Monzo review: Is it worth it?

Meet the poster child of digital banking. Now with a buy now, pay later option called Flex.

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Beautifully designed app and experience
Foreign ATM withdrawals limited to £200 a month
Monzo is a challenger bank that operates without branches, offers a full current account, integrated savings accounts (accounts with other banks but managed from your Monzo app), and personal loans. Monzo customers love the service – it received 5 out of 5 stars in our latest banking customer satisfaction survey. And of course it comes with the signature hot coral Mastercard that’s been blinding you at bars and supermarkets. It offers three types of account; the standard Monzo account, Monzo Plus and Monzo Premium.

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Name Product Account fees UK ATM fees Overseas card transaction fees Overseas ATM fees Incentive

Europe: Up to £250 in EEA per month, currency conversion charge of 0%
Rest of world: Free up to £200 per month, currency conversion charge of 0%

Free up to £400 per month, currency conversion charge of 0%

Free up to £600 per month, currency conversion charge of 0%

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How does Monzo work?

Monzo works in a similar way to any normal current account. When you apply for an account, you’ll be issued with a bright coral contactless Mastercard.

However, the account is entirely managed through the Monzo app, which is jam-packed with cool features and much slicker than your average banking app. The card is even controlled via the app: you can freeze it if it gets lost or stolen (and unfreeze it if you find it again).

Here are some of Monzo’s main features:

  • Get paid a day early. Does what it says on the tin! Our article explains in more detail.
  • Salary sorter. Divvy up your salary into spending, savings and bills.
  • Spending budgets. Set budgets by category (e.g. eating out, entertainment, transport).
  • Savings pots. Split money into interest-earning “savings pots”. You can also “round up spare change” into a pot.
  • Bills pots. Get direct debits or standing orders paid out of a “bills pot”.
  • Instant spending notifications. See what you’re spending in real time.
  • Free cash withdrawals abroad. Currently up to £200, after that it’s a 3% charge.
  • No transaction fees abroad. Contactless payments and spending overseas is free.
  • Energy switching. If you switch energy provider using the app then you can get cashback.
  • Joint accounts. Open a joint account with another Monzo customer.
  • Overdrafts. Apply in the app for an overdraft of up to £3,000.
  • Apple Pay. Monzo cards work with Apple Pay.
  • Loans. Apply for a Monzo loan of up to £15,000.

How do I apply for a Monzo account?

UK residents aged 16 or over can apply for a Monzo bank account through the app, available to download at both the Apple App Store and Google Play Store. You’ll need to provide your personal details and verify your identity by taking a video of yourself and a picture of your ID, but no proof of address will be required.

You can now also open a joint account with Monzo, as long as you both have a regular Monzo account already. You will both receive a new separate joint account card.

If you are 16 or 17 and want to open a Monzo account, you can access all of the same benefits that full UK current account users receive. The only difference is that certain actions are blocked, such as spending on activities that are illegal to under 18 year olds, e.g. gambling.

Signing up for an account does not involve a full credit check and therefore won’t affect your credit score.

Monzo’s account opening referral scheme

Monzo’s refer a friend cash bonus is back for 2022. As the name suggests, the “Give £5, Get £5” scheme means that if you open a new Monzo account via an invite that an existing Monzo customer has sent you, then you’ll both be given £5 by the bank. Newbies will also need to make a card payment in the first 30 days of opening their account for both parties to qualify for the pay-out. For existing account holders, there is no limit to how many people you can invite to sign up to Monzo.

Monzo last ran a similar cash referral scheme back in 2019, so if you were already intending to opening a Monzo account then now could be a good time to sign up to earn yourself, and your friend, some free cash.

Is Monzo good to use abroad?

You can use a Monzo card abroad really easily. You don’t have to do anything! Just travel anywhere in the world and there are no charges for card transactions at all and no charges for ATM withdrawals up to £200 a month – then there’s a 3% fee. The monthly limit for cash withdrawals in European countries is slightly higher at £250, but be aware that is a combined threshold for ATM withdrawals made in the EEA and the UK (then the 3% fee applies).

If spending cash abroad is what is most important to you, we recommend considering Starling Bank. Starling’s account offering is very similar to Monzo’s, and there’s no charge on overseas card transactions, but there are also no charges at all for withdrawing cash abroad, and the maximum amount you can withdraw at an ATM each day is £300.

Also be aware that individual foreign ATMs may charge a fee too – that’s to do with the ATM network itself and nothing to do with Monzo though. All transactions on your Monzo card in a foreign currency are made at the current day’s Mastercard exchange rate, offering a competitive rate that responds to the live market.

Then, when you get back from your trip, Monzo will send you a little summary of how much you spent.

Saving with Monzo

Monzo doesn’t offer savings accounts itself, but it’s got a shiny new savings marketplace, which means that you can open a savings account with another provider directly from the Monzo app (Monzo refers to those as “savings pots”). We’ve got a full review of Monzo’s savings feature if you want to read more.

Also, if you don’t want to open a separate savings account you can just set money aside in a regular Monzo “pot” – but this won’t pay interest.

Monzo’s pots are a great way to use a budgeting technique known as “piggy banking”. Our guide to piggy banking. gives you the lowdown on how to budget better using this popular technique.

As we mentioned above, you can also simply apply the “round up spare change” feature and add it to your pot (e.g. a £2.57 spend at Sainsbury’s is rounded up to £3, which equals 43p set aside into your pot.) If you like the sound of this, maybe you should also check out Moneybox. It’s the same principle, but your spare change is then invested to potentially boost your savings.

What does the Monzo app look like?

Monzo app
Monzo app
Monzo app

Monzo personal loans

You can now apply for a personal loan from the Monzo app. You’ll be able to borrow between £200 and £15,000, but approval will depend on your credit history and score.

Unlike with many high street lenders, Monzo offers you a personalised quote before you actually apply. This way, you’ll know exactly how much the loan will cost you from the start. Monzo does check your credit score but won’t proceed with a “hard” credit check unless you decide to actually take out the loan. If you don’t, nothing will show on your credit record.

We also have a dedicated review of Monzo’s personal loans if you want to learn more.

Monzo’s energy switching service

Monzo now also offers an energy switching service. It’s similar to its savings marketplace – Monzo doesn’t offer the service in-house, but partners up with providers that do. If you want to give it a go, you can open your Monzo app and fill in some details about your house and energy use. Monzo will then offer you quotes from its partner providers. If you do decide to sign up to one of these, you’ll get up to £50 credit for switching.

Monzo Flex

This is Monzo’s new buy now, pay later (BNPL) option. If you’re a Monzo account holder, the Flex feature is designed to let you pay for purchases over £30 in a series of instalments.

Monzo Flex involves an up-front application in the Monzo mobile banking app, where you’ll get an instant decision. If you’re approved, you’ll get your own individual credit limit. You can then choose to pay for a purchase in 3 interest-free instalments, or in 6 to 12 instalments at an interest rate of 19% APR (variable). Your first instalment is taken straight away, and instalments are then taken monthly until you’ve paid off the total amount due.

You can edit your instalment plan at any time, by paying off the plan early for no fee, or by organising to pay for a purchase over a longer time period. It’s also possible to “turn back the clock” and choose to use Flex on an existing transaction made with your Monzo card from the last 2 weeks. Your Flex balance sits alongside your Monzo account balance in the app, so you can see all your spending in one place.

Monzo fees and limits

  • Card payments. Free in the UK and abroad.
  • UK ATM withdrawals. There is a 3% charge on withdrawals of more than £250 in a 30-day period across the UK and EEA. The maximum cash withdrawal limits are £400 a day and £5,500 a month.
  • Foreign ATM withdrawals. ATM withdrawals in Europe will fall within your combined £250 UK and EEA monthly limit, with a 3% charge on amounts taken out above that. Elsewhere in the world, cash withdrawals are free up to £200 a month, with a 3% fee after that.
  • Cash deposits. You can load cash into your account at all PayPoints. It will cost £1 a transaction. You can deposit up to £300 a day and up to £1,000 every six months.
  • Card replacements. You’ll need to pay £5 for each replacement you order – unless you’re a victim of fraud, card theft or your card has reached its expiry date.

Monzo Plus

Monzo has also launched an upgraded current account called Monzo Plus, which comes at a cost of £5 per month.

Monzo Plus comes with all the features of the regular Monzo account, but with some noticeable differences that the brand hopes will entice fee-paying customers. Two of the more striking features include the Open Banking-powered ability to see all of your bank accounts in one place, and the introduction of “virtual cards”, which are designed to help you shop more safely online.

Speaking of cards, the physical one accompanying this account is “holographic” and comes in blue, rather than Monzo’s customary hot coral shade. You can use this card to withdraw more money for free at overseas ATMs – up to £400 a month, compared to the current £200 limit on standard Monzo.

The Plus account also comes with a more advanced version of the “round up” feature – which many Monzo account holders already use to siphon off spare change into regular or savings “pots”. You can create custom spending categories and drill down more into those categories, even splitting out one bill across different categories.

You can also check your TransUnion credit score every month through the Plus account, and earn interest of 1.00% AER/Gross (variable) on balances of up to £2,000.

These new account features will certainly appeal to banking customers who are after more enhanced money management options, but you’ll need to weigh up whether at £5 a month (or £60 a year) these options are a definite must have. Learn more about Monzo Plus here. Monzo also has a premium account which we have reviewed here.

The differences between Monzo and Monzo Plus

MoznoMozno Plus
Account nameMonzoMonzo Plus
Card colourHot coralYou can choose from ‘midnight sky’ or ‘blue lagoon’ as well as the distinctive ‘hot coral’ design
FeesNo monthly fee£5 a month
UK ATMsUK cash withdrawals are free of charge up to £250 every 30 days, then there’s a 3% feeAll UK cash withdrawals are free of charge and the daily ATM withdrawal limit is £400 in the UK
Foreign ATMsFree cash withdrawals in the EEA up to £250 a month (this is a combined EEA and UK limit); elsewhere abroad £200 fee-free cash withdrawals every 30 days (then a 3% charge)Free cash withdrawals in the EEA; £400 fee-free cash withdrawals elsewhere abroad every 30 days (then a 3% charge)
Savings interest rateNo interest paid on account balanceEarn 1.00% AER/Gross (variable) interest on your account balance and money in regular pots (not including savings pots) up to £2,000 – you will be paid the interest at the end of each month
Virtual cardsNoYes
Free cash deposits at PayPoints across the UKNo – £1 charge for every cash depositFree once a month, then £1 for each deposit
Other accounts in MonzoNoAdd other bank accounts and credit cards to Monzo to see your balances and transactions, and move money around with easy bank transfers
Spending categoriesYes – 12 set categories for your spendingYes – and you can create custom categories for all your spending
FSCS protectionYour eligible deposits in Monzo are protected by the Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per personYour eligible deposits in Monzo are protected by the Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person
Credit scoreNoIn-built credit tracker to see your TransUnion credit score and track how it changes each month; also has helpful info about what a credit score is and how to improve yours
Rewards programNoOffers such as 15% off Patch plant and plant pot orders over £50, 25% off a Fiit home workout membership and 20% off an annual subscription to Babylon Health

Monzo overdraft fees

Monzo offers an optional overdraft to its customers that you can activate in the app. Enter your address, previous addresses and salary, and Monzo will run a soft credit check on you (this won’t affect your credit score).

If you’re accepted, Monzo will instantly set up an overdraft for you. The limit will depend on your salary and credit history and can be up to £3,000. You’ll then be presented with an agreement – and unlike the initial soft credit check, accepting the terms will leave a record on your credit history.

Monzo charges overdraft interest rates of 19%, 29% or 39% EAR (variable) depending on your credit score.

The vast majority of payments which exceed an arranged overdraft limit will simply be rejected. Some payments, like those to TfL, can’t be rejected because they are “offline” – in which case, you’ll go into an unarranged overdraft, which Monzo will price just like the arranged one.

Is Monzo a bank?

Yes! Monzo is a bank. “Monzo Bank Ltd” is authorised in the UK by the Prudential Regulation Authority (PRA) and is regulated by the Financial Conduct Authority (FCA).

Is Monzo safe?

It’s as safe as any other bank. The money in your Monzo account is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. The FSCS is an independent statutory fund set up to safeguard consumer finances in the event of a bank being unable to meet its payment demands. Monzo has full FSCS protection, covering up to £85,000 of your money – as is the standard for UK bank accounts.

Live chat support24/7 live chat support available in the app
Telephone supportIn the UK dial: 0800 802 1281 and from abroad dial: +44 20 3872 062
Email supportEmail:
Touch login
Face ID
Voice ID
Closing your accountEmail: to close your account
Order replacement cardOrder in the app, card should arrive within 5 working days
Freeze card from app or online banking
Report card lost or stolenYes, through the app
Cancel direct debitsCancel direct debits in the app

Monzo customer reviews

In our independent 2022 Banking Customer Satisfaction Awards, Monzo received a rating of 5 out 5 stars, with 89% of users saying they would recommend its current account. The brand’s well designed and user-friendly app, plus the overall experience, were favourites with customers.

It’s a similar story on other online customer review forums. On Trustpilot, Monzo has 4.5 out of 5 stars and a rating of “excellent”, based on more than 21,000 reviews.

Pros and cons of Monzo


  • Full UK current account – you can do all the stuff you can do with a normal bank and more.
  • Apply quickly from the app without proof of address – you won’t be credit-checked unless you apply for an overdraft.
  • Slick, fun app that is packed with cool features.
  • Spend abroad with no fees at the Mastercard exchange rate.
  • Deposit cash into the account at any store which shows the PayPoint logo.
  • Buy now, pay later option for account holders (Monzo Flex).
  • Open a savings account directly from the app with one of the providers Monzo works with.
  • Fully FCA-licensed and FSCS-protected.


  • No bank branches isn’t great for those who prefer face-to-face customer service.
  • 3% charge for overseas ATM withdrawals over £200 – some other digital bank accounts (e.g. Starling Bank) have no such charges.

Our verdict

Monzo is the most popular digital challenger bank in the UK (by customer numbers), and for a good reason. It’s free account is super easy to use, set up and manage, and the app is colourful and fun (as long as you can live with the loud, judgemental sound it makes every time you spend money!).

The only real drawback is the limit on free ATM withdrawals abroad, which is quite low compared to that of Starling, for example. For most people this won’t really be an issue, but if you are a bit of a globetrotter and often travel to countries where cash is still king, you might want to consider the alternatives.

All in all, Monzo is great if you’re looking for a mobile-first current account with almost no fees, a slick user experience and a young and fresh vibe. Whether you’re planning on using it as a primary current account for your day-to-day finances or as a secondary account when you travel, it does the job quickly, efficiently and with a degree of cheerfulness.

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Banking ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

The customer satisfaction score ("Customers say") is based on a survey of 2,282 customers carried out in December 2021.

Learn the details of our methodology and scoring.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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50 Responses

  1. Default Gravatar
    EmApril 13, 2019

    Looking at this- my partner currently has an ‘optimum’ prepaid card (we’re trying desperately to budget) that I load a certain amount of money on a week for him. Is there any way a Monzo card has this facility or some sort of ‘lock’ to not allow access to any money other than that given for the week?

    • Avatarfinder Customer Care
      JoshuaApril 15, 2019Staff

      Hi Em,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      Monzo offers the Pots feature. It allows you to set money aside within your main Monzo account. You have the option to set up multiple Pots for different purposes, and on the Account tab, you will see an overview of all your money.

      The Pots feature allows you to stick to your savings goals since it locks your Pots until a date you choose and you won’t be able to take money out till then.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  2. Default Gravatar
    EdriaMarch 29, 2019

    I transfer some money into a friend’s Monzo account 2 days ago and the account was frozen after. How can I get refund?

    • Avatarfinder Customer Care
      JeniMarch 30, 2019Staff

      Hi Edria,

      Thank you for getting in touch with Finder.

      I’m afraid that your Monzo account-holder friend needs to get in touch with Monzo regarding this matter. You may also seek assistance from your bank if they may assist you on reversing the transaction.

      I hope this helps.

      Thank you and have a wonderful day!


  3. Default Gravatar
    MalikMarch 27, 2019

    The Monzo bank account check the credit scores for Overdraft

    • Avatarfinder Customer Care
      nikkiangcoMarch 28, 2019Staff

      Hi Malik,

      Thanks for getting in touch! All banks don’t disclose which credit bureau they report to – sorry for the inconvenience. Hope this clarifies!


  4. Default Gravatar
    DeeMarch 26, 2019

    Do you have to pay a monthly subscription to use your monzo bank account?

    • Avatarfinder Customer Care
      JeniMarch 29, 2019Staff

      Hi Dee,

      Thank you for getting in touch with Finder.

      No subscription fee to use Monzo. All UK cash withdrawals and payments are free of charge.

      I hope this helps.

      Thank you and have a wonderful day!


  5. Default Gravatar
    JordanFebruary 25, 2019

    Does Monzo accept customers if they have bad credit history?

    • Avatarfinder Customer Care
      CharisseFebruary 26, 2019Staff

      Hi Jordan,

      Thanks for reaching out to Finder.

      Yes, as you do not need to pass a credit scoring application to be accepted for Monzo current account.

      To open a Monzo account, they only run a soft check which leaves a fingerprint but does not affect your credit score. They will run a hard check if you opt to take an overdraft.

      I hope this helps.


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