What interest rate does the Monzo Fixed Rate Savings pay?

The Monzo Fixed Rate Savings pays 4.70% AER, fixed for one year.

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.

Can I withdraw my money?

No. Your money is locked in until the fixed term ends, so only put in what you won't need before then.

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 one-year fixed rate bonds?

At 4.70% AER it ranks 23rd of 70 one-year fixed rate bonds we track. The best pays 5.12% and the average is 4.52%.

Dashboard

Fixed Rate

Monzo Fixed Rate Savings Review

A competitive one-year fixed rate bond from Monzo. It ranks 23rd of 70 one-year fixed rate bonds 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

No limit

Access

At maturity only

Interest paid

On maturity

How It Stacks Up

Ranks 23rd of 70

1-year fixed bonds we track

Above average

This account 4.70%

UK CPI (Aug 2026): 3.10%; Pays 1.60% more
Average 1-year fixed: 4.52%; Pays 0.18% more
Best 1-year fixed: 5.12%; Pays 0.42% less

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

Compare fixed bonds

Worth Weighing Up

Con: Your money is locked in for 1 year
Con: You need a Monzo current account to open it

Good to Know

Monzo current account required; UK residents only. Same rate on every Monzo plan.

Please verify all details with the provider – see our Disclaimer

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Estimated returns with Monzo's Fixed Rate

What you could earn with Monzo's Fixed Rate Savings.

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

£50,000 saved

£2,350

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.

Work out the tax on your interestSee how much of this interest could be taxed.

Our Expert Opinion on Monzo Fixed Rate Savings

Jan WatermannCo-Founder, DepositScout

Monzo's Fixed Rate Savings pays 4.70% fixed for one year, which at least beats CPI inflation of 3.1% by 1.60%, but it sits below the market average for fixed-rate accounts and 0.67% behind the category leader at 5.37%. If you already bank with Monzo and want simplicity, the account works well with a £500 minimum and no fuss, but shoppers should note that Marcus offers a one-year fix at 4.75% and Tesco Bank at 4.84%. The real catch is the usual one for fixed bonds: your money is completely locked away until maturity.

Compare Fixed Rate Bonds