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Monzo
UK current account that made banking feel like a group chat.
Legal entity: Monzo Bank Limited, Financial Services Register No. 730427. PRA/FCA authorised UK bank.
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8.1Strong
AlternativesFive questions
At a glance
Is it a bank?
Yes — UK bank (PRA / FCA). Still read the entity on the statement.
If it fails?
FSCS up to £120,000 per depositor per authorised firm (scheme cap from 1 December 2025) at Monzo Bank Limited.
Salary?
Yes, as a UK current account with sort code and account number, for UK residents who pass KYC.
Open from abroad?
You must be a UK resident to have a Monzo Current Account (Monzo terms).
Monthly fee
Free · Plus/Premium/Max paid
Account number
UK sort code / account number. Not an EEA IBAN bank.
NeoBankDB Verdict
Licence first · score second
8.1
/10 · Strong
The UK salary account to beat. Pair it with Wise or Revolut if you invoice in euros or dollars. Do not open Monzo expecting a travel-card replacement on the free plan.
What it is
Monzo is a PRA-authorised UK bank. It grew from a prepaid alpha card (Mondo) into a full current account with overdrafts, loans, and a US subsidiary. The hot-coral debit card is the most recognised fintech object in Britain. FSCS applies to eligible deposits at Monzo Bank Ltd.
Best for: UK residents who want FSCS protection and the best everyday app.
Last checked 2026-08-01. Not advice.
What it does well
- +Full UK bank, FSCS on eligible deposits
- +Pots and salary sorting still class-leading
- +In-app support that actually answers
- +Hot coral card is a cultural object, not a gimmick
What to watch
- −Not a multi-currency specialist
- −US product is a different, thinner bank
- −Paid plans needed for serious travel
- −Credit products are eligibility-gated
Legal entity, not the app icon
Who is behind it
- Legal name
- Monzo Bank Limited, Financial Services Register No. 730427. PRA/FCA authorised UK bank.
- Formerly
- Mondo
- Parent
- Monzo Bank Ltd
- Founders
- Tom Blomfield and co-founders; CEO is TS Anil
- Offices
- London
- If something goes wrong
- Financial Ombudsman Service — https://www.financial-ombudsman.org.uk/
Who holds the money
The account
- Platforms
- iOS · Android · Web
- Account types
- Personal · Joint · Business · Kids (Monzo Flex / Plus add-ons)
- Partner bank
- Monzo Bank Ltd (PRA / FCA)
- Minimum balance
- £0
- Lowest monthly fee
- £0
- Who can open
- UK residents; Business for UK companies
- Availability
- United Kingdom
- IBAN country
- UK sort code / account number. Not an EEA IBAN bank.
- Support
- In-app chat that actually answers — a scored strength
- Hours
- In-app chat — a scored strength
- Remote open
- You must be a UK resident to have a Monzo Current Account (Monzo terms).
- Onboarding
- UK residency, video/app KYC, proof of address.
- KYC documents
- UK-acceptable photo ID and proof of address.
- Minimum age
- 18 for a current account. Under-18 products are separate and restricted.
- Languages
- English
- Salary / payroll
- Yes, as a UK current account with sort code and account number, for UK residents who pass KYC.
- Local rails
- UK Faster Payments, BACS, Direct Debit. This is a sterling current account, not an EEA IBAN product.
- ATM network
- LINK / Visa; fee-free abroad up to plan caps
- Overdraft
- Arranged overdraft / Flex on eligible UK current accounts
How money actually moves
- Who holds the cash
- Insured bank deposit
- How money moves
- ACH / USD · Faster Payments
- Built for
- Personal · Freelancer
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Bank-grade; still not freeze-proof
- Card
- Monzo lists a physical card and a virtual card on mastercard, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
FSCS up to £120,000 per depositor per authorised firm (scheme cap from 1 December 2025) at Monzo Bank Limited.
Who holds the money: Monzo Bank Ltd
- PRA / FCAUK bank · United Kingdom
Fees
- Monthly
- Free · Plus/Premium/Max paid
- FX markup
- Fee-free FX up to plan caps, then a markup
- ATM
- Fee-free abroad up to plan caps
- Interest
- Instant Access savings pots
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- UK current account with sort code
- Salary sorting, pots, joint accounts
- Overdraft and loans (eligibility)
- Paid plans with travel and breakdown cover
- US account (separate entity)
Editorial, not a live demo
Screenshots and video
Official YouTube · MonzoMedia is editorial context, not a live demo of the app. Screenshots go stale — read the licence first.
Before you tap Sign up
How to open
Step 1
Be a UK resident
Monzo’s current-account terms require UK residency. A travel SIM is not residency.
Step 2
Pass KYC in the app
Photo ID and proof of address. 18+ for the current account.
Step 3
Use the sort code you get
This is a sterling current account at Monzo Bank Limited, FRN 730427. FSCS sits on that entity.
Official help: monzo.com/help
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 9.0
- Fees20%
- 8.2
- Features15%
- 8.0
- App15%
- 9.4
- Global15%
- 5.2
- Support10%
- 8.4
Change log
Full logProduct
Paid plans and interest pots expanded
Monzo Plus/Perks sit on top of the bank. Fees changed; the charter did not.
Product
Paid plans and interest pots expanded
Monzo Plus/Perks sit on top of the bank. Fees changed; the charter did not.
Licence
UK bank authorisation
This is a bank. FSCS on eligible deposits. Score it as such.
Licence
UK bank authorisation
This is a bank. FSCS on eligible deposits. Score it as such.
Available in
Straight answers
FAQ
01Is Monzo a bank?
Monzo is filed as UK bank. The named regulator is PRA / FCA. Still read the entity on the statement before you send money.
02What happens to money in Monzo if it fails?
Monzo Bank Limited is a UK bank. Eligible deposits are FSCS-protected up to £120,000 per person per authorised firm (scheme cap from 1 December 2025).
03What does Monzo charge each month?
The monthly fee on this file is Free · Plus/Premium/Max paid. Fees change — open the operator's pricing page if it is linked.
Ratings and reviews
5.0 / 5 from 1 published review on NeoBankDB.
Hannah L.
United Kingdom· 2026-08-27Verified userSalary, pots, and a UK bank licence. The app is the product.
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