Monzo Savings
Monzo Savings
in Savings Accounts from Monzo

Monzo Savings

in Savings Accounts from Monzo
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Monthly Fee $0
APY (Annual Percentage Yield) 1%
Minimum Balance to Earn APY N/A

Monzo Savings Review

Monzo Savings is offered by Monzo, founded in 2015 and based in Las Vegas, NV. Monzo Savings is available in 51 states across the USA.

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.
  • $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.
Monzo savings Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • No signup bonus.
  • Does not offer mobile check deposits.
  • Does not provide access to a nationwide ATM network.
  • Does not come with a debit card
  • Not FDIC-insured.
Monzo savings FAQ

Are savings accounts from Monzo federally insured?

No, your Monzo savings accounts are not insured by a federal insurance agency. This means that if Monzo were to fall into financial difficulties, your deposits are not covered by a government backed insurance fund like the FDIC or NCUSIF.

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
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:

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

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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


  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
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
  • Non-Residents Through Entities Incorporated in the U.S.
Verification Documents Required Government Issued Photo ID
Account Features
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Mobile Banking
  • Debit Card Lock/Unlock
  • Soft Credit Pull
  • Debit Card
Signup Bonus Starting at $0
APY (Annual Percentage Yield) 1%

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