Monzo Instant Access Savings Terms & Conditions

These terms should be read alongside our current account terms and, if you open a joint Instant Access Savings Pot, our joint account terms too. You should read them alongside the Summary Box found in your Monzo app. These legal terms are between you and MBEU DAC (Monzo/us/we) and you agree to these terms by using an Instant Access Savings Pot.

You can open a personal Instant Access Savings Pot if you have a Monzo current account. You can open a joint Instant Access Savings Pot if you have a Monzo joint account. In these terms, the words ‘Instant Access Savings Pot’ are used to refer to both personal and joint Instant Access Savings Pots.

We may limit the number of 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 rates, 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 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. See our DGS Information Sheet for more information.

We calculate interest daily based on your balance at midnight UTC. We then pay that interest after we have deducted Deposit Interest Retention Tax into your Instant Access Savings Pot on the first day of every month.

See the most recent Summary Box in your Monzo app for details on interest rates.

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

You can withdraw money from your Instant Access Savings Pot into your Monzo current account or, where relevant, your joint account at any time. Withdrawals usually go through instantly.

You have a right to cancel within 14 days of opening the Instant Access Savings Pot, and you can close it at any time. There’s no fee for cancelling or closing your Instant Access Savings 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.

If you cancel or close your Instant Access Savings Pot we’ll move the money in it, plus any interest you’ve earned but we haven’t paid yet, to your Monzo current account or joint account.

We’ll close your personal Instant Access Savings Pot if you tell us you’re closing your Monzo current account, or we close it under the terms which apply to it. We’ll close your joint Instant Access Savings Pot if you tell us you’re closing your Monzo joint account, or we 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 using any balance on your Instant Access Savings Pot.

Irish law means we have to deduct tax from interest we pay to you. The rate is set by law, and might change over time. You might qualify for an exemption from DIRT, for example if you’re over 65 or you are permanently incapacitated. We’ll 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. More information can be found at their 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, 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.

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

These terms remain valid until we change them, or you or we close your 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 current account terms.

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

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.

Information about us

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

MBEU 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.