Account name
Monzo Plus
What is the interest rate?
1.5% AER variable on balances up to £4,000.
We’ll pay you interest on the total available balance in your Monzo account up to £4,000 (including regular Pots).
We calculate interest daily. You’ll see the interest you’ve earned on the first calendar day of every month.
Can Monzo change the interest rate?
Yes, the interest rate may change. If the change negatively affects you then we’ll let you know at least 30 days before we make the change.
If the change doesn’t negatively affect you, we’ll increase your rate on the 1st day of the following month. We’ll then let you know within 30 days of the change being made.
What would the estimated balance be after 12 months based on a £1000 deposit?
At the current interest rate:
£1000 would earn £15.00 interest after 12 months, for a final balance of £1015.00.
This is just an example, and not based on your individual circumstances. It assumes that you don’t add or take out any money during the year.
How do I open and manage my account?
This account is available to all UK residents over the age of 18 with Monzo Plus. You’ll open and manage this account through your account and regular pots in the Monzo app.
If you close your Monzo account before the end of the month, you won’t get any interest for that month. If you change your mind and don’t want to earn interest you can opt out at any time.
Can I withdraw money?
Yes, you can take out money at any time.
Additional information
Depending on your circumstances, you might have to pay tax on any interest you earn. You can get professional tax advice, or find more information on the HMRC website.