Is Monzo right for me?
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Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying. Some links are referral links — we may earn a commission. You can check a firm’s details on the FCA Register.
FSCS protects eligible deposits up to £120,000 per person, per authorised institution.
Quick answer
Monzo could suit you if you want a free app-based account with Pots, joint and family accounts, and the option to pay for extras. Paid plans only make sense if you’d use the perks.
Monzo at a glance
| Question | What we found |
|---|---|
| Monthly fee? | £0, or £3/£9/from £19 for plans |
| Instant Access savings? | 2.75% to 3.50% AER by plan |
| Fixed Rate pot? | 4.70% AER for 1 year |
| Switching? | CASS for personal, joint and business |
| Business account? | Yes, Lite plan free |
Figures as of 3 October 2026, from each provider’s own website. This is general information, not a recommendation.
Who it’s for
- You want a free account with strong budgeting tools
- You’d share an account with a partner or housemate
- You want a business account in the same app
Who should skip it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You’d upgrade only for the savings rate on a small balance
- You need branches
Full explanation
If you’re weighing a paid plan, list the perks you’d actually use and compare their value with the monthly fee.
For savings alone, compare Monzo’s rates with other easy-access accounts.
The catch
Higher savings rates depend on paying for a plan, and Max has a three-month minimum.
Some links in this table are referral links. We may earn a commission if you use them, at no extra cost to you. Rankings are based on our review methodology, not commission.
FAQs
Is the Monzo link a referral link?
Yes — we may earn a commission. It doesn’t affect what you pay.
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