Monzo savings review

After becoming one of the most popular UK challenger banks offering digital only-current accounts, Monzo created a savings marketplace to offer customers the ability to save money via a selection of third-party banks and a range of Monzo’s own accounts.

However, in early 2025, Monzo stopped offering its external savings and you can now only open savings pots with Monzo itself.

Looking for Monzo’s current account? Read our review

Monzo Bank's top savings rate of 4% is available on one of its easy access accounts.

Easy access savings accounts

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Product	Account type	Withdrawals	Min. opening balance	Rate	Deposit protection	Open via	Incentive
Monzo Bank – Instant Access Cash ISA - Perks and Max	Cash ISA	Instant access	£0	4% AER variable	protected	Open via: mobile app. Additional account needed		Go to siteView details	loading Fetching your data...
Monzo Bank – Instant Access Savings Pot - Perks and Max	Variable	Instant access	£0	4% AER variable	protected	Open via: mobile app. Additional account needed		Go to siteView details	loading Fetching your data...
Monzo Bank – Instant Access Savings Pot Finder Award	Variable	Instant access	£0	3.5% AER variable	protected	Open via: mobile app. Additional account needed		Go to siteView details	loading Fetching your data...
Monzo Bank – Instant Access Cash ISA	Cash ISA	Instant access	£0	3.5% AER variable	protected	Open via: mobile app. Additional account needed		Go to siteView details	loading Fetching your data...

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Cash ISAs

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Product	Rate	Minimum investment	Interest paid	Withdrawals	Deposit protection	Open via	Incentive	Table product description
Monzo Bank – Instant Access Cash ISA - Perks and Max	4% AER variable	£1	Monthly	Instant access	protected	Open via: mobile app. Additional account needed			Go to siteView details	loading Fetching your data...
Monzo Bank – Instant Access Cash ISA	3.5% AER variable	£1	Monthly	Instant access	protected	Open via: mobile app. Additional account needed			Go to siteView details	loading Fetching your data...

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How do Monzo’s savings accounts work?

If you have a current account with Monzo and are looking to open a separate account for your savings, you have 2 main options:

• Pots. More than savings accounts, these are sub-accounts of your main Monzo current account. You can open them without any further documentation or application forms, then transfer money in and out of them instantly, but you won’t get any interest on your balance. They’re often used to save money towards a goal: if you want to save for your next holiday, you can open a Pot called, say, “Greece”, then move money there when you like.
• Savings Pots. These are actual savings accounts and they can now only be opened with Monzo (previously you could also select an account with a third party provider). It’s easy to compare all your options and open an account directly from the Monzo app. Once you’ve opened one, you can see the account balance in the app, which will also calculate your weekly interest, and set up a standing order to fund it regularly.

The rates on Savings Pots are fairly competitive, but there are better rates available in the market. If you already bank with Monzo and want to keep all your finances in the same place, this can be a good option.

What types of savings accounts does Monzo offer?

Monzo currently only offers instant access savings accounts and cash ISAs. It previously also offered easy access accounts, where withdrawals took a little longer but rates were slightly higher, and fixed term savings accounts – but these were discontinued in March 2025.

• Instant Access. As the name suggests, you can withdraw the money instantly and access it whenever you need it. You can open up to 20 and they’re also available as joint accounts. There’s no minimum balance to open.
• Instant Access Cash ISA. You can earn tax-free interest on anything you deposit into an ISA, up to your annual ISA allowance of (£20,000 for 2024/2025). There’s no minimum deposit required to open.
• 1p saving challenge. Monzo launched this challenge in 2025, with the goal of helping people to make saving a habit. The idea is basically to add 1p on the first day, 2p on the next and 3p on the third, all the way up to adding £3.65 on New Year’s Eve. If you started on 1 January and kept going all year, you’d have £667.95 saved, plus whatever interest you earned on top of that. It’s automatic too, so you can set it up and forget about it.

Monzo app features that help you save

Apart from opening a savings account, you can also use the Monzo app to organise your spending and get it to save some money for you automatically. Useful features include:

• Spending categorisation. Every time you use your card, Monzo automatically categorises your spending and tells you how much you’ve been spending for groceries, household bills, shopping and so on.
• Budgets. You can set monthly budgets for different categories and Monzo will notify you if you’re spending too fast.
• Round-up feature. If you activate it, your transactions will be automatically rounded up to the nearest pound, with the spare change saved in a Pot. You can thus build up a reasonable amount of savings without having to think about it too much.
• Saving goals. You can set one up for each Pot and Monzo will let you know when you’ve reached your target.

Pros and cons of saving with Monzo

Customer service information for Monzo

The verdict: Is a savings account with Monzo worth it?

If you’re always on the hunt for the very best interest rate and are perfectly aware of your spending and savings patterns, Monzo is competitive but not the best available on the market. However, let’s face it, most of us aren’t like that.

We want to save, but we also don’t want to think about it too much or waste time comparing a million options. If that sounds more like you, Monzo is a good shout. It offers appealing rates and useful tools that make budgeting and saving less painful and more fun. However, the choice of accounts is now much more limited.

Finally, if you already have a Monzo current account, opening a savings account too is an effortless and quick process and you can go from not earning anything on your Pot to getting a nice rate on your Savings Pot in a few seconds.

Frequently asked questions

• Can I set up the round-up feature so that the spare change is automatically transferred to my Savings Pot?

  Yes, you can set the round-up feature with regular Pots, Savings Pots and even Investment Pots.

• Does Monzo pay any interest on current account balances?

  No, it doesn’t. If you are looking for a current account that pays interest, you can compare current accounts with interest on your balance here.

• Are deposits in Savings Pots protected?

  Yes. Monzo only offers savings accounts that are covered by the Financial Services Compensation Scheme, which protects your deposits up to £85,000.

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Written by

Valentina Cipriani

Writer

Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism. See full bio

Co-written by

Jason Loewenthal

Senior writer

Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio