Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
1%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $1,000
Minimum Balance to Earn APY
N/A
Monzo Savings Review
Monzo Savings is offered by Monzo, a bank founded in 2015 and based in Las Vegas, NV. Monzo savings are 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 average interest rate for savings accounts.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- $1,000 minimum opening deposit. This is a typical minimum initial deposit.
- Soft credit pull. Monzo will not perform a hard credit pull when you open an account.
Monzo savings Pros & Cons
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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 bonus of $0 .
What is the minimum initial deposit for Monzo savings?
The minimum deposit to open a Monzo savings is $1,000.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Monzo Savings 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?
Yes, you can typically set up a direct deposit to this account. 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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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