Is Monzo a real bank?

Yes. Monzo Bank Limited is authorised and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Customer deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

Monzo's current account is completely free with no monthly fee. Monzo Plus costs £5/month and Monzo Max costs £17/month. These premium plans add features like credit score tracking, travel insurance, and higher interest on pots.

Can I use Monzo abroad?

Yes. Monzo can be used to spend abroad — Mastercard's exchange rate applies. Free plan users face limits on fee-free ATM withdrawals abroad (£200/30 days in the EEA, £200/30 days globally). Monzo Plus and Max users have higher limits.

Does Monzo offer overdrafts?

Yes. Eligible Monzo customers can access arranged overdrafts. The standard rate is 19%, 29%, or 39% EAR depending on your credit assessment. You can set your overdraft limit in the app.

Is Monzo available outside the UK?

No. Monzo is a UK-only product. If you need a multi-country digital banking solution, Revolut, N26, or Wise are better alternatives.

Home/London/UK Digital Banking/Monzo Review

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Is Monzo available in the United Kingdom?

Monzo is available to residents of the United Kingdom — here's how London readers can open an account and what to check first.

4.6

Based on 100,000+ user reviewsEst. 2015

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Quick Facts

UK customers9M+

FSCS deposit protection£85K

App Store rating4.9 ★

Founded2015

RegionEurope

Our rating

4.6

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Using Monzo in London, the United Kingdom

Confirm country eligibility with the providerRated 4.6/5 · 100,000+ reviews

Monzo operates as a licensed bank in the United Kingdom (Monzo Bank Ltd, FCA/PRA) and offers an app in the United States.

To open an account from the United Kingdom you will typically need UK or US residency and a local address. Eligibility, supported documents, fees and available products can change, so confirm the current requirements on Monzo's official site before you apply.

Digital Bank Networks earns a commission if you open an account through our link, at no extra cost to you. Our rating reflects the global product; always verify country-specific terms directly with Monzo.

Is Monzo available in the United Kingdom?

Yes. Monzo operates in the United Kingdom as of 2026. Monzo operates as a licensed bank in the United Kingdom (Monzo Bank Ltd, FCA/PRA) and offers an app in the United States. Confirm the latest eligibility and pricing on Monzo's official website before applying.

What is Monzo?

Monzo is the UK's largest digital bank, founded in 2015 with the goal of making banking better. With 9 million+ personal and business customers, Monzo holds a full UK banking licence from the Prudential Regulation Authority (PRA), meaning deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS). Monzo is known for its exceptional mobile app — consistently rated the UK's best banking app — which offers real-time spending notifications, Pots (virtual savings spaces), salary sorter, bill splitting, and budgeting tools. Monzo also offers overdrafts, personal loans, and a Business account for sole traders and limited companies.

Headquarters: London, UK

Founded: 2015

Key Features of Monzo

UK current account

Full current account with sort code and account number — accepted everywhere.

Pots

Create named savings pots, set aside money for bills, and earn interest on pots.

Instant notifications

Know the moment money leaves or enters your account — no more mystery transactions.

Salary sorter

Automatically split your salary between pots and spending when it arrives.

Bill splitting

Split restaurant bills, rent, or any expense instantly with Monzo contacts.

Business account

Free business current account for sole traders and limited companies with invoicing tools.

Monzo Pros & Cons

Advantages

Full UK bank with FSCS deposit protection up to £85,000
Best-rated UK banking app — 4.9 on App Store
Real-time notifications give complete spending visibility
Pots are excellent for budgeting and saving goals
Free to open with no minimum balance
Offers overdrafts and loans for eligible customers

Disadvantages

UK only — not suitable for non-UK residents
Interest on pots is lower than standalone savings accounts
Premium plans (Monzo Plus/Max) have a monthly fee

Who is Monzo Best For?

UK residents wanting the best banking app experiencePeople looking to budget and track spending automaticallySmall business owners and sole traders needing a business accountStudents and young people switching from big banksAnyone in the UK tired of legacy bank apps

Ready to get started with Monzo?Confirm eligibility for London with the provider

Open your account today and take advantage of everything Monzo has to offer.

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Frequently Asked Questions About Monzoin London

Is Monzo safe?

Monzo is a regulated financial services provider. Digital Bank Networks only features regulated, vetted affiliates. Always review the provider's terms, fees, and regulatory status before transferring funds. CFD and forex trading carries risk — please read all risk disclosures before trading.

Compare Monzo Alternativesin London

Starling Bank

4.7

4 million+ customers. UK's most award-winning digital bank. Free personal and business accounts, competitive interest on savings, and best-in-class business banking tools.

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Revolut

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Europe's most valuable fintech with 45 million+ customers. Multi-currency accounts, crypto trading, stock investing, travel cards, and budgeting — all in one app.

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N26

4.4

8 million+ customers across Europe and the US. Full banking licence, free current account, instant notifications, and smart money management — entirely on your phone.

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Wise

4.8

Multi-currency account trusted by 16 million+ customers for international banking and cheap cross-border transfers.

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