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Information about our Personal Current Account Services

The Financial Conduct Authority requires us to publish the following information about our business 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

Action24 Hour Help?TelephoneInternet BankingMobile Banking
Contact details(0)2038720620https://monzo.com/In-app Monzo Bank
Checking the balance and accessing a transaction history7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 8pm,
Mon - Sun*
Sending money within the UK, including setting up a standing order7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 8pm,
Mon - Sun*
Sending money outside the UK7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 8pm,
Mon - Sun*
Paying in a cheque7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 8pm,
Mon - Sun*
Cancelling a cheque7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 8pm,
Mon - Sun*
Cash withdrawal in a foreign currency outside the UK7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 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 funds7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 8pm,
Mon - Sun*
A direct debit, or allowing someone to collect one or more payments from your account using your debit card number7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 8pm,
Mon - Sun*
Third party access to an account, for example, under power of attorney7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 8pm,
Mon - Sun*
Problems using internet banking or mobile banking7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 8pm,
Mon - Sun*
Reporting a suspected fraudulent incident or transactionYes7am - 8pm,
Mon - Sun*
Not possibleYes
Progress following an account suspension or card cancellation e.g. following a fraud incidentYes7am - 8pm,
Mon - Sun*
Not possibleYes
Account opening: including eligibility for an arranged overdraft, what is required to open an account and an indication of what arranged overdraft may be available7am - 8pm,
Mon - Sun*
7am - 8pm,
Mon - Sun*
Not possible7am - 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

ActionTelephone bankingInternet bankingMobile banking
Checking the balanceNot Possible24 hours24 hours
Accessing a transaction historyNot Possible24 hours24 hours
Sending money within the UKNot PossibleNot Possible24 hours
Setting up a standing orderNot PossibleNot Possible24 hours
Sending money outside the UKNot PossibleNot Possible24 hours
Paying in a chequeNot PossibleNot PossibleNot Possible
Cancelling a chequeNot PossibleNot PossibleNot 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.

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.

Incident TypeIn the 3 months between 1st July 2022 and 30th September 2022In the 12 months between 1st October 2021 and 30th September 2022
Total number of incidents reported34
Incidents affecting telephone bankingNot ApplicableNot Applicable
Incidents affecting mobile banking01
Incidents affecting internet banking00

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?

ProductRange of annual interest rates payable for arranged overdrafts on 30th September 2022Range of annual interest rates payable for unarranged overdrafts on 30th September 2022Refused payment fee
Monzo Personal Current Account19% - 39%19% - 39%£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 2022 and 30th September 2022

ProductRange of advertised APR during this period
Monzo Personal Current Account39%

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 91% 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 2 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 branchYes
Where a visit to a branch is required, without appointmentNot Applicable
By sending us documents and information electronicallyYes
By PostNo

The requirement to publish the Competition and Markets Authority independent service quality survey results for personal current accounts can be found here.