Monzo Instant Access Savings Pot Terms & Conditions

These terms should be read alongside our current account terms and, if you open a joint Instant Access Savings Pot, our joint account terms too. You should read them alongside the Precontractual Information found in your Monzo app. These legal terms are between you and Monzo Bank Europe Designated Activity Company, Sucursal en España (Monzo/us/we) and you agree to these terms by using an Instant Access Savings Pot.

This Instant Access Savings Pot is a deposit and it is not under payment accounts legal rules and therefore these terms are not considered a ‘framework contract’ for payment services.

You can open a personal Instant Access Savings Pot if you have a Monzo current account (but not a Monzo basic account). You can open a joint Instant Access Savings Pot if you have a Monzo joint account. In these terms, the words ‘Instant Access Savings Pot’ are used to refer to both personal and joint Instant Access Savings Pots.

We may limit the number of Instant Access Savings Pots you can have open. We’ll let you know in the app if you can’t open another one.

This Instant Access Savings Pot is personal to you and can’t be assigned or transferred to anyone else, except for where the Instant Access Savings Pot is a joint Instant Access Savings Pot.

The contracting process is completed remotely via the app and must be carried out by you. We may need you to prove your identity before letting you open an Instant Access Savings Pot.

Before opening an Instant Access Savings Pot or at any moment after, we may request information and documentation about you and where the money has come from. Additionally we may refuse or reject deposits (including without providing reasons) where permitted by law or for risk and compliance reasons.

You can find the account name, interest rates, minimum and maximum deposit amounts, information about changes to interest rates and other key details in this document and in the Precontractual Information.

Your eligible deposits across all your accounts with us, including this Instant Access Savings Pot, are protected by the Irish Deposit Guarantee Scheme (DGS) up to 100.000 EUR. The DGS apply a limit to each person, and to the total amount of any money you have with us. See our DGS Information Sheet for more information.

Where the Pot is offered in Spain, your deposit is protected under the applicable deposit guarantee scheme up to 100.000 EUR per depositor and credit institution (subject to eligibility rules).

We calculate interest daily based on your balance at midnight. We then pay that interest after we have deducted withholding tax into your Instant Access Savings Pot on the first day of every month.

See the most recent Precontractual Information in your Monzo app for details on interest rates.

You can’t make payments from your Instant Access Savings Pot. Money in your Instant Access Savings Pots isn’t part of the available balance in your current account or joint account. We won’t move money from your Instant Access Savings Pots to cover payments you need to make from your current account or joint account. So if you have any payments coming out of your current account or joint account, make sure you have enough money in there.

You can withdraw money from your Instant Access Savings Pot into your Monzo current account or, where relevant, your joint account at any time. Withdrawals usually go through instantly.

You have a right to cancel within 14 calendar days of opening the Instant Access Savings Pot, and you can close it at any time. There’s no fee for cancelling or closing your Pot, just tell us you want to do so through the app or following the instructions. You may have to pay other costs, taxes or charges, which are outside of our control and not charged by us.

If you cancel or close your Pot we’ll move the money in it, plus any interest you’ve earned but we haven’t paid yet, into your Monzo current account or joint account.

We’ll close your personal Instant Access Savings Pot if you tell us you’re closing your Monzo current account, or we close it under the terms which apply to it. We’ll close your joint Instant Access Savings Pot if you tell us you’re closing your Monzo joint account, or we close it under the terms which apply to it.

We might pause, limit, or block your Pot if we have a good reason to think something isn’t right, if we suspect fraud, if we see activity that could break money-laundering/terrorism rules, if there are security concerns, or if you seriously break these Pot terms or don’t give us information we’re legally allowed to ask for. If the issue is serious, we may also have to close the Pot, and we’ll tell you when we’re required to.

You might miss overdraft repayments, break your credit agreement or not repay when we ask you to. If this happens, you agree to us reducing or paying off debt you owe us using any balance on your Instant Access Savings Pot.

Also, if the law requires it (for example, a court order), we may temporarily freeze or take the money in your Pot.

In line with Spanish tax law, we'll deduct the tax owed on interest before paying the interest to you. We'll only do this if the tax amount is at least EUR 0.01, if it's lower than that we may carry it over and add it to the next payment until it reaches the minimum threshold.

If you’re unsure about your tax position, you can get professional tax advice, or find more information on the Agencia Tributaria.

If you’re unhappy with our service or you think we’ve made a mistake, please tell us so we can try to put things right.

You can make a complaint by:

Our Servicio de Atención al Cliente (Customer Service / SAC) will look into your complaint and reply within the time limits set by Spanish rules (1 month). For payment service complaints we’ll normally give you a final response within 15 business days (and in exceptional cases within 1 month, explaining why).

If you’re not happy with our reply, or if we don’t reply within the legal time limit, you can take your complaint to the:

Banco de España – Departamento de Conducta de Entidades (the Bank of Spain’s department for conduct and customer protection)

You can find information on how to do this on the Bank of Spain’s website or by asking us.

If your complaint relates to our activities carried out from Ireland, you may also have the option to complain to the Financial Services and Pensions Ombudsman, either by writing to them at Lincoln House, Lincoln Place, Dublin 2, D02 VH29, calling on +353 1 567 7000, or emailing at info@fspo.ie. We’ll give you details in our final response where this applies.

If you have any questions you can send them to us by email (help@monzo.com) or chat to us in the app.

These terms remain valid until we change them, or you or we close your Instant Access Savings Pot. We can make changes from time to time to our charges or the terms of this agreement, as set out in the current account terms.

Spanish law applies to this agreement and Spanish Courts will settle disputes. We’ll provide contractual information and notices on a durable medium (typically in-app and/or by email). The Spanish version of contractual information should be used where documents are provided in more than one language.

We will notify you individually of changes (particularly those affecting commissions or charges) with at least one (1) month’s notice, unless the change is clearly more favourable to you, in which case we may apply it immediately. If you don’t agree, you may close the Pot without cost before the effective date of the change (subject to settling any amounts due).

We can also change the interest rate at any time. If we reduce the rate, we’ll let you know at least 1 month before we make the change (unless a longer period is required by law).

If it’s a positive change, then we’ll make that change immediately and we’ll let you know we’ve made it within 30 calendar days.

If these Pot terms don’t clearly say what happens in a specific situation, then our Personal Current Account Terms & Conditions also apply and we’ll follow those rules, in any case we always aim to comply with local applicable law.

Monzo Bank Europe DAC is a credit institution authorised and supervised by the Central Bank of Ireland. It operates in Spain through its Spanish Branch:

Monzo Bank Europe DAC, trading as Monzo is regulated by the Central Bank of Ireland. We are licensed as a credit institution by the Central Bank of Ireland and our reference number is C548457. Our address in Ireland is, Unit 1 - Floor 4, One Central Plaza, Dame Street, Dublin 2. We are a Designated Activity Company registered with the Irish Companies Registration Office and our company number is 770591. Our VAT number is IE4339872OH.