Do I pay tax on my savings interest?
Yes, the interest you earn on your savings is subject to Deposit Interest Retention Tax (DIRT). The rate is set by law, and can change over time.
If you qualify for an exemption from DIRT, 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.
Will Monzo deduct Deposit Interest Retention Tax (DIRT) for me?
If Deposit Interest Retention Tax (DIRT) applies to you, then yes, we’ll deduct it automatically before paying your interest. You can read more about DIRT in our Instant Access Savings Terms and Conditions.
Does the interest rate include tax?
No, the interest rate we show is before Deposit Interest Retention Tax (DIRT) has been taken off.
Do I pay any charges or fees for my Savings Pot?
Not a cent! Instant Access Savings Pots are free to open, there’s no minimum deposit, and there are no fees or charges to access your money.
Are my savings safe with Monzo?
Absolutely. We’re fully regulated by the Central Bank of Ireland, which means your eligible deposits are protected up to €100,000, per depositor, under the Deposit Guarantee Scheme.
And our industry-first security controls for large payments – like trusted contacts, QR code scanning and known locations – are just a few of the ways we protect you and your money.
How quickly can I withdraw my money?
Withdrawals are instant, so your money’s there when you need it. And we’ll always tell you if any limits apply before you open an account.
When is interest paid?
Interest is paid monthly, directly into your Instant Access Savings Pot.
How many Instant Access Savings Pots can I have?
Instant Access Savings Pots are available on Monzo Personal and Joint accounts.
You can have up to 20 Instant Access Savings Pots in total, across your Personal and Joint accounts. You can save up to €100,000 in your Personal Instant Access Savings Pots and €100,000 in your Joint Instant Access Savings Pots. That means €200,000 in total across all Pots.