Monzo savings rates — compare every account, plus switch offers and guides

Who they are

Monzo was founded in 2015 with an ambition to build banking around the smartphone rather than the branch. The vision was clear from the start: a bank that "lives on your smartphone", delivering instant notifications, intuitive budgeting, and a user-friendly experience starkly different from high-street incumbents. In April 2017, Monzo was granted its full banking licence by the Prudential Regulation Authority and the Financial Conduct Authority , cementing its status as a proper regulated UK bank rather than just a fintech experiment. As of May 2026, Monzo reported having more than 15.2 million customers and customer deposits exceeding £25 billion.

The bank is independently owned and operates under its own UK banking licence - which means your FSCS protection sits with Monzo directly, not shared with another brand.

One recent development worth knowing about: the FCA fined Monzo £21 million in 2025 for anti-money laundering failings during a period of rapid growth between 2020 and 2022. Monzo cooperated fully, invested heavily in its compliance systems since then, and has stated the issues are resolved. It is a settled matter, but it is worth being aware of.

Savings accounts

Monzo offers a decent spread of savings options, all sitting within the main app. For straightforward easy access, the Instant Access Savings account pays 2.75% variable with a minimum of just £1. If you can commit a minimum of £500, the Select Access Savings account pays a higher variable rate of 3.65%.

The same two-tier structure applies to Cash ISAs. The Instant Access Cash ISA pays 2.75%, again from £1, while the Select Access Cash ISA pays 3.65% with the £500 minimum. There is also a Stocks and Shares ISA - worth noting that investments there are protected up to £85,000 by the FSCS, with any uninvested cash covered up to £120,000.

For those who enjoy a structured challenge, the 2026 Saving Challenge is a regular saver account paying 5.00% - the standout rate in Monzo's savings lineup. Monzo also caters to families: there are two Under 16s savings accounts, both paying 2.75% variable on instant access balances from £1.

All savings accounts carry FSCS protection of up to £120,000 - notably higher than the standard £85,000 limit - because Monzo holds savings deposits separately from current account funds.

Is it right for you?

Monzo suits people who want their current account and savings under one roof, managed entirely through an app that consistently ranks among the best in UK banking for usability. The savings rates are competitive without being market-leading on easy access, though the 5.00% regular saver and the 3.65% Select tier give active savers real options. The absence of branches means everything happens in-app, which works well for most people but is worth considering if you ever need to deposit cash - Monzo charges £1 per cash deposit on the free tier.

Rates are variable and will move over time. Check the live figures on this page before you decide.