓Free current account with no foreign-transaction fees;
- ✓Ranked #1 for personal current-account service by the FCA;
- ✓Fast account opening and instant card freeze in the app;
- ✓FSCS protection up to £85,000, just like a high-street bank.
Cons
- ✗No physical branches for in-person help;
- ✗Top savings rate and insurance need the paid Max plan;
- ✗Overseas ATM withdrawals are only free up to a monthly cap;
- ✗Fined £21m by the FCA in 2025 over financial-crime controls.
Monzo Cash ISA in 2026
Monzo offers two Cash ISA wrappers inside the £20,000 annual ISA allowance:
- Instant Access Cash ISA: 2.75% AER (Free, Extra, Perks) or up to 3.25% AER on Max. Unlimited withdrawals, daily interest accrual paid monthly.
- Select Access Cash ISA: 3.15% AER (Free, Extra, Perks) or 3.65% AER on Max, with a maximum of two withdrawals per tax year.
Monzo’s Cash ISAs are flexible ISAs in HMRC terms: you can replace money withdrawn in the same tax year without using up more of your allowance.
Monzo Stocks (investments)
Monzo launched Monzo Stocks in June 2025, in partnership with BlackRock’s iShares range. The platform offers 11 thematic and index ETFs (including FTSE 100, S&P 500 trackers). Fees:
- 0.25% a year platform fee on Free, Extra.
- 0.20% a year on Perks or Max.
- Cap of £250 a year (£200 on Perks/Max). Combined Investments + Pension over £100,000 are platform-fee free.
- BlackRock’s underlying fund management charges apply on top.
Other Monzo products
- Personal loans: in-app applications with instant decisions for eligible customers.
- Overdrafts: arranged in-app at competitive APRs, with usage previews before you go overdrawn.
- Mortgages: Monzo bought broker Habito in December 2025 to plug a mortgage offering into the app.
- Savings Pots: tag money for different goals with their own AER tied to your plan.
- Trends: in-app spending categorisation and monthly summaries.
Monzo customer service
Monzo is an app-first bank, so the quickest way to get help is in-app chat, backed by a detailed online help centre. There are no branches. Below are the official self-service channels Monzo customers use most.
In-app chat
Primary support channel for all queries
Open in app
24/7 reach, agent SLA varies by issue
FastestLost or stolen card
Freeze and unfreeze instantly in the app
Freeze in app
Available 24/7
Help centre
Self-service articles and guides
Open Help
Available 24/7
Social
X @monzo, Bluesky @monzo.com
@monzo
Business hours UK time
Complaints and the Financial Ombudsman
Raise a complaint through in-app chat or the Monzo help centre. Monzo has up to eight weeks to issue a final response; you can then escalate to the Financial Ombudsman Service. Monzo was fined £21m by the FCA in July 2025 for inadequate financial-crime controls, so the complaints process has been under specific regulatory attention.
Monzo news 2024–2026
- FY 2024: First annual profit (£15.4m for the year to March 2024).
- April 2024: £500m capital raise at >£4bn valuation.
- October 2024: Secondary share sale at $5.9bn valuation.
- June 2025: Monzo Stocks launched with BlackRock iShares ETFs.
- July 2025: FCA fines Monzo £21m for AML control failings.
- December 2025: Monzo acquires mortgage broker Habito; receives full banking licence from the Central Bank of Ireland / ECB.
- February 2026: Diana Layfield appointed CEO; TS Anil’s departure made formal.
- 31 March 2026: Monzo announces it is closing its US accounts by June 2026.
- H2 2026: Morgan Stanley mandated for a potential London IPO at a £6–7bn target valuation.
Monzo FAQ
Monzo is a UK bank that you operate from a smartphone app instead of a branch. You open an account in minutes, get a hot-coral debit Mastercard and manage payments, budgeting, savings Pots and support entirely in the app. It is fully licensed and FSCS-protected up to £85,000, so it works like any high-street current account, just app-first.
The Monzo card is a contactless debit Mastercard in Monzo’s signature hot-coral colour, linked to your current account. It gives real-time spending notifications, no Monzo foreign-transaction fees on purchases abroad and free overseas ATM withdrawals up to a monthly limit. A virtual card is also available instantly in the app for online spending.
Yes. Monzo Bank Limited holds a full UK banking licence from the PRA/FCA, and eligible deposits are protected by the FSCS up to £85,000 per person. The hot-coral card and app-first interface are the same product as a high-street current account.
Independent data backs that up. Monzo has ranked #1 for personal current account service in the FCA Service Quality Information survey for the year to June 2025, and Which? has it as a Recommended Provider. Customers cite quick app chat, easy card freeze and good payment dispute handling.
No, both are closed to new customers. Existing holders can keep their plan, but cannot rejoin after cancellation. New customers should look at Extra, Perks or Max instead.
No. Monzo applies the Mastercard interbank exchange rate with no foreign-transaction fee on card spend abroad. ATM withdrawals abroad are free up to a monthly limit; over that, a small fee applies, depending on your plan.
No. Both parties need an existing personal Monzo account before you can open a joint account together. You can both open free accounts in the app in minutes, then link them as a joint account.