Are there any penalties for having an inactive account?

Monzo does not charge a monthly fee to keep your account open, even with a low or $0 balance. We also don’t close any accounts strictly for inactivity.

In other words, you are free to keep your account open even if you don’t plan on using it that often, and there are no negative consequences to doing so.

If you prefer though, you can also close your account upon request - and if you do want to come back to Monzo, we can help reopen it at any point down the line.