Monzo — fees, features, catches and eligibility
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Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying. Some links are referral links — we may earn a commission. You can check a firm’s details on the FCA Register.
Quick answer
Monzo is an app-based UK bank with a free personal current account and optional paid plans (Extra £3, Perks £9 and Max from £19 a month) as of 3 October 2026. Savings rates are higher on paid plans: Instant Access ran from 2.75% AER (free) to 3.50% AER (Max), all variable.
Monzo also offers joint, under-16s and 16–17s accounts, Cash ISA pots and Monzo Business.
Who it’s for
- People who want a free app-based account with Pots and salary sorting
- Couples and housemates wanting a joint account
- Sole traders and directors wanting Monzo Business
Who should avoid it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You only want a paid plan for the savings rate — the extra interest may not cover the monthly fee on a small balance
- You need branch banking
- You want a switch bonus — we didn’t see a Monzo cash switch offer on 3 October 2026
Key features
- Free personal current account; paid plans from £3 a month
- Pots and Salary Sorter for budgeting
- Instant Access, Select Access and Fixed Rate savings pots, plus Cash ISA pots
- Joint, under-16s and 16–17s accounts
- Current Account Switch Service for personal, joint and business accounts
- Monzo Business: Lite free, Pro £9 a month, Team from £25 a month
Eligibility
- UK residents
- Aged 18 or over for paid plans and joint accounts; separate accounts for 6–15 and 16–17 year olds
- Monzo Max is for ages 18–69
Fees and savings rates by plan
| Plan | Monthly fee | Instant Access savings | Select Access savings |
|---|---|---|---|
| Monzo (free) | £0 | 2.75% AER | 3.15% AER |
| Monzo Extra | £3 a month | 3.00% AER | 3.15% AER |
| Monzo Perks | £9 a month | 3.25% AER | 3.65% AER |
| Monzo Max | From £19 a month (3 months minimum, ages 18–69) | 3.50% AER | 3.65% AER |
Figures as of 3 October 2026, from Monzo’s own website. All rates variable. Fixed Rate pots showed 4.70% AER for one year on every plan.
The catch
Paid plans cost money every month, and Max has a three-month minimum. Work out whether the perks and higher savings rate are worth the fee for you. Select Access pots have withdrawal rules, so check them before relying on that rate.
Check Monzo’s latest terms before you apply.
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FAQs
Is Monzo free?
The personal current account is free. Paid plans cost £3, £9 or from £19 a month, as of 3 October 2026.
Is Monzo covered by the FSCS?
Monzo Bank Limited is a UK-authorised bank. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per banking licence (source: FSCS).
Can I switch to Monzo?
See Key features above.
Does Monzo offer business accounts?
Yes — see our Monzo Business page.
Is the link on this page a referral link?
Yes. We may earn a commission if you open an account through it. It doesn’t affect what you pay.
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