Monzo Review 2026: Current Account, Savings and Is It Worth It?
Last Updated: 2 October 2026
Monzo is a UK bank I use for spending and budgeting. If you want to see where your money goes, set money aside in Pots and manage your account from your phone, it is worth a look. You can start with the free account, then consider Extra, Perks or Max if you need their benefits. Eligible deposits have FSCS protection up to £120,000 per person, per authorised institution.
Quick take: I would start with the free account. It suits everyday spending well, although you will need another bank if you want to visit a branch.
A quick note on the links: The signup buttons use my referral link. If Monzo offers you a bonus, check the amount, deadline and steps on your invitation before applying. You can read how Monzo referrals work here.
The reason I keep coming back to Monzo is simple: I can open the app and see where my spending went. In this review, I will walk through the everyday features, the paid plans and the things I would check before switching.
Monzo Review: Quick Verdict
Monzo is a good fit if you want to do most of your banking on your phone, keep an eye on spending and separate money for bills or savings. I would be less keen if you prefer a branch or mainly want somewhere to find the highest savings rate.
You have more options than the original personal account: Monzo also offers joint accounts, accounts for younger people and business banking. Start with the account that fits your needs, rather than paying for a plan because it has more features.
What Monzo Does Best
Seeing where your money goes. Monzo groups spending by category and merchant, so you can spot where you have spent more than expected. I find that much easier to follow than a long list of transactions.
No foreign transaction fees. Monzo passes through the Mastercard exchange rate with no added fee on card spending abroad. There are some limits on the free tier for ATM withdrawals overseas, but for card purchases in foreign currencies, you get the same rate whether you are buying a coffee in Paris or a train ticket in Tokyo.
Keeping money aside. Pots help you separate money for bills, a holiday or another goal. You can set up regular transfers or save spare change with roundups. Monzo also offers savings products and cash ISAs; check the rate and withdrawal rules for the one you choose.
Sharing household spending. With a joint account, you can both see transactions and manage shared bills. That can be useful if you want a clearer view of household spending alongside your own accounts.
Protection for your deposits. Monzo is a UK-authorised bank. The FSCS covers eligible deposits up to £120,000 per person, per authorised institution. That is a combined limit across accounts sharing the same banking licence, rather than a fresh allowance for each account.
Monzo Plans at a Glance
These are the prices for new customers I checked on 2 October 2026. The free account is a sensible place to start; the table shows what you would be paying extra for.
| Plan | Monthly cost | Main reason to choose it |
|---|---|---|
| Monzo Free | £0 | Everyday banking and budgeting |
| Extra | £3 | More budgeting tools, connected accounts and advanced roundups |
| Perks | £9 | Extra tools, partner benefits and a savings-rate boost |
| Max | £19; £23 with family cover | Perks benefits plus travel and phone insurance and breakdown cover |
Thinking about Max? Check that its insurance covers you and that you are not already paying for similar cover elsewhere. Paid plans are for UK residents aged 18+, while Max is for ages 18–69 and has a three-month minimum term. Monzo has the full benefits and conditions here.
Already paying for Perks or Max? If you joined before 13 August 2026, your price changes on your first regular billing date on or after 14 October 2026. That means an October payment could still be at the old rate. Check the dates that apply to you.
Still using Plus or Premium? You can keep your existing subscription, but Monzo no longer sells those plans to new customers. If you cancel or move to another plan, you cannot go back. Check your renewal price in the app, as the old £5 and £15 figures are no longer a reliable guide. Read Monzo's guidance before changing plans.
Before upgrading for a better savings rate, work out whether the extra interest would cover the subscription. Look at the current AER, which is the annual rate used to compare savings accounts, and check when you can withdraw your money.
How Monzo Compares
Starling and Revolut are worth comparing with Monzo. Starling may appeal if you prefer a simpler app, while Monzo's budgeting tools are useful for keeping track of spending. Revolut offers a broader mix of products, including stocks and crypto. Choose based on what you will use, rather than the longest feature list.
One point to check with Revolut is which company holds your account. Revolut launched its UK bank in March 2026 and is moving customers over gradually. Eligible deposits with Revolut Bank UK Ltd have FSCS protection; e-money accounts use safeguarding instead. Revolut explains the change here.
Common Questions
Is Monzo a proper bank?
Yes. Monzo Bank Limited is authorised by the Prudential Regulation Authority and regulated by the PRA and Financial Conduct Authority. Your eligible deposits have FSCS protection up to £120,000 per person, per authorised institution, across accounts sharing a banking licence. You can check how that protection works here.
Does Monzo charge foreign transaction fees?
You can use your card for purchases in another currency without Monzo adding a foreign-currency fee. It uses Mastercard's exchange rate. Cash withdrawals have separate limits: outside the EEA, the free account allows £200 every 30 days and Perks or Max allow £600, with a 3% fee above those amounts. In the UK and EEA, your free-account allowance depends on whether Monzo counts as your main bank. Your personal and joint accounts share the allowance. An ATM operator may charge its own fee, too. When a shop or ATM offers to convert the payment into pounds, choose the local currency to avoid its conversion rate. Check your withdrawal allowance before travelling.
Which Monzo plan is worth paying for?
I would stick with free unless you can name a paid feature you need. Extra adds budgeting tools, Perks adds partner benefits and a savings-rate boost, and Max adds insurance and breakdown cover. Add up what you would otherwise spend on those benefits, then compare it with the annual fee. For Max, check the insurance exclusions as well as the price.
Can I use Monzo as my main bank account?
Yes. You can pay in your salary, set up direct debits and standing orders, and use the Current Account Switch Service to move from another bank. I use Monzo alongside other accounts, but you can use it as your main account if banking through the app suits you.
Does Monzo offer savings accounts?
Yes, including instant-access savings and cash ISAs. Check the rate, access rules and whether Monzo or a partner bank holds the money. Having savings beside your spending account is convenient, but I would still compare the current rate with alternatives before moving a large balance.
Can I get a Monzo account for my child?
Yes. Monzo offers accounts for 16 to 17-year-olds without an overdraft, plus an under-16s account for parents to help manage pocket money and spending. If you already use Monzo, that may be a convenient starting point. Compare it with a dedicated children's account if you want more tools for teaching money habits.
I have used Monzo alongside other banking apps for years. The spending visibility is the feature I appreciate most. The automatic categorisation and monthly summaries tell me where my money went without me having to track anything manually. When I want a clear picture of my day-to-day spending, Monzo is the app I open.
I use Monzo alongside other accounts rather than as my only bank. My salary goes into a different account, and I keep savings across a few platforms including Raisin. Monzo is my spending and budgeting hub. For that specific job, it is the best app I have used.
The free plan covers everything I need. I have tried Premium and thought the travel insurance was decent, although that is now an old plan. If you are joining today, look at Max's current cover instead. I would only upgrade if I expected to use the benefits enough to cover the cost.
I’m Steven, founder of MoneyAppReviews. I test money apps, referral programs, and EV tools in real life before I write about them. I drive a 2021 Tesla Model 3 Long Range, use Octopus Intelligent Go for home charging, and regularly track costs, savings, and app performance over time. I focus on practical, evidence-based reviews that help people decide what is actually worth using, not just what pays the highest commission.
