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Last updated Jul 2026

Monzo Review

Monzo is a UK digital bank offering app-based current accounts, budgeting tools and savings features.
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Table Of Contents

Introduction

Monzo is a UK-based digital bank founded in 2015. It offers personal current accounts that can be opened and managed through its mobile app, with no high street branches.

Eligible customers can apply for an account online and, if approved, receive a UK current account with a sort code and account number. Monzo is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS), subject to applicable limits.

Monzo’s app includes features such as spending insights, budgeting tools, savings Pots, bill splitting and card controls. Additional features, allowances and monthly fees vary depending on the selected account plan.

Banking Features

Monthly budgets

Create spending budgets by category and track your spending through the Monzo app. Spending insights are available to help users monitor their monthly spending.

Instant money transfers

Send money by bank transfer or between eligible Monzo users within the app. International transfers are available through Monzo’s supported transfer partners.

Monzo Saving Pots

Monzo offers Savings Pots to help users set money aside for different goals. Eligible users can also access savings accounts provided by third-party banks through the Monzo app.

Round up transactions

Round Up automatically rounds eligible card payments to the nearest pound and transfers the difference into a selected Pot, if enabled.

Joint accounts

Eligible Monzo current account holders can apply for a joint account, subject to Monzo’s eligibility criteria.

Split the bill

Split eligible payments with other Monzo users directly through the Monzo app.

Apple Pay and Google Pay

Monzo cards can be added to Apple Pay and Google Pay for eligible contactless and digital wallet payments.

In-app card control

Manage card settings in the Monzo app, including online payments, cash withdrawals, contactless payments and card security controls.

Monzo Account Types

Monzo offers a range of personal and business accounts that can be managed through the Monzo app. Available features, fees and eligibility requirements vary by account type and selected plan.

Personal account types

Monzo offers a free personal current account, alongside optional paid plans including Monzo Extra, Monzo Perks and Monzo Max. Available features, monthly fees and account allowances vary depending on the selected plan. Additional account options, such as joint accounts and accounts for younger users, are also available, subject to eligibility.

Business account types

Monzo also offers business accounts for eligible sole traders and limited companies. Business accounts include tools for managing business finances, such as invoicing, accounting software integrations and tax Pots. Features and monthly fees vary depending on the selected business account plan.


Fees

Monzo’s fees depend on the type of account and how the account is used. While the standard current account has no monthly fee, charges may apply for services such as cash withdrawals above applicable allowances, overdrafts and certain international transfers. Users should check Monzo’s latest pricing and terms before using chargeable services.

Security

Monzo includes app-based security features to help users manage access to their account and card. These include biometric login, transaction notifications and card controls within the Monzo app.

Biometric login

Eligible devices can use biometric login, such as fingerprint or face recognition, alongside other app security methods.

Account notifications

Monzo can send notifications for eligible account activity, helping users monitor spending and account activity.

Card controls

Users can freeze and unfreeze their card in the Monzo app. Card settings, such as online payments, contactless payments and cash withdrawals, can also be managed in the app.

Banking License

Monzo Bank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Eligible deposits are protected by the Financial Services Compensation Scheme, subject to applicable limits.

Using Monzo app abroad

Monzo debit cards can be used for purchases abroad wherever Mastercard is accepted. Card payments made in a foreign currency are converted using the applicable Mastercard exchange rate.

Standard account holders can withdraw up to £200 every 30 days from ATMs abroad without a Monzo fee. A 3% fee applies above this allowance, and ATM operators may charge additional fees.

The Monzo app also allows users to track spending and manage their account while travelling abroad.

Monzo Support

Monzo provides customer support through the Monzo app, Help Centre and Community forum. The Help Centre includes articles covering accounts, payments, cards and security, while the Community forum contains answers to common questions from Monzo users.

If additional assistance is required, users can contact Monzo’s support team through the app. Support channels and availability may vary depending on the account or issue.

Pros & Cons

Pros

  • Budgeting tools and Savings Pots available
  • Joint accounts and accounts for younger users available
  • No Monzo fee on eligible card purchases made abroad (Mastercard exchange rate applies)

Cons

  • International ATM withdrawals above the allowance incur fees
  • Some features require a paid plan

Conclusion

Monzo is a UK digital bank that combines a current account with budgeting tools, savings features and app-based money management. It may suit users looking for an app-first banking experience with tools to help manage everyday spending.

Features, fees and allowances vary depending on the selected account plan. Users should review Monzo’s latest pricing and terms before opening an account or upgrading to a paid plan.

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