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Information about our Personal Current Account Services

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

  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

  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 Not Possible
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.

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.

  In the 3 months between 1 April 2020 and 30 June 2020 In the 12 months between 1st July 2019 and 30 June 2020
Total number of incidents reported 2 7
Incidents affecting telephone banking Not Applicable Not Applicable
Incidents affecting mobile banking 1 3
Incidents affecting internet banking 1 1

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 30 June 2020 Range of annual interest rates payable for unarranged overdrafts on 30 June 2020 Refused payment fee
Monzo Personal Current Account 19% - 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 6 April 2020 and 30 June 2020

Product Range of advertised APR during this period
Monzo Personal Current Account 19% - 29%

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 9 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 5 days for 99% of customers

Note: From 2 May to 13 June Royal Mail did not deliver letters on Saturdays, resulting in longer delivery times for some 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?

Not applicable - Customer can apply for an overdraft once an account is opened.

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 5 days for 99% of customers

Note: From 2 May to 13 June Royal Mail did not deliver letters on Saturdays, resulting in longer delivery times for some 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.