Monzo

What Monzo does

Monzo offers UK current accounts alongside app features for spending, saving, borrowing, investing and managing money. Salary Sorter places income into separate Pots for bills, spending and other budgeting needs.

Customers can choose Savings Pots, ISAs and savings accounts; rates differ according to the account and subscription plan. Investment choices begin at £1, and Monzo warns that values may rise or fall.

Fees and plans

Monzo has a free plan and a free trial. Paid plans start at £3 a month. The Extra plan is billed at £3 a month for customers aged 18 and over. Max is billed from £19 a month, for ages 18 to 69, with a three-month minimum; it includes travel and phone insurance and breakdown cover. Perks is billed at £9 a month for ages 18 and over, with extra features and partner perks. The plans page also labels these plan prices as not listed.

Cash deposits at PayPoint or a Post Office cost £1 per deposit. According to Monzo, cardholders pay no foreign transaction fee when spending abroad, and the app displays live exchange rates. Other transfer, exchange-margin and transaction fees are not published in the supplied information.

The transaction limit is 100 per transaction. Virtual-card limits are up to five live cards, up to nine created every 30 days and 100 in a year.

Where it runs

Monzo runs on iPhone, Android and the web. From September 2026, its support policy requires iOS 18 or later and Android 11 or later, with advance notice before older versions are dropped.

The phone app supports spending controls, notifications, budgeting Pots, savings, cheque deposits and account connections. Monzo says customers can pay in cheques through the app, while cash deposits are made at PayPoint or a Post Office.

The Developer API is a REST and webhook service at api.monzo.com. It uses OAuth 2.0 approval in the Monzo app, but Monzo says it is not suitable for public applications and may connect only to the developer's account or a small permitted group.

Protection and rules Monzo publishes

Monzo states that the Prudential Regulation Authority authorises it and that the FCA and PRA regulate it. Eligible deposits, it says, receive UK Financial Services Compensation Scheme protection up to £120,000 per person.

Monzo describes controls such as biometric login, card freezing, 3D Secure, instant transaction alerts, expiring virtual-card numbers, video-selfie checks, trusted contacts and extra checks for large payments. In-app chat support is available 24/7.

For connected accounts and cards, Monzo uses FCA-regulated Open Banking and requires customers to renew connections every 90 days, according to the company. Separate documentation covers authorised PSD2 account-information, payment-initiation and card-based payment providers.

Strengths

The app combines current-account functions with spending insights, scheduled bills, subscription management, savings Pots and card controls. Salary Sorter gives income a separate place for bills and other spending.

Monzo connects supported banks and credit cards, including American Express, Barclays, Chase, HSBC, Lloyds Bank, NatWest, Revolut and Starling Bank. Business accounts connect with Xero, FreeAgent, Sage and QuickBooks; Xero can also receive receipts and categories.

Monzo also connects to more than 500 IFTTT services, with triggers for transactions and receipts and actions that move money into or out of Pots.

Catches and limits

Personal accounts require UK residence, age 16 or older, a compatible phone and valid photo identification. Business applicants must be UK sole traders or limited-company directors.

Rates on savings products depend on the account and plan. Connected accounts must be renewed every 90 days. Virtual cards have the published creation limits, and the transaction limit is 100 per transaction.

Review summaries and ratings report account-access checks, frozen or blocked payments, delayed refunds, difficulty moving money out and support delays. Some Android reviews mention unexplained closures and formerly free functions becoming subscription features; iOS reviews mention no web or iPad app and no mobile cheque deposit.

Who should skip Monzo

Monzo does not fit people outside its UK eligibility rules, people without a compatible phone or photo ID, or applicants seeking a business account without UK sole-trader or limited-company status.

Verdict

Monzo suits UK residents who want a current account with budgeting Pots, spending controls, savings choices and app-based account management. Its free tier covers the core account, while paid plans add stated features and insurance or partner benefits at published monthly prices.

It is less suitable for people who cannot meet UK, age, phone or identification requirements, or who need a service outside the app and web setup. The published virtual-card, connection-renewal and transaction limits, plus reported access and support complaints, are conditions to weigh before opening an account.

Questions