Business Instant Access Savings Terms & Conditions

These terms form part of our business account terms and conditions. You should read them alongside the Summary which you can find in the app. These terms are between you and Monzo Bank Europe DAC (Monzo/us/we) and you agree to these terms by using a Business Instant Access Savings Pot.

You can open a Business Instant Access Savings Pot if you have a Monzo Business Account.

If you are a limited company, you must give us your tax registration number to open a Business Instant Access Savings Pot.

We may limit the number of Business Instant Access Savings Pots you can have open. We’ll let you know in the app if you can’t open another one.

You can find the account name, interest rate, minimum and maximum deposit amounts, information about changes to interest rates and other key details in the Summary.

Your eligible deposits across all your accounts with us, including this Business Instant Access Savings Pot, are protected by the Deposit Guarantee Scheme (DGS) up to €100,000. The DGS apply this limit to each person, and to the total amount of any money you have with us. Most depositors are covered by the scheme, but it depends on some DGS criteria. See our DGS Information Sheet for more information.

We calculate interest daily based on your balance at midnight UTC. Interest is paid into your Business Instant Access Savings Pot on the first day of every month.

Check your most recent Summary for details on interest rates.

You can’t make payments from your Business Instant Access Savings Pot. Money in your Business Instant Access Savings Pot isn’t part of the available balance in your business account. We won’t move money from your Business Instant Access Savings Pot to cover payments you need to make from your business account or other accounts you have with Monzo. So if you have any payments coming out of your business account, make sure you have enough money in there.

You (or any authorised account admin or collaborator) can withdraw money from your Business Instant Access Savings Pot into your Monzo Business Account at any time. Withdrawals usually go through instantly.

You can cancel within 14 days of opening your Business Instant Access Savings Pot, and you can close it at any time. There’s no fee for cancelling or closing your Pot – just tell us you want to do so through the app or following these instructions. You may have to pay other costs, taxes or charges, which are outside of our control and not charged by us.

Any admin or collaborator can cancel or close the Business Instant Access Savings Pot on your behalf. If anyone cancels or closes it, we’ll move any money in it (including any interest you’ve earned but we haven’t paid yet) to your Monzo Business Account.

We’ll close your Business Instant Access Savings Pot if you tell us you’re closing your Monzo Business Account, or we’ll close it under the terms which apply to it.

You might miss overdraft repayments or break your credit agreement where applicable, or not repay when we ask you to. If this happens, we have the right to reduce or pay off debt you owe us with any money in your Business Instant Access Savings Pot.

Irish law means we have to deduct tax from interest we pay to you. You might qualify for an exemption from DIRT: for example if you’re over 65, you are permanently incapacitated or you pay corporation tax. We will process and apply any valid exemption forms you or the Irish Revenue Commissioners send to us, but we can’t refund amounts already withheld.

You may be able to claim a refund of DIRT from the Irish Revenue Commissioners. You can find more information on the Revenue website.

If you have a complaint, you should contact us and we'll do our best to fix the problem. If you're still not happy, and are eligible to make a complaint, you may be able to refer your complaint to the Financial Services and Pensions Ombudsman, either by writing to them at Lincoln House, Lincoln Place, Dublin 2, D02 VH29, calling on +353 1 567 7000, or emailing at info@fspo.ie.

Irish law applies to this agreement and Irish courts will settle any disputes. We will communicate with you in English about your Business Instant Access Savings Pot.

If you have any questions you can send them to us by email (help@monzo.com) or talk to us in the app.

These terms remain valid until we change them, or you or we close your Business Instant Access Savings Pot. We can make changes from time to time to our charges or the terms of this agreement, as set out in the business account terms and conditions.

We can also change the interest rate at any time. If we reduce the rate, we’ll let you know at least 14 days before we make the change.

If it’s a positive change, then we’ll make that change immediately and we’ll let you know we’ve made it within 30 days.

When we update you about changes in interest rates, we’ll tell you the old rate and the new rate, and the date the change applies from.

Our address is Monzo, Unit 1, Floor 4, One Central Plaza, Dame Street, Dublin 2, Ireland.

Monzo Bank Europe DAC, trading as Monzo is regulated by the Central Bank of Ireland. We are licensed as a credit institution by the Central Bank of Ireland and our reference number is C548457. We are a Designated Activity Company registered with the Irish Companies Registration Office and our company number is 770591. Our VAT number is IE 43398720H.