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What’s a deposit on Flex, and why am I being asked for one?

What’s a deposit on Flex, and why am I being asked for one?

Not everyone needs to put down a deposit to open Flex.

We may ask for a deposit if you’re building your credit score from scratch, have recently moved to the UK or are looking to repair your score.

If we do ask you for a deposit, the amount will be based on the starting credit limit you choose.

We’ll set your deposit aside so the money stays locked away. You’ll get your deposit back if you keep up with your monthly Flex payments and other borrowing, and keep your deposit topped up.

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Monzo Bank Limited is a company registered in England and Wales (No.09446231). Monzo Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our financial Services Register number is 730427. Our address is Broadwalk House, 5 Appold St, London EC2A 2AG.