Monzo
UK app bank with a free current account, pots, savings, investments and pensions in one app
Quick Overview
| Company | Monzo Bank Limited |
|---|---|
| Category | Neobanks and Digital Banks |
| Headquarters | London, United Kingdom |
| Founded | Not stated |
| EU Presence | Yes - United Kingdom |
| Data Location | United Kingdom |
| Open Source | No |
| GDPR Compliant | Yes |
| Self-Hosting | No |
| Main Features | Current account, Pots, Salary Sorter, cashback offers, savings and ISAs, investments, pensions, credit cards, joint and youth accounts |
| Pricing | Free current account; paid plans from £3, £9 and £19 a month (checked 28 October 2026) |
| Best For | UK residents who want a full bank in an app |
| Replaces | Chime, Cash App, Chase UK-style accounts |
Detailed Review
Monzo Bank Limited is registered in England and Wales (company number 09446231) and its financial services register number is 730427. Eligible money is protected by the FSCS up to £120,000 per person, according to its site.
The product is built for UK residents. Personal current accounts are free and the site says there are no monthly fees or hidden costs on them.
Everyday Money Tools
Pots separate money for bills and goals, Salary Sorter divides an income into Pots, and spare change can be rounded up into savings. The vendor also lists cashback offers of 2-10 % at chosen brands.
Beyond the Current Account
Monzo sells savings accounts with up to 3.65 % AER (variable), Cash ISAs, investments from £1, pensions for ages 18-70 and credit cards. Several of these need a UK current account with Monzo.
A mortgage tool connects a mortgage from any lender for insight rather than selling mortgages itself.
Paid Plans
Plans start at £3 a month, with the £9 plan adding a boosted savings rate and perks, and a £19 plan covering protection benefits. Most users will not need them.
Limitations to Consider
Monzo is for UK residents only, so it does not serve euro-area customers. Several products need a UK current account. Investments and pensions can fall in value. Paid plans add cost for benefits that many customers will not use.
Who Should Use Monzo
UK residents who want banking, savings and investing in one app and who value Pots-style budgeting.
Pros and Cons
Pros
- Free current account
- FSCS cover up to £120,000
- Pots and Salary Sorter budgeting
- Savings, investments and pensions in one app
- Joint and youth accounts
Cons
- UK residents only
- Some products need a UK current account
- Paid plans from £3 a month
- Investment values can fall
Alternatives to Monzo
Other European neobanks and digital banks worth comparing before you decide:
bunq
Netherlands · Dutch licensed bank with four personal plans, free to €18.99
Tomorrow
Germany · Sustainable German current account from €0 with Solaris as bank
Lunar
Denmark · Danish bank with a free account, Plus and Unlimited plans
N26
Germany · German mobile bank with Standard, Smart, Go and Metal plans
See all European neobanks and digital banks or compare them directly against Chime on our alternatives page.
Frequently Asked Questions
Monzo Bank Limited is authorised by the PRA and regulated by the FCA and PRA, with register number 730427.
The current account is free. Paid plans start at £3 a month.
The vendor's pages say UK residents. Euro-area customers should look at <a href="/tool/n26">N26</a> or <a href="/tool/bunq">bunq</a>.