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Monzo is a digital bank that lets customers manage their money through its mobile app. It offers a free current account, as well as paid account plans with extra features and benefits.
Monzo’s free current account includes everyday banking features such as a debit card, spending notifications, Pots, budgeting tools, Direct Debits, standing orders and fee-free debit card spending abroad. Monzo also offers Instant Access Savings, with eligible deposits protected by the Financial Services Compensation Scheme up to £120,000 per person.
Monzo Extra is a paid plan costing £3 a month. It includes extra money management features such as connected bank accounts and credit cards, virtual cards, advanced roundups, custom categories, auto-spreadsheet exports and enhanced credit insights.
Monzo Perks costs £7 a month and includes everything in Monzo Extra, plus additional benefits such as boosted savings rates, higher fee-free cash withdrawal limits, three fee-free cash deposits, discounted investment fees, an annual Railcard, a weekly Greggs treat, a monthly Vue cinema ticket and an annual Uber One membership.
Monzo Max starts from £17 a month and has a three-month minimum term. It includes the benefits of Monzo Free, Extra and Perks, plus personal worldwide travel insurance, personal worldwide phone insurance and UK and Europe breakdown cover. Family cover can be added for an extra monthly fee.
Monzo also offers joint accounts for two people who want to manage shared spending, bills or savings together. Both people need to have a Monzo current account, be aged 18 or over and be UK residents.
Monzo offers a free account for 16 and 17 year olds. It includes many of the same features as the adult account, such as a debit card, instant spending notifications, Pots and in-app support, but blocks some age-restricted spending.
Monzo for Under 16s is a free bank account for children aged 6 to 15. A parent or guardian needs to have a Monzo current account to open one, and the account includes parental controls, spending limits, instant notifications and savings features.
The right Monzo current account depends on how you want to manage your money and whether you’ll use the extra features included with its paid plans.
Monzo Free may suit you if you want a simple app-based current account with spending notifications, Pots, budgeting tools and fee-free card spending abroad.
Monzo Extra could be worth considering if you want more advanced money management tools, such as connected accounts, virtual cards, custom categories and credit insights.
Monzo Perks may suit you if you want everyday benefits alongside banking features, such as boosted savings rates, partner perks and higher fee-free withdrawal limits.
Monzo Max could be a better fit if you want a packaged account with insurance benefits, including travel insurance, phone insurance and breakdown cover.
A Monzo Joint Account may be useful if you want to manage bills or shared spending with a partner, housemate or family member. Monzo’s 16-17s and Under 16s accounts may suit younger customers or parents who want to help children manage money digitally.
Before choosing a paid Monzo plan, it’s worth checking whether the monthly fee is good value for the features you expect to use.
Yes. Monzo offers perks and rewards through its paid plans, as well as cashback offers through its app.
When making purchases with your Monzo card via the app, letting you keep track of your balance
Monzo Perks includes benefits such as an annual Railcard, a weekly Greggs treat, a monthly cinema ticket at Vue and an annual Uber One membership. It also includes boosted savings rates and selected money management features.
Monzo Max includes the perks available with Monzo Perks, plus personal worldwide travel insurance, worldwide phone insurance and UK and Europe breakdown cover. Insurance terms, exclusions and eligibility criteria apply.
Monzo also offers cashback with selected brands, with offers available through the Monzo app.
A Monzo current account may appeal if you want:
Eligibility depends on the Monzo account or plan you apply for.
For Monzo’s adult current account, you’ll usually need to be a UK resident and provide details so Monzo can verify your identity. Monzo’s free personal current account is available from age 16, while paid plans such as Extra and Perks are available to UK residents aged 18 or over. Monzo Max is available to UK residents aged 18 to 69.
For a Monzo Joint Account, both people need to have a Monzo current account, be UK residents and be aged 18 or over.
For Monzo for Under 16s, the child must be aged 6 to 15 and a UK resident, and a parent or guardian needs to have a Monzo current account.
Eligibility criteria and terms apply, and some features, such as overdrafts, are subject to status and credit checks.
Monzo offers arranged overdrafts to eligible customers. You can apply in the app, and Monzo will show you whether you’re eligible, what limit you could get and what rate you may be offered. Checking your eligibility does not affect your credit score.
Monzo charges interest on arranged overdrafts. The rate you’re offered depends on your credit score and may be 19%, 29% or 39% EAR variable. Monzo gives a representative APR of 39.0% variable.
If you do not have an arranged overdraft, or you try to go over your arranged limit, Monzo will usually reject payments for free. Some offline payments cannot be rejected, so you could still go into an unarranged overdraft and should repay this as soon as possible.
Overdrafts are a form of credit and are designed for short-term borrowing, so it’s important to check the cost before using one.
Yes, you can switch to Monzo using the Current Account Switch Service.
The service lets you close your existing main current account and move everything to Monzo. It is free and takes seven working days. Monzo says it will help move payments, payees and salary payments as part of the switch.
You can also switch a joint account from another bank to a Monzo Joint Account, provided you meet Monzo’s requirements.
Before switching, it’s worth checking that Monzo offers the features you need, especially if you rely on branch banking, regular cash deposits, a specific overdraft limit or packaged account benefits.
Before opening a Monzo current account, it’s worth comparing it with other current accounts to make sure it suits the way you manage your money.
With MoneySuperMarket, you can compare current accounts from a range of providers and look at features such as monthly fees, overdraft options, rewards, switching incentives, app-based banking tools, travel benefits and packaged account extras.
Once you’ve compared your options, you can choose the account that best matches your needs — whether that’s a free digital current account, a paid account with extra perks, a joint account, or an account with an arranged overdraft.
Comparing current accounts can help you understand what’s available before you apply, so you can feel more confident you’re choosing the right account for your everyday banking.
Reviewed on 30 Jun 2026
Selected providers. SuperSaveClub restrictions and T&Cs apply. Click here for details.
YouGov Survey 1st July 2024 to 30th June 2025. Net Recommend score derived from “Which of the following online service websites would you recommend to a friend or colleague, or tell them to avoid?” Base: Current Customers of (MoneySuperMarket n=18,382, Compare the Market n=16,802, Go.Compare n=10,162, Confused.com n=8,229, Uswitch n=528).
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