Monzo savings review
Spending money is more fun than saving it, but Monzo is great for squirrelling away a few quid each month without thinking about it too much.
![Monzo Bank Monzo Bank](https://www.finder.com/niche-builder/6508159ee75dc.png)
After becoming one of the most popular UK challenger banks offering digital only-current accounts, Monzo created a savings marketplace, which offers its customers the ability to save money via a selection of third-party banks.
Looking for Monzo’s current account? Read our review
Monzo Bank's top savings rate of 4.8% is available on one of its fixed-rate bond accounts.
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Monzo Bank offers, plus the highest interest rate currently available.
Savings account types include | Easy access, cash ISAs, fixed-rate bonds |
---|---|
Best easy access rate | 4.6% |
Best cash ISA rate | 4.6% |
Best fixed-rate bond rate | 4.8% |
Fixed bond terms | 6 months - 1 year |
Opening options | Mobile app |
FSCS protection |
If you have a current account with Monzo and are looking to open a separate account for your savings, you have two main options:
The rates on Savings Pots are fairly competitive, but keep in mind you can still get better ones if you go on the provider’s website and apply directly from there.
Monzo’s Savings Pots feature, which launched in April 2019, allows you to choose among the following types of accounts:
Easy access ISAs. To earn tax-free interest; the maximum balance is your annual ISA allowance (£20,000 for 2024/2025). To keep the account open you’ll need to have at least £10 in it.
The minimum deposit for all Savings Pots is £10.
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:
Email support | |
---|---|
Telephone support | |
In-app or live chat | |
Contact form | |
Branch support |
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.
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.
Learn more about GoHenry and Starling Kite and find out which is the better prepaid card option for your child.
Our fixed-rate ISA calculator estimates whether paying the get-out penalty on your ISA is worth it to open a new one at a better rate.
Recent estimates suggest that over 8 million people live alone in the UK, so we’ve crunched the numbers to find the cost of being single.
Monzo is getting in on the cards-for-kids action. And this one is free. Get ready to dish out the Monzos, mum-zos!
Before you switch accounts to Bank of Scotland, check to see if you can grab a juicy switch bonus.
Learn all about how to get the latest switching offer from Halifax.
Learn all about how to get the latest switching offer from Nationwide.
Find out the cost and car insurance group of a Volvo XC40, and see how much you could pay based on age, location and model.
Find out the cost and car insurance group of a Mini Cooper S and see how much you could pay based on age, location and model.
Find out the cost and car insurance group of a Smart car, and see how much you could pay based on age, location and model.
I have opened a Monza account which way will just use for holidays abroad, can I just transfer money on a monthly basis to build it up
Hi Kerry,
Thanks for getting in touch! Yes, you can use the “POTS” type of Monzo account. As it says on our page, 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.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki