Our Ethics and Values
We lend out a proportion of money stored in Monzo current accounts (up to 25% of total deposits) in the form of unsecured personal overdrafts and loans.
Money stored in interest-earning Savings Pots is held in an account at another bank, Investec. We'll do the same for any future savings partnerships.
We use some money as collateral for payment schemes. The rest sits in cash and balances at central banks.
In the future, we're likely to do more personal lending and invest some of the money in high quality liquid assets like UK government bonds.
We'll keep this page updated.
October 25th, 2018: Statement updated to reflect money held by Investec for Savings Pots, and updating the loan-to-deposit ratio (from 10% to 25%)
August 3rd, 2017: Statement updated to reflect the Monzo current account now being live
June 7th, 2016: Statement published
This is a public commitment that every single member of the Monzo team, regardless of whether they are employed by us or third-party contractors receives at least the minimum living wage as set yearly by the Living Wage Foundation.