Monzo Business: Creating and managing an Instant Access Savings Pot
You can start saving from €0.01, with no penalties on withdrawals. The maximum you can have in a pot is €1,000,000.
Before you start Make sure:
You’re a business admin on the account.
Sole traders: your PPSN and tax details are up to date in user settings.
Limited companies: your company’s Tax Registration Number (TRN) is up to date in business settings under Tax Status.
Here’s how to create a Pot:
Make sure you have the latest version of the Monzo app.
Tap the + icon on your Home tab, then tap Create a Pot.
Choose a Regular Pot or an Instant Access Savings Pot to earn interest. You can have up to 20 Instant Access Savings Pots.
Withdrawing from your Savings Pot:
From Home, scroll to Savings and select your Pot.
Tap Withdraw.
Your money will be back in your business account instantly.
Closing a Pot:
Find the Pot on the homescreen.
Tap Settings, then the Bin icon.
Confirm to close it. We’ll move any money back into your main business account.
Tax on interest (DIRT)
DIRT at 33% applies to any interest earned. Limited companies may be exempt if they pay Corporation Tax. Contact us if you have questions about your tax status.
