Monzo is a UK bank whose app brings together current accounts and tools for spending, saving, borrowing, investing, and managing money. Its Salary Sorter divides income into Pots for bills, everyday spending, and other budgeting needs. Customers can use Savings Pots, ISAs, and savings accounts, although rates vary by account and subscription plan. Investment options start from £1, and Monzo notes that investments can lose value as well as gain it. For travel, cardholders can spend abroad without foreign transaction fees and view live exchange rates in the app. The app can also connect other bank accounts and credit cards through FCA-regulated Open Banking; connections need renewing every 90 days. Security features include transaction notifications, card freezing, biometric login, and extra checks for large payments. Monzo offers 24/7 in-app chat support and says eligible deposits are protected by FSCS up to £120,000 per person. Accounts are for UK residents. The listed options include a free current account, Extra at £3 a month, Perks at £9 a month, and Max from £19 a month, with age and other conditions varying by plan.
Who it is for
Monzo is for UK residents looking for a current account with app-based budgeting, savings, and investment options. It may also suit people who want travel spending tools or to connect other bank accounts through Open Banking.
What is good
- Salary Sorter divides income among separate Pots.
- Cardholders can spend abroad without foreign transaction fees.
- 24/7 support is available through in-app chat.
- Eligible deposits are protected up to £120,000 per person.
What to know first
- Open Banking connections need renewal every 90 days.
- Cash deposits cost £1 each.
- Accounts are for UK residents.
- Investments can go down as well as up.
Verdict
Monzo combines a current account with budgeting, savings, investment, and travel features, and offers around-the-clock in-app support. Check plan eligibility and the 90-day renewal requirement for linked accounts before choosing it.
Monzo plans and pricing
All plansCompared on digital wallet apps
- Free plan
- Yes
- Asset scope
- cards_and_fiat
- Virtual cards
- Yes
- Peer transfers
- Yes
- International transfers
- Yes
- Supported platforms
- iOS, Android, web
- Transaction limit
- 100 per transaction
