Monzo review
Updated September 28, 2026 · DebitCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Monzo pairs a fee-free debit account with a fee-free credit card, so it suits anyone who wants no monthly charge and no foreign transaction cost. The current account charges a monthly fee of £0 and the card runs at an APR of 29% on borrowing.
Key facts
- Best for
- A fee-free £0 monthly account and a £0 annual fee credit card for UK residents.
- Monthly fee
- £0 (Source, checked September 26, 2026)
- Currency conversion fee
- 0% (Source, checked September 26, 2026)
- Free ATM withdrawals
- £200 (Source, checked September 26, 2026)
- Card type
- Debit (Source, checked September 26, 2026)
- Card network
- Mastercard (Source, checked September 26, 2026)
- Currencies
- 38 (Source, checked September 26, 2026)
- Legal entity
- Monzo Bank Limited (Source, checked September 26, 2026)
- Headquarters
- United Kingdom (Source, checked September 26, 2026)
- Founded
- 2015 (Source, checked September 26, 2026)
- Support channels
- Chat, Phone, Help-centre (Source, checked September 26, 2026)
- Features
- Virtual card, Travel
- Audience
- Kids, Business
- Official website
- monzo.com
Credit cards
- Annual fee
- £0 (Source, checked September 26, 2026)
- APR
- 29% (Source, checked September 26, 2026)
- Currency conversion fee
- 0% (Source, checked September 26, 2026)
- Rewards type
- None (Source, checked September 26, 2026)
- Perks
- 0% interest over 3 months on purchases of GBP 100 or more, repeatable, 0% interest if you pay in full, No overseas fees (Mastercard exchange rate only), Section 75 purchase protection, Credit limit up to GBP 10,000, Flex purchases from up to 2 weeks ago, Instant notifications and real-time balance updates, Separate paid card: Aura (GBP 15 a month) adds 1% cashback on groceries, 0.5% on everything else uncapped, auto-invested cashback, Apple TV, Google AI Plus, 2 airport lounge and 2 fast track passes a year (Source, checked September 26, 2026)
- Card kind
- Credit (Source, checked September 26, 2026)
- Legal entity
- Monzo Bank Limited (Source, checked September 26, 2026)
- Headquarters
- United Kingdom (Source, checked September 26, 2026)
- Founded
- 2015 (Source, checked September 26, 2026)
- Support channels
- Chat, Phone, Help-centre (Source, checked September 26, 2026)
- Pricing model
- No annual fee
- Features
- Virtual card, Travel
- Audience
- Kids, Business
Apps and profiles
- Get the app
- App Store
Pros and cons
Pros
- Currency conversion fee of 0% and monthly fee of £0, ranking 1 of 259 and 1 of 419 on the site.
- Free ATM withdrawals cover £200.
- A £0 annual fee credit card at 29% APR, with no interest when the balance is paid in full.
- A debit card on mastercard, with a virtual card among the virtual card and travel features.
Cons
- Rewards type on the credit card is none, and cashback sits behind a separate paid card tier.
- The £200 free ATM allowance ranks 15 of 115 on the site.
- Borrowing costs 29% APR, while the site median APR is 20.97%.
Who it suits
- UK residents who want a debit account with a monthly fee of £0.
- People who spend abroad often, since the conversion fee is 0%.
- Households covering kids and business needs, from children's spending to business banking.
Who should look elsewhere
- Wise, if paying 0.1% on currency conversion suits you better than Monzo's 0%.
- Varo Believe Secured Credit Card, if a secured credit card is the point and not a £0 fee-free debit account.
- Chime Card (Secured Visa Credit Card), if a US dollar product suits you better: its monthly fee is $0.
How Monzo compares
9.2 vs 9.4
9.2 vs 9.0
Monzo vs Nexo9.2 vs 8.9
9.2 vs 9.2
9.2 vs 8.8
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 9.0
9.2 vs 8.8
Monzo vs Qonto_AT9.2 vs 8.8
Monzo vs Qonto9.2 vs 8.7
9.2 vs 9.2
9.2 vs 9.0
9.2 vs 8.9
9.2 vs 8.8
Monzo vs Wirex9.2 vs 9.6
9.2 vs 9.4
9.2 vs 9.4
9.2 vs 9.2
9.2 vs 9.1
9.2 vs 9.1
9.2 vs 9.1
9.2 vs 9.1
9.2 vs 8.8
9.2 vs 8.8- 9.2 vs 8.8
- 9.2 vs 8.8
9.2 vs 8.8- 9.2 vs 8.8
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 8.3
9.2 vs 8.2
9.2 vs 8.0
9.2 vs 8.0
Where Monzo is available
- Available
- United Kingdom
- Licence in United Kingdom
- Prudential Regulation Authority (730427), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
How much does it cost to keep a Monzo account?+
The current account charges a monthly fee of £0, and the credit card has an annual fee of £0. On the site's monthly fee column that ranks 1 of 419, so there is nothing to budget for just to keep the account open.
What does it cost to spend abroad?+
The currency conversion fee is 0% on the Mastercard network, so spending abroad adds no conversion charge. The site median for the same column is 1%, while cards with no foreign fee peak at 1.95%.
How much can I take out at cash machines?+
Free ATM withdrawals cover £200. That ranks 15 of 115 across the site, ahead of the debit ranking's upper quartile mark of €177.93. The monthly fee stays at £0 for anyone leaning on that allowance.
Who regulates the bank and how do I get help?+
The account sits with Monzo Bank Limited, which is regulated in the UK by the Prudential Regulation Authority. The credit card carries Section 75 purchase protection, and support runs on chat, phone and help centre for day to day questions.
Does the credit card charge interest?+
The card runs at 29% APR, above the site median of 20.97%. Interest is not charged when the balance is paid in full, and qualifying purchases get an interest free period that can be repeated.
Does the credit card earn cashback?+
The credit card's rewards type is none on the standard card. Cashback, lounge access and other extras sit behind a separate paid card tier, while the base card keeps its £0 annual fee.
Who is the account aimed at?+
It is built in the UK, with GB as the home market, and it serves kids and business accounts as well as everyday personal use. The debit card on mastercard and a virtual card cover both in person and online spending.
Can I hold and spend in several currencies?+
The travel feature covers 38 currencies, and the card runs on mastercard. The virtual card and travel set adds a virtual card for online payments, and the monthly fee of £0 means holding several currencies comes with no extra charge.
Sources
- en.wikipedia.org/wiki/Monzo_(bank) checked September 26, 2026
Backs: Card type, Founded
“Customers signing up for the current account are issued a Debit Mastercard”
- monzo.com/credit-cards checked September 26, 2026
Backs: Annual fee, APR, Card kind, Pricing model, Perks, Rewards type
“Flex Purchase - No monthly fee”
- monzo.com/current-account/plans checked September 26, 2026
Backs: Features, Monthly fee
“Virtual cards (Extra, Perks, Max); Worldwide travel insurance (Max)”
- monzo.com/features/travel checked September 26, 2026
Backs: Free ATM withdrawals, Audience, Currencies, Currency conversion fee, Card network
“If Monzo's your main bank account, make unlimited fee-free withdrawals in the European Economic Area (EEA), and up to GBP 200 every 30 days anywhere else. After that, we'll charge 3%”
- monzo.com/help checked September 26, 2026
Backs: Headquarters, Legal entity, Support channels
“Our address is Broadwalk House, 5 Appold St, London EC2A 2AG”
- monzo.com/information-about-current-account-services checked September 26, 2026
Backs: Licences
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Protection.