Instant Access Savings are here

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Sometimes you need access to the money in your savings right away. And when you don't, you want to know it's working hard for you. 

That’s why we’ve launched an Instant Access Savings Pot. It’s designed to give you the flexibility to grow your savings without having to wait around for your money when you need it. 

Information in this blog post is correct as of 16/02/2023. 

Monzo Instant Access Savings Pot

How it works

You’ll earn 3.00% AER interest (variable) a year, paid monthly into your Pot

An Instant Access Savings Pot earns you 3.00% AER interest (variable), paid monthly into the Pot you create. 

Unlike existing Savings Pots that are provided by our partner banks in the Savings Marketplace, we’ve created Instant Access Savings Pots ourselves. That means we hold your money and pay you interest. As with all Savings Pots, you can manage everything in the Monzo app. 

This is the rate on 16/02/23. See the latest rates in the Monzo app.

You can withdraw your money instantly, anytime 

Emergencies don’t wait, and neither should you. Easy Access Savings Pots allow you to withdraw money any time, but it’ll take 1 working day for the money to hit your account. With Instant Access Savings Pots, you can take money out at any time and withdrawals usually go into your Monzo account instantly.

Just remember, you won't be able to make payments or schedule withdrawals from this new Pot.

You don’t need a minimum deposit 

There’s no minimum deposit, and the maximum you can have in a Personal Instant Access Savings Pot and a Joint Instant Access Savings Pot is £100,000 each. 

You can only have one Instant Access Savings Pot open per account

It’s our way of encouraging you to keep your savings and budgeting separate. An Instant Access Savings Pot is great for saving towards short-term goals like building up an emergency fund or saving up for a holiday. Regular Pots (which don’t attract interest) are better suited to setting small amounts of money aside for budgeting or paying bills. 

Your money’s protected by the Financial Services Compensation Scheme (FSCS)

Your money in an Instant Access Savings Pot is protected by the FSCS for amounts up to £85,000. The FSCS apply this limit to each person and to the total amount of any money you have with the provider. This means the deposits held in your current account, joint account, regular Pots and Instant Access Savings Pot (both personal and joint) will all count towards your limit of £85,000 with Monzo. See our FSCS information sheet

You can choose other types of Savings Pots if Instant Access isn’t right for you

While Instant Access Savings Pots offer the greatest flexibility in accessing your money, other types of Savings Pots might suit you better, depending on your goals. If you’re saving towards a long-term goal (like a house deposit or wedding), want to earn more interest on your money, or just want to stop yourself from dipping into your savings, have a look at other types of Savings Pots available through us. We’ll show you these in the signup journey so you can make the right choice for you. 

Interest for Plus and Premium customers is a little different  

As well as earning 3.00% AER on an Instant Access Savings Pot, Monzo Plus and Premium customers also earn 1.00% AER and 1.50% AER respectively on the first £2,000 held across their current account and Pots (now including Instant Access Savings Pots, but not Easy Access, Fixed Term, or ISA Pots provided by our partner banks). 

For example, as a Premium customer:

You have £500 in your current account, and £1,000 in your Instant Access Savings Pot. This totals £1,500, so with Premium you’ll get 1.50% AER on this amount. You will also get the 3.00% AER rate on the £1,000 in your Instant Access Savings Pot. 

We’ll pay the interest you earn with Plus or Premium into your current account. And we’ll pay the interest you earn in an Instant Access Savings Pot directly into the Pot.

Monzo Plus is £5 per month • 3 month minimum • Must be aged 18+ • Ts&Cs apply

Monzo Premium is £15 per month • 6 month minimum • Must be aged 18-69 • Ts&Cs apply

UK residents only, Ts&Cs apply

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How to get started 

Here’s how to open an Instant Access Savings Pot (you'll need to be on the latest version of the app first): 

  1. Head to the Account tab or Overview in the top left-hand corner of your Monzo app and tap Create Pot 

  2. Select Savings and choose Instant access 

  3. Name your Pot and pick an image 

  4. We’ll explain how everything works, and ask you to agree to some terms and conditions (which we’ve written in plain English and take less than five minutes to read)

  5. Make your first deposit or come back to this step later 

And that’s it! Your Instant Access Savings Pot is open and ready to start earning you interest on your money.

Instant Access Savings Pots work seamlessly with some of our existing features too. You can choose to schedule deposits, turn on Round up payments or lock your Pot until a chosen date. 

For more help on how to get started and FAQs, visit our Help Centre

We’d love to hear what you think! Join the discussion on Twitter or Facebook, and share your feedback on the community forum.

Don't use Monzo yet? Give it a try today!

UK residents only, Ts&Cs apply

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What’s next?

This is another step towards our vision of helping you get more out of your money when it’s with us. But it’s only the beginning… 

We’re planning to create new ways for you to save towards your goals, make Savings Pots easier to find in the app and work with our Marketplace partners to launch new and exciting saving products for you to try. More on this in the coming months 👀