Absolutely! We’ve been a fully-fledged bank since we received our banking licence back in April 2017.
Like all other banks in the UK, that means we’re authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA).
But what does that mean for you?
A full UK current account
Being a bank means we have access to all the payment systems you need to manage your money. Monzo accounts come with an account number and sort code, so you can make bank transfers, set up Direct Debits and standing orders, and get your salary paid straight in.
You can use Monzo to do the basic things you’d expect from your traditional bank, as well as much, much more.
Your money’s protected
Because we’re a bank, up to £85,000 of the money in your account is protected by the Financial Services Compensation Scheme (FSCS).
If Monzo or any other bank or building society should fail, you won’t be left out of pocket.
Opening a Monzo account won’t affect your credit score
Unless you get an overdraft or open lots of other current accounts in a short period of time, signing up for a Monzo account won’t affect your credit score.
How do I switch?
If you want to use Monzo to manage more of your money, you can switch your payments over automatically with help from the Current Account Switch Service.
Find out more about switching to Monzo and hear from the people choosing to go #FullMonzo on Twitter!
New to Monzo? Find out more about us on the blog, and head to the Simple Questions Thread on the community forum to ask us anything you like!