Is Monzo a bank?

Monzo US is not a bank - we're a financial technology company designed to support your money goals like smart spending, saving, and budgeting.

As of July 18, 2025, we've partnered with Lead Bank to provide FDIC-insured banking services that our US customers want and love. Account-holders who joined Monzo prior to July 18, 2025, are backed by Sutton Bank.

All debit accounts backed by Lead and Sutton are FDIC-insured up $250,000 and Savings accounts up to $250,000.

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Monzo is a financial technology company; not a bank. All banking services are provided by Lead Bank or Sutton Bank; Members FDIC. The Monzo Personal and Joint Debit Card is issued by Lead Bank or Sutton Bank, Members FDIC, pursuant to licensing by Mastercard International Inc. See Lead Bank Terms, Lead Bank Cardholder Agreement, Sutton Bank Terms, and Sutton Bank Cardholder Agreement for more details.

As of June 18, 2025, the Annual Percentage Yield (APY) accrued from Monzo’s Savings Jar is 3.75% with a Monzo Preferred subscription and 2.00% APY for Monzo Everyday users. Interest rates are variable and may change. Fees may reduce earnings. The interest comes from us, not Lead Bank or Sutton Bank. Your total Savings Jar balance is capped at $100,000. See Lead Bank Interest-Bearing Account Agreement or Sutton Bank Savings Account Agreement for more details.

Funds held in the Monzo deposit accounts are held with Lead Bank or Sutton Bank; Members FDIC, and are eligible for up to $250,000 in pass-through insurance in the event Lead Bank or Sutton Bank fails and if specific deposit insurance requirements are met and your card is registered. FDIC insurance does not protect funds in the event of Monzo’s failure or from the risk of theft or fraud. See FDIC Prepaid Cards and Deposit Insurance Coverage.

Monzo Preferred is an optional monthly paid, subscription membership program. Subscribers will be charged every month. Once enrolled, subscribers have access to Monzo’s highest APY, cashback rewards, exclusive upgraded benefits and access outside of Monzo’s basic offerings. Please see Lead Bank Terms or Sutton Bank Terms for more details.

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Adjust your cookie preferences

We use 4 types of cookie. You can choose which cookies you're happy for us to use. For more detail, and a list of the cookies we use, see the Monzo cookie policy.