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

The Monzo Fixed Rate Cash ISA pays 4.60% AER fixed.

How much interest could I earn?

Saving £10,000 for 2 years would earn about £941 at 4.60% 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.

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

At 4.60% AER it ranks 23rd of 44 two-year cash ISAs we track. The best pays 5.08% and the average is 4.54%.

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Cash ISA

Monzo Fixed Rate Cash ISA Review

A two-year cash ISA from Monzo. It ranks 23rd of 44 two-year cash ISAs we track.

Rate checked Oct 2026Got this account? Leave a review

Fixed rate · 2 years

4.60%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

How It Stacks Up

Ranks 23rd of 44

2-year cash ISAs we track

Just above average

This account 4.60%

UK CPI (Aug 2026): 3.10%; Pays 1.50% more
Average 2-year cash ISA: 4.54%; Pays 0.06% more
Best 2-year cash ISA: 5.08%; Pays 0.48% 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 2 years
Con: You need a Monzo current account to open it

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

£94.12

At 4.6% AER

£5,000 saved

£471

At 4.6% AER

£10,000 saved

£941

At 4.6% AER

£20,000 saved

£1,882

At 4.6% AER

Estimated over the 24-month term, 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 two-year fixed cash ISA pays 4.60%, which puts it near the market average for cash ISAs and 0.53% behind the category leader at 5.13%. It does beat inflation by 1.50 percentage points against August 2026 CPI of 3.1%, so your money is growing in real terms, but if you want a better fixed two-year ISA rate, Hodge Bank's equivalent is paying 4.85%. The main catch here is that your money is completely locked away until maturity, with no access permitted, and deposits are capped at £20,000.

Compare Cash ISAs