What interest rate does the Monzo 2026 Saving Challenge pay?

The Monzo 2026 Saving Challenge pays 5.00% AER variable.

Who can open this account?

New and existing Monzo customers can open it. You can open it in the app.

Is my money protected?

Yes. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per banking licence.

How does it compare with other regular savers?

At 5.00% AER it ranks 22nd of 48 regular savers we track. The best pays 8.00% and the average is 5.05%.

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Regular Saver

Monzo 2026 Saving Challenge Review

A regular saver from Monzo. It ranks 22nd of 48 regular savers we track.

Rate checked Oct 2026Got this account? Leave a review

Variable rate

5.00%AER

Rate checked Oct 2026Got this account? Leave a review

Protection

FSCS£120,000

Min balance

£0

Max balance

No limit

Access

Instant

Interest paid

Monthly

How It Stacks Up

Ranks 22nd of 48

Regular savers we track

Just below average

This account 5.00%

UK CPI (Aug 2026): 3.10%; Pays 1.90% more
Average regular saver: 5.05%; About the same
Best regular saver: 8.00%; Pays 3.00% less

Inflation: ONS. Averages and best rates: accounts on DepositScout.

Compare regular savers

A Good Fit For

Pro: New and existing savers
Pro: Savers who want instant access
Pro: Savers who want a monthly income
Pro: People who can save a set amount each month

Worth Weighing Up

Con: The rate is variable, so it can go down

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Our Expert Opinion on Monzo 2026 Saving Challenge

Jan WatermannCo-Founder, DepositScout

The 2026 Saving Challenge from Monzo pays 5.00% variable, which beats CPI inflation of 3.1% by 1.90%, but sits below the regular saver market average and 3.00% behind the category leader at 8.00%. The bigger catch is eligibility: Free plan holders earn no interest at all, so this account only makes sense if you are already paying for an Extra, Perks or Max plan. If you are on a free account, alternatives like Monmouthshire Building Society Regular Saver or Lloyds Bank Monthly Saver both match the 5.00% rate without that subscription hurdle.

Compare Regular Savers

2 alternatives to Monzo's 2026 Saving Challenge3 alternatives to Monzo's 2026 Saving Challenge

Same type of account, closest on rate.

Common questions about the 2026 Saving Challenge

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Easy Access rate just dropped

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Nationwide FlexSaver Rate Down

4.20% AER

4.75%

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