What interest rate does the Monzo Fixed Rate Cash ISA pay?

The Monzo Fixed Rate Cash ISA pays 4.70% AER fixed.

How much interest could I earn?

Saving £10,000 for 1 year would earn about £470 at 4.70% AER. This assumes the rate stays the same and interest stays in the account.

How much can I pay in?

You can deposit at least £500 and up to £20,000.

Can I withdraw my money?

No. Withdrawals aren't allowed until the account matures.

When is interest paid?

Interest is paid at the end of the term.

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.

Can I transfer an existing ISA in?

No, this ISA doesn't accept transfers in from other ISAs.

How does it compare with other one-year cash ISAs?

At 4.70% AER it ranks 19th of 60 one-year cash ISAs we track. The best pays 4.97% and the average is 4.43%.

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Cash ISA Compare 1 Year Fixed Rate Cash ISAs

Monzo 1 Year Fixed Rate Cash ISA Review

A competitive one-year cash ISA from Monzo. It ranks 19th of 60 one-year cash ISAs we track.

Rate checked Oct 2026Got this account? Leave a review

Fixed rate · 1 year

4.70%AER

Needs a Monzo current account

Rate checked Oct 2026Got this account? Leave a review

Protection

FSCS£120,000

Min balance

£500

Max balance

£20,000

Access

At maturity only

Interest paid

On maturity

Transfers in

Not accepted

How It Stacks Up

Ranks 19th of 60

1-year cash ISAs we track

Above average

This account 4.70%

UK CPI (Aug 2026): 3.10%; Pays 1.60% more
Average 1-year cash ISA: 4.43%; Pays 0.27% more
Best 1-year cash ISA: 4.97%; Pays 0.27% less

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

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A Good Fit For

Pro: Flexible: take money out and put it back in the same tax year without using more allowance

Worth Weighing Up

Con: Your money is locked in for 1 year
Con: You need a Monzo current account to open it
Con: It doesn't accept transfers in from other ISAs

Good to Know

Monzo current account required; UK residents aged 18+. Same rate on every Monzo plan. Monzo's Cash ISAs are flexible.

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Estimated returns with Monzo's Cash ISA

What you could earn with Monzo's Fixed Rate Cash ISA.

Estimated interest

£1,000 saved

£47.00

At 4.7% AER

£5,000 saved

£235

At 4.7% AER

£10,000 saved

£470

At 4.7% AER

£20,000 saved

£940

At 4.7% AER

Estimated over one year, if the rate stays the same and interest is left in. Amounts outside the account's minimum or maximum aren't shown.

Our Expert Opinion on Monzo Fixed Rate Cash ISA

Jonny PeaseCo-Founder, DepositScout

Monzo's one-year fixed Cash ISA pays 4.70%, which is above the cash ISA market average but still 0.55% behind the category leader at 5.25%. It beats August 2026 CPI of 3.1% by 1.60%, so your money grows in real terms. The £500 minimum is low, though the £20,000 cap is the ISA annual allowance anyway. The real catch is no access until maturity, and Monzo does not accept ISA transfers in, so existing ISA money cannot move here. Charter Savings Bank and Virgin Money both offer 4.77% for the same term if you want a little more.

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