Information about our Personal Current Account Services
The Financial Conduct Authority requires us to publish the following information about our personal current accounts.
The Financial Conduct Authority requires us to publish the following information about our personal current accounts.
How and when you can contact us to ask about the following things
| Action | 24 Hour Help? | Telephone | Internet Banking | Mobile Banking |
|---|---|---|---|---|
| Contact details | (0)2038720620 | https://monzo.com/ | In-app Monzo Bank | |
| Checking the balance and accessing a transaction history | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
| Sending money within the UK, including setting up a standing order | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
| Sending money outside the UK | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
| Paying in a cheque | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
| Cancelling a cheque | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
| Cash withdrawal in a foreign currency outside the UK | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
| A lack of funds: including unarranged overdraft, payments we allow despite lack of funds and payments we refuse due to lack of funds | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
| A direct debit, or allowing someone to collect one or more payments from your account using your debit card number | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
| Third party access to an account, for example, under power of attorney | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
| Problems using internet banking or mobile banking | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
| Reporting a suspected fraudulent incident or transaction | Yes | 7am - 8pm, Mon - Sun* | Not possible | Yes |
| Progress following an account suspension or card cancellation e.g. following a fraud incident | Yes | 7am - 8pm, Mon - Sun* | Not possible | Yes |
| Account opening: including eligibility for an arranged overdraft, what is required to open an account and an indication of what arranged overdraft may be available | 7am - 8pm, Mon - Sun* | 7am - 8pm, Mon - Sun* | Not possible | 7am - 8pm, Mon - Sun* |
Note: This is a list of common queries. It does not represent the full list of queries you can raise in relation to your account.
*We provide 24/7 service on all of these activities for all urgent queries.
How and when you can use your bank account to do the following things
| Action | Telephone banking | Internet banking | Mobile banking |
|---|---|---|---|
| Checking the balance | Not Possible | 24 hours | 24 hours |
| Accessing a transaction history | Not Possible | 24 hours | 24 hours |
| Sending money within the UK | Not Possible | Not Possible | 24 hours |
| Setting up a standing order | Not Possible | Not Possible | 24 hours |
| Sending money outside the UK | Not Possible | Not Possible | 24 hours |
| Paying in a cheque | Not Possible | Not Possible | 24 hours* |
| Cancelling a cheque | Not Possible | Not Possible | Not Possible |
Note: this is a list of common actions. It does not represent the full list of actions you can take in relation to your account.
* Cheques up to £500 can be paid in via mobile banking, cheques above £500 must be sent in via post.
Information about operational and security incidents
We are obliged to notify the Financial Conduct Authority if we become aware of a major operational or security incident which prevents our customers from using our payment services.
| Type of Incident | In the 3 months between 1st July 2024 and 30th Sept 2024 | In the 12 months between 30th Sept 2023 and 30th Sept 2024 |
|---|---|---|
| Total number of incidents reported | 0 | 3 |
| Incidents affecting telephone banking | Not Applicable | Not Applicable |
| Incidents affecting mobile banking | 0 | 1 |
| Incidents affecting internet banking | 0 | 0 |
Complaints Data
Financial Conduct Authority rules require us to provide them with a report of our complaints data every six months. In certain circumstances, we are also required to publish a summary of our complaints data.
The most recent summary is available at https://monzo.com/legal/complaints-data/
The Financial Ombudsman Service publishes its complaints data every six months. You can see their complaints data about us at http://www.ombudsman-complaints-data.org.uk/
Overdrafts
What is the interest rate being charged on our products?
| Product | Range of annual interest rates payable for arranged overdrafts on 30th Sept 2024 | Range of annual interest rates payable for unarranged overdrafts on 30th Sept 2024 | Refused payment fee |
|---|---|---|---|
| Monzo Personal Current Account | 19%-39% | 0% | £0 |
How do our overdrafts compare?
A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the APR. The APR shows the cost of borrowing over a year.
Information about overdraft pricing in the period between 1st July 2024 and 30th Sept 2024
| Product | Range of advertised APR during this period |
|---|---|
| Monzo Personal Current Account | 39% |
Note: The Monzo Personal Current Account includes all of our current accounts, including those with a monthly fee.
Opening a current account with us
How quickly do we open personal current accounts?
We give customers an account number and enable them to start paying into the account:
The same day, for 93% of customers
On average, in 1 day; and
Within 8 days for 99% of customers
Note: These figures are based on the time taken from receiving all the information and documents we ask for on this page, in a case where we don’t need any further information or documents to open the account.
How quickly do we give customers a debit card?
Once an account is open, we give customers a debit card:
The same day, for 0% of customers
On average, in 3 days; and
Within 4 days for 99% of customers
How quickly do customers get internet banking?
Once an account is open, we give customers internet banking:
The same day, for 100% of customers
On average, in 0 days; and
Within 0 days for 99% of customers
How quickly is an overdraft available?
Once an account is open, customers can apply for an overdraft which is given:
The same day, for 100% of customers
On average, in 0 days; and
Within 0 days for 99% of customers
Replacing a debit card
How quickly do we replace debit cards that have been lost, stolen or stopped?
We replace debit cards:
The same day, for 0% of customers
On average, in 3 days; and
Within 4 days for 99% of customers
Opening an account with us
To open any of our accounts, a new customer will need to provide us with the documents and information set out on this page. We may request additional information or documents in individual cases.
| You can open an account: | |
|---|---|
| Without visiting a branch | Yes |
| Where a visit to a branch is required, without appointment | Not Applicable |
| By sending us documents and information electronically | Yes |
| By Post | No |
The requirement to publish the Competition and Markets Authority independent service quality survey results for personal current accounts can be found here.