Monzo showing on credit file even though it's a debit account

When you open a current account, we have to let our credit reference agency know – even if you don't borrow money from us. This is because you can still go into a negative balance without having an overdraft.

If there's not enough money in your account for a payment we'll usually reject it (we don't charge a fee for this). But 'offline' payments (like buying something on a plane) can still make your balance negative.

Overdrafts

If you’ve got an arranged overdraft, we’ll charge you the EAR (effective annual rate) that you signed up for when activating your overdraft. This will depend on your TransUnion credit score, but could be 19%, 29% or 39%.

If you go overdrawn beyond your limit, we'll charge you 39% EAR (variable) – even if you don’t have an arranged overdraft with us. We’ll cap these charges at £15.50 per month, so you’ll never pay more than that.

This is the main reason why current accounts appear on credit files when they’re opened. As you long as you aren't late paying back any money you owe, this won't impact your ability to borrow money.