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  Monzo Savings

Monzo Savings

in Savings Accounts from Monzo · fdic

Unaffiliated

Monzo Savings

Unaffiliated

in Savings Accounts from Monzo · Member FDIC

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Highlights
Monthly Fee $0
APY (Annual Percentage Yield) 1%
APY Minimum Balance N/A

Monzo Savings Review

Monzo Savings is offered by Monzo, a bank founded in 2015 and based in Las Vegas, NV. Monzo Savings is available in 50 states (and Washington, DC).

Key Takeaways
  • Higher than average APY. Monzo Savings has an annual percentage yield of up to 1%, which is higher than the national average interest rate on savings accounts.
  • $0 monthly fee. This account does not charge a monthly Service Charge.
  • $1,000 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.
  • Soft credit pull. This bank will not perform a hard credit pull when you open a checking account.
Monzo savings Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • Free debit card and the option to lock/unlock the card if lost or stolen
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Does not offer mobile check deposits.
  • Does not provide access to a nationwide ATM network.
Monzo savings FAQ

Are savings accounts from Monzo federally insured?

Yes, your Monzo savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Monzo offer a signup bonus?

Monzo savings has a signup bonus of $0.

What is the minimum initial deposit for Monzo savings?

The minimum deposit to open a Monzo savings is $1,000.
Monzo Savings Minimums
Description
Minimum Opening Deposit Starting at $1,000

What APY does Monzo offer?

Monzo savings offers an APY of 1% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Monzo savings charge?

Monzo savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.

What features and perks does Monzo savings offer?

This savings account includes the following features:

  • Mobile Banking Services - Monzo savings allows you to manage your money online or with a mobile app.
  • Soft credit pull - Monzo savings performs a soft credit pull so you can check whether you qualify without hurting your credit.

Can you set up a direct deposit to Monzo savings?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Monzo savings?

The customer support email for Monzo savings is help@monzo.com.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday 7:00am - 7:00am
  • Monday 7:00am - 7:00am
  • Tuesday 7:00am - 7:00am
  • Wednesday 7:00am - 7:00am
  • Thursday 7:00am - 7:00am
  • Friday 7:00am - 7:00am
  • Saturday 7:00am - 7:00am

Other Services by Monzo

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Minimum Opening Deposit Starting at $1,000
International ATM Surcharge $0
Monthly Fee $0
Account Features
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Mobile Banking
  • Debit Card Lock/Unlock
  • Soft Credit Pull
  • Debit Card
APY (Annual Percentage Yield) 1%

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