What happens to my deposit after I open Flex?
What happens to my deposit after I open Flex?
If you put down a deposit when you open Flex we’ll set it aside so the money stays locked away. We’ll pay interest on the deposit while we’re holding on to it. You can see your interest rate here.
How do I get my deposit back?
You’ll get your deposit back if you keep up with your monthly Flex payments and other borrowing, and keep your deposit topped up. You can keep track of this in the app by clicking here
You can also withdraw your deposit if:
You close your Flex and/or your current account. We'll repay your Flex balance first and send any deposit remaining to your Monzo Personal Account.
You reduce your credit limit. We'll let you know the lower deposit amount we need and you can withdraw any amount above that. This means we'll give some of your deposit back to reflect the lower credit limit.
