About this product
Monzo is a UK app-only bank with its own banking licence and more than nine million customers. The free account focuses on instant spending notifications, budgeting pots and fee-free card use abroad.
Advantages
- Budgeting Pots, salary sorter and instant notifications
- No Monzo fee on card spending abroad
- Consistently high customer service scores
Things to consider
- No branches; cash deposits at PayPoint or Post Office cost £1 each on the standard account
- Overdraft pricing depends on eligibility
Regulation and protection
Authorised by the Prudential Regulation Authority and regulated by the FCA and PRA. Eligible deposits are protected by the FSCS up to £120,000 per eligible person, per authorised firm. Accounts sharing a banking licence share this limit.