Monzo Review 2026: Features, Fees & £10 Sign-Up Bonus
Could you swap your high street bank for an app? Monzo is one of the UK’s best-known digital-only banks, promising easy money management, fee-free spending abroad, and smart budgeting tools. But is it worth making the switch — and could it become your main account?
Here’s my hands-on review — plus a small perk for new joiners that might sweeten the deal.
Monzo review
A smooth, user-friendly digital account with handy tools for travel and budgeting. It’s great for everyday use, but you’ll miss out on some of the cashback and perks offered by high street accounts like Santander Edge or Barclays Blue Rewards.
Pros
- App is quick and simple to use
- Competitive savings interest
- No foreign spending fees
Cons
- No ongoing rewards or cashback
- £1 fee to deposit cash via PayPoint
- Limited free ATM withdrawals each month
Reviewed by Household Money Saving
Monzo
I’m a little ashamed that I only recently opened my Monzo current account. I think of myself as slightly ahead of the curve in technology and banking, but I’ve been a little slow here. Having already reviewed accounts like the Curve card and Revolut, did I have enough space for yet another online account
What is Monzo?
Founded in 2015, Monzo began life as a prepaid card and app. In 2017, it became a fully licensed UK bank, offering full current accounts with sort code, account number, debit card, and a range of digital banking features.
Cost & Safety
- Standard account: Free to use; charges apply only for certain services (e.g., some ATM withdrawals, cash deposits, borrowing).
- Upgrades: Monzo Plus (£5/month) and Monzo Premium (£15/month) add extra features such as higher ATM limits, insurance, and improved interest rates.
- Protection: FSCS-protected up to £85,000 (£170,000 for joint accounts), and regulated by the FCA.
- Sign-up: Quick process requiring email, phone number, photo ID, and a selfie, making it hard for anyone to open an account in your name.
Paid Upgrades: Plus & Premium
|
Monzo |
Extra |
Perks |
Max | |
|
Monthly cost |
Free |
£3 |
£7 |
From £17 |
|
Minimum subscription |
None |
None |
None |
3 months |
|
Age |
16+ |
18+ |
18+ |
18-69 |
|
Interest rate on positive balance |
3.00% |
3.00% |
3.50% |
3.50% |
|
Fee-free foreign withdrawals |
£200 |
£200 |
£600 |
£600 |
|
Free Cash Deposits |
None |
3/month |
3/month |
3/month |
|
Perks & Insurance |
None |
None |
Partner perks |
Partner perks |
|
Key Extras |
Core Monzo features |
Connected accounts, |
Everything in |
Everything in |
Key Notes:
- Savings rates are variable — always check Monzo’s site for the latest.
- Paid plans include three free cash deposits per month; the free plan doesn’t.
- Perks (Greggs, cinema, Railcard, Uber One) are only with Perks and Max.
- Max is the only tier with insurance cover.
Also worth reading
See the best account switch offers if you’re thinking about changing your current account.
Key Features Across All Plans
- The App – Manage payments, transfers, and budgeting from your phone.
- Google Pay & Apple Pay – Use your phone for contactless payments.
- Get Paid Early – Access your salary one day early if paid into Monzo.
- Salary Sorter – Split income into bills, savings, and spending automatically.
- Bill Pots – Ringfence money for bills so it’s not accidentally spent.
- Savings Pots – Easy access, fixed-term, or ISA options.
- Budgeting Tools – Set monthly or category-specific limits.
- Instant Spend Alerts – Notifications for every transaction.
- Freeze Card – Instantly block your card in-app if lost.
- Travel-Friendly – No fees on foreign spending; tiered ATM withdrawal limits based on plan.
- International Transfers – Powered by Wise for competitive rates.
Borrowing with Monzo
- Overdrafts: Up to £500; interest between 19–39% EAR.
- Loans: Up to £25,000; interest rates from 11.7%–26% APR depending on the amount.
- Monzo Flex: Spread payments over 3 months interest-free, or 6–12 months with interest. You have up to 2 weeks after purchase to choose Flex.
Business Accounts
- Lite – Free, with basic features.
- Pro – £5/month for extras like multi-user access, integrated accounting, and invoicing.
16–17 Account
Almost identical to the adult account, but blocks age-restricted purchases. Comes with a contactless debit card, budget tools, and no fees for foreign spending.
Also worth reading
Why not see some of the best referral schemes in the UK?
Downsides & Fees
- ATM limits – Vary by plan: £200/month free on Free & Extra, £600/month on Perks & Max, then 3% fee.
- Cash deposits – Free plan: £1 fee per PayPoint deposit; paid plans: 3 free deposits/month.
- Savings pots – You can’t make direct payments from pots, so keep an eye on your main balance.
Monzo Referral Bonus
If you’re new to Monzo, there’s currently a referral scheme where you can get £10 after joining and making your first card payment within 30 days. It’s a small bonus, but a nice way to try the account risk-free and you’ll also earn £10 for each friend you invite.
My Verdict
Monzo is one of the best digital banking experiences out there — quick, intuitive, and ideal for travel or keeping a tight rein on your spending. The tiered plans mean you can stick to the free version or pay for perks and higher limits if you need them.
It’s not perfect — high street accounts may still beat it for cashback and reward schemes — but for a clean, app-first banking experience with no foreign spending fees, it’s hard to beat. And if you’re curious, the £5 sign-up bonus is a nice excuse to give it a go.
Monzo referral bonus
If you want to join Monzo, click on the button below. Once you’ve opened your account and made a card payment within 30 days, you’ll receive a £10 bonus.
FAQs
Does Monzo offer overdrafts?
Monzo will give overdrafts to customers as long as they pass eligibility checks.
Can Monzo do direct debits?
Just like a high street bank, you can set up direct debits from your Monzo account.
Is there a £50 referral code?
In the past, Monzo has offered a £50 bonus for referring your friends, but only if they opened a business account. The last time I saw this was back in 2022.
