Monzo Bank Limited is the UK mobile bank located in London. With about $1 billion in deposits, 2.8 million customers and 1,000 employees, it is one of the first app-based challenger banks in the country.

56,000 people open a Monzo account every week. The company offers personal current accounts, savings accounts, business accounts, basic bank accounts (if your credit score is low), joint bank accounts, credit cards, debit cards and travel insurance with Monzo Plus. If you have recently arrived in the United Kingdom, opening a Monzo account is simple. The Bank doesn’t ask you for proof of address, it verifies your date of birth instead. The company has offices in London, Cardiff, Las Vegas and Los Angeles. Monzo is part of the FSCS (Financial Services Compensation Scheme), so your money is protected up to £85K. In June 2019, Monzo announced that it will offer app-based checking accounts and Mastercard debit cards in the United States through Ohio-based Sutton Bank. Thomas Benjamin Blomfield is co-founder and CEO (Chief Executive Officer) of Monzo Bank.

Current Account:
You can withdraw up to £400 cash a day with your Monzo card.
You can withdraw up to £200 abroad every 30 days for free (there’s a 3% charge after that).
You can transfer up to £10,000 a day to any other UK bank account through the Monzo app.
You can send money internationally for up to 8x cheaper than with high street banks.

Monzo Savings accounts:

Monzo has a savings partnership with OakNorth, Investec, Charter Savings Bank, Paragon and Shawbrook Bank. You can open and manage the accounts through Monzo app. Create a savings pot in seconds to earn up to 1.81% interest on your money.

Easy access Accounts

Charter Savings Bank
Withdraw the next working day
£500 minimum deposit
1.15% AER, variable

Paragon
£500 minimum deposit
Withdraw the next working day
1.15% AER, variable

Shawbrook
£500 minimum deposit
Withdraw the next working day
1.12% AER, variable

OakNorth
£500 minimum deposit
Withdraw the next working day
1.00% AER, variable

Cash ISAs (Individual Savings Accounts)

OakNorth
£500 minimum deposit
Withdraw the next working day
1.14% AER, variable

Shawbrook
£500 minimum deposit
Withdraw the next working day
1.12% AER, variable

Fixed

Charter Savings Bank 12
£500 minimum deposit
Withdraw in 12 months
1.81% AER, variable

Charter Savings Bank 6
£500 minimum deposit
Withdraw in 6 months
1.37% AER, variable

Investec 12
£500 minimum deposit
Withdraw in 12 months
1.40% AER, variable

OakNorth 3
£500 minimum deposit
Withdraw in 3 months
1.35% AER, variable

OakNorth 6
£500 minimum deposit
Withdraw in 6 months
1.46%

OakNorth 9
£500 minimum deposit
Withdraw in 9 months
1.51% AER, variable

OakNorth 12
£500 minimum deposit
Withdraw in 12 months
1.63% AER, variable

Monzo Bank address:
38 Finsbury Square
London EC2A 1PX
United Kingdom
Telephone: 0800 802 1456
Website: monzo.com

CEO: Thomas Blomfield
Chairman: Gary Hoffman
Monzo app is available for iOS and Android.

Updated as of February 21, 2020.