Monzo

Who they are

Monzo was founded in 2015 and started life as a prepaid debit card before its full UK banking licence restrictions were lifted in April 2017, enabling it to offer a proper current account. It was an unusually community-driven launch: in February 2016, Monzo set the record for "quickest crowd-funding campaign in history," raising £1 million in 96 seconds via Crowdcube. That sense of having customers genuinely invested in the product - sometimes literally - has shaped its culture ever since.

Today Monzo is one of the largest banks in the UK by customer numbers. As of May 2026, Monzo reported having more than 15.2 million personal banking customers. Known for its distinctive coral-coloured cards, Monzo pioneered instant spending notifications and shared tabs for splitting bills. It holds its own banking licence independently, so your FSCS protection with Monzo is not shared with any other brand.

Protection and regulation

Monzo is a fully regulated UK bank, authorised by the Prudential Regulation Authority (PRA) and regulated by both the FCA and the PRA. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to a value of £120,000 per person. For a joint account, the £120,000 limit applies per account holder, so a joint account with two holders can have up to £240,000 protected.

It is worth knowing that in 2025 Monzo was fined £21 million by the FCA for weaknesses in its financial crime controls during a period of rapid growth between 2020 and 2022. CEO TS Anil stated that Monzo's "learnings" led to "substantial improvements in our controls" and significant investment in financial crime prevention. The FCA penalty targeted operational compliance systems, not Monzo's financial stability or deposit security, and the fine does not affect customer account safety, FSCS protection, or Monzo's ability to operate. The bank cooperated with the investigation and received a 30% reduction on the original penalty for doing so.

Savings accounts and paid tiers

At the time of writing, DepositScout does not have any Monzo savings products listed in its live data. That can change, so it is worth checking the current rates shown on this page before drawing any conclusions.

What Monzo does offer that is relevant to savers is a tiered account structure. Monzo is a complete banking platform that offers, among other things, a premium account with additional software tooling and perks; it introduced a subscription service called Monzo Plus, and subsequently a premium subscription service called Monzo Premium. Its highest tier, Monzo Max, bundles travel insurance, breakdown cover, phone cover and lifestyle perks for a monthly fee - useful context if you are weighing the all-in cost of banking with them. Specific pricing for those tiers changes, so treat any figures you see elsewhere as a starting point and verify directly with Monzo.

One thing Monzo is genuinely well regarded for is its app experience. It offers real-time payment notifications, money management features, bill splitting, and virtual account creation and controls. For savers who like to keep close tabs on their money, that kind of visibility can matter as much as the rate itself.

Is Monzo right for you?

Monzo suits people who want their banking and saving in one place and value a clear, well-designed app above all else. If you already use Monzo as your current account, checking whether their savings rates are competitive is a natural next step - convenience has real value, as long as it does not cost you meaningfully in interest.

If you are purely chasing the best savings rate, though, Monzo may not always be the leader. The UK savings market is competitive, and specialist savings providers or building societies often offer stronger rates on easy-access and fixed-term accounts.

As always, the live rates shown on this page are the most current figures we have. Rates move regularly, and what is true today may not be true next month - so compare before you commit.