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.

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Monzo Bank

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 and a range of Monzo’s own accounts.

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

Table: sorted by interest rate
Monzo Bank's best easy access rate of 4% is significantly lower than today's market-best rate of 6.89%.
1 - 4 of 4
Product Account type Withdrawals Min. opening balance Rate Deposit protection Open via Incentive
Monzo Bank – Instant Access Cash ISA - Perks and Max
Monzo Bank logo
Cash ISA
Instant access
£0
4% AER variable
FSCS logo
protected
Open via: mobile app. Additional account needed
Go to siteView details
Monzo Bank – Instant Access Savings Pot - Perks and Max
Monzo Bank logo
Variable
Instant access
£0
4% AER variable
FSCS logo
protected
Open via: mobile app. Additional account needed
Go to siteView details
Monzo Bank – Instant Access Savings Pot
Finder Award
Monzo Bank logo
Variable
Instant access
£0
3.5% AER variable
FSCS logo
protected
Open via: mobile app. Additional account needed
Go to siteView details
Monzo Bank – Instant Access Cash ISA
Monzo Bank logo
Cash ISA
Instant access
£0
3.5% AER variable
FSCS logo
protected
Open via: mobile app. Additional account needed
Go to siteView details
loading
Compare more instant and easy access accounts up to 6.89%

Cash ISAs

Table: sorted by interest rate
Monzo Bank's best cash ISA rate of 4% is lower than today's market-best rate of 5.55%.
1 - 2 of 2
Product Rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description
Monzo Bank – Instant Access Cash ISA - Perks and Max
Monzo Bank logo
4% AER variable
£1
Monthly
Instant access
FSCS logo
protected
Open via: mobile app. Additional account needed
Go to siteView details
Monzo Bank – Instant Access Cash ISA
Monzo Bank logo
3.5% AER variable
£1
Monthly
Instant access
FSCS logo
protected
Open via: mobile app. Additional account needed
Go to siteView details
loading
Compare more ISAs up to 5.55%

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, either through Monzo or 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 offers a range of savings accounts:

  • 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.
  • Fixed. These have higher rates, but lock away your money for a set period of time. These are available to open through Monzo, but they’re actually held with other banks.
  • Easy Access. They allow you to access your money when you need it. Unlike with a Pot, it can take a couple of business days to transfer funds back to your current account. They’re also held with other banks, but opened through Monzo. A £10 minimum deposit is 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

Pros

  • You can compare accounts and apply directly from the app in a few minutes.
  • You can manage your savings account from the app and see how much you’ve saved and how much you’ve earned in interest.
  • The app has a few innovative features that really make budgeting and saving easy and fun.

Cons

  • You can get better rates elsewhere in the market.
  • It can take a while to withdraw your money from the third-party accounts.

Customer service information for Monzo

Email support
Telephone support
In-app or live chat
Contact form
Branch support

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.

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

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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Valentina Cipriani's headshot
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

Jason Loewenthal's headshot
Co-written by

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

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