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 4.5% is available on one of its cash ISA accounts.

Easy access savings accounts

Monzo Bank's best easy access rate of 3.65% is significantly lower than today's market-best rate of 6%. Compare more instant and easy access accounts up to 6%

Cash ISAs

Monzo Bank's best cash ISA rate of 4.5% is slightly lower than today's market-best rate of 5.25%. Compare more ISAs up to 5.25%

Fixed-rate bonds

Monzo Bank's best fixed-rate bond rate of 4.5% is slightly lower than today's market-best rate of 5.25%. Compare more fixed-rate bonds up to 5.25%

What is Monzo Bank's best savings account with the highest interest rate?

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	3.65%
Best cash ISA rate	4.5%
Best fixed-rate bond rate	4.5%
Fixed bond terms	1 year - 3 years
Opening options	Mobile app
FSCS protection

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 2026/2027). 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

Monzo and Finder Awards

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. 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 £120,000.

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