What is a Safety Net?

A safety net is designed to help you save up to cover one full month of expenses for things like rent or mortgage payments, childcare costs and bills – just in case you ever need it.

A safety net for everyone Because everyone's essential spending will look different, you can use your safety net to help you figure out how much you should set aside to make sure you’re covered for a whole month.

Decide if interest is right for you You can set up your safety net as an Instant Access Savings Pot so you’ll earn interest on the balance, or as a Regular Pot, without any interest.

Choose your essential categories To start building your safety net, we’ll ask you to select all of your essential spending using the spending categories available in the app. You’ll want to make sure that all of your important bills and spending are categorised properly before you complete this step so that you don’t miss any essential payments.

Select the accounts you make important payments from You can choose to include Monzo personal and joint accounts when working out your safety net goal to make sure you’re covered for essential spending that come from any of your Monzo accounts.

Building your safety net Once we’ve worked out your total safety net goal, we’ll tell you how long it’ll take you to reach your goal. To work this out, we’ll ask how much you can afford to add to your safety net each month. And we can help you schedule your deposits too.