After becoming one of the most popular UK challenger banks offering digital only-current accounts, Monzo created a savings marketplace, which offers its customers the ability to save money via a selection of third-party banks.
Looking for Monzo’s current account? Read our review
Monzo Bank's top savings rate of 4.1% is available on one of its easy access accounts.
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Monzo Bank offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds |
|---|---|
| Best easy access rate | 4.1% |
| Best cash ISA rate | 4.1% |
| Best fixed-rate bond rate | 4.1% |
| Fixed bond terms | 6 months - 1 year |
| Opening options | Mobile app |
| FSCS protection |
If you have a current account with Monzo and are looking to open a separate account for your savings, you have two main options:
The rates on Savings Pots are fairly competitive, but keep in mind you can still get better ones if you go on the provider’s website and apply directly from there.
Monzo’s Savings Pots feature, which launched in April 2019, allows you to choose among the following types of accounts:
Easy access ISAs. To earn tax-free interest; the maximum balance is your annual ISA allowance (£20,000 for 2024/2025). To keep the account open you’ll need to have at least £10 in it.
The minimum deposit for all Savings Pots is £10.
Apart from opening a savings account, you can also use the Monzo app to organise your spending and get it to save some money for you automatically. Useful features include:
Start with a minimum balance of £10 and manage your account directly from the app.
Monzo only partners with providers covered by the Financial Services Compensation Scheme.
Monzo divides your transactions by categories and helps you figure out how much you're spending on what.
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
If you’re always on the hunt for the very best interest rate and are perfectly aware of your spending and savings patterns, Monzo is competitive but not the best available on the market. However, let’s face it, most of us aren’t like that.
We want to save, but we also don’t want to think about it too much or waste time comparing a million options. If that sounds more like you, Monzo is a good shout. It offers appealing rates and useful tools that make budgeting and saving less painful and more fun.
Finally, if you already have a Monzo current account, opening a savings account too is an effortless and quick process and you can go from not earning anything on your Pot to getting a nice rate on your Savings Pot in a few seconds.
XTB and eToro are cheap investment platforms with a lot to offer. We compare the features, fees, account types and more – side by side in eToro vs XTB.
Browse our collection of payday loan guides, designed to answer all of your short term loan questions and help you find the right payday loan.
We’ve compiled a list of side hustle ideas, so you can give your teenager a nudge in the right direction next time they come to you asking for money.
Find out how euro business accounts work and who they might suit.
We explain the benefits of opening multiple business bank accounts and what to watch out for.
Freetrade and Hargreaves Lansdown are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Freetrade vs HL.
Bestinvest and Hargreaves Lansdown (HL) are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Bestinvest vs Hargreaves Lansdown.
Hargreaves Lansdown and Moneybox are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Moneybox vs Hargreaves Lansdown (HL).
Hargreaves Lansdown and Moneyfarm are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Moneyfarm vs Hargreaves Lansdown (HL).
Freetrade and Vanguard are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Vanguard vs Freetrade.
I have opened a Monza account which way will just use for holidays abroad, can I just transfer money on a monthly basis to build it up
Hi Kerry,
Thanks for getting in touch! Yes, you can use the “POTS” type of Monzo account. As it says on our page, more than savings accounts, these are sub-accounts of your main Monzo current account. You can open them without any further documentation or application forms then transfer money in and out of them instantly, but you won’t get any interest on your balance. They’re often used to save money towards a goal: if you want to save for your next holiday, you can open a Pot called, say, “Greece”, then move money there when you like.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki