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Monzo

UK app-based bank with budgeting Pots, fee-free spending abroad and paid plan upgrades.

Free plan + paidMobile banking apps
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About Monzo

Monzo is a UK bank you run entirely from its app. The free personal current account comes with a debit card, instant spending notifications, Pots for setting money aside, a salary sorter that splits pay into bills and savings, bill-splitting with other Monzo users, and no fees for spending abroad. Joint accounts and accounts for under-16s and 16–17-year-olds are available, along with savings accounts, ISAs, investments, loans, a credit card and business accounts. Paid monthly plans (Extra, Perks and Max) add advanced budgeting tools, better savings rates, perks and insurance bundles. Eligible deposits are protected by the UK's FSCS scheme, and support is available around the clock in the app. Accounts are only open to UK residents. It suits people in the UK who want detailed control of everyday spending and saving from their phone.

Best for: UK residents who want a phone-first bank account with strong budgeting tools.

Pros and cons

What works

  • Pots and salary sorting make budgeting simple
  • No fees from Monzo on card spending abroad
  • FSCS deposit protection like a high-street bank
  • 24/7 in-app support

Why people leave

  • Only open to UK residents
  • Paying in cash costs a fee at PayPoint or the Post Office
  • Best savings rates and some tools need a paid plan

Top Monzo alternatives

See all 1
  1. 1YNAB logo
    YNAB

    If you mainly use Monzo for budgeting, YNAB gives envelope-style budgets across any bank you use.

    67.6

Why people left Monzo

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Reviews

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Monzo: common questions

Is Monzo free?

Monzo has a free plan and paid plans.

Is Monzo open source?

No, Monzo is not open source.

What platforms does Monzo run on?

Monzo is available for iOS, Android and Web.

What are the best alternatives to Monzo?

The highest-ranked Monzo alternatives right now are YNAB. See the full ranked list for pricing, platforms and verified facts.

See all 1 Monzo alternatives