Monzo

Who they are

Monzo was founded in 2015 with a simple ambition: put a full bank in your pocket. Launched as a scrappy startup, it set out to "build a current account that lives on your smartphone," and a decade later it has grown into Britain's largest digital bank, reaching full-year profitability along the way. As of May 2026, Monzo reported having more than 15.2 million customers and customer deposits exceeding £25 billion.

The coral-coloured card and the app are what most people know, but Monzo is a proper UK bank. It is a fully regulated UK bank, authorised by the Prudential Regulation Authority and regulated by the FCA and the PRA. It has full FSCS protection and does not share its licence with any other institution, so deposits up to £120,000 per person are covered independently.

Savings accounts

Monzo's savings range is broader than many people realise. The two headline accounts - Instant Access Savings and Instant Access Cash ISA - both pay 2.75% variable and are open from just £1. Step up to the Select Access versions of either account and the rate rises to 3.65% variable, though you need at least £500 to open one.

If you are building a habit rather than sitting on a lump sum, the 2026 Saving Challenge pays 5.00% variable - the standout rate in the range. For families, there is also an Under 16s Instant Access account at 2.75% variable. Monzo also offers a Stocks and Shares ISA for those who want to invest rather than save in cash; uninvested cash inside it carries separate FSCS protection of up to £85,000, while the cash savings accounts all sit under the £120,000 deposit limit. Your current account, regular pots, savings pots and Cash ISA all count as one pool for FSCS purposes , so it is worth keeping that combined total in mind if you hold a significant balance here.

There is no current account switch offer from Monzo at the time of writing.

Is it right for you?

Monzo suits people who want their savings and everyday banking in one well-designed app. The regular saver rate is genuinely competitive, and having instant-access Cash ISA options alongside a children's account and a Stocks and Shares ISA means most household needs are covered under one roof. The trade-off is that there are no fixed-rate bonds if you want to lock money away for a guaranteed return, and the Select Access accounts require a £500 minimum.

All rates are variable and move over time. Check the live figures shown on this page before you decide - they are always more current than any article.