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Financial Services Compensation Scheme Information Sheet

Version 1.1 - 8th April 2019

Monzo is covered by the Financial Services Compensation Scheme (FSCS). Your eligible deposits in Monzo are protected by FSCS up to a value of £85,000 per person 💰

Most depositors are covered by the scheme. See the 'Eligible businesses' section below for more information.

Basic information about the protection of your eligible deposits

Eligible deposits in Monzo are protected by: The Financial Services Compensation Scheme (“FSCS”)
Limit of protection: £85,000 per depositor per bank / building society / credit union. Monzo is the trading name of your bank.
If you have more eligible deposits at Monzo: All your eligible deposits at Monzo are “aggregated” and the total is subject to the limit of £85,000.
Reimbursement period in case of Monzo’s failure: 20 working days
Currency of reimbursement: Pound sterling (GBP, £)
To contact Monzo for enquiries relating to your account: Contact us through in-app chat
Phone us on 0800 8021 456
Email us at [email protected]
Write to us at:
Monzo Bank Limited
38 Finsbury Square
London EC2A 1PX
To contact the FSCS for further information on compensation: Financial Services Compensation Scheme
10th Floor Beaufort House
15 St Botolph Street
London EC3A 7QU
Tel: 0800 678 1100 or 020 7741 4100
Email: [email protected]
More information:

Eligible businesses

Companies are eligible for compensation from the FSCS if they’re ‘small companies’. To be considered a small company you have to meet at least two of the following criteria:

  • Turnover of no more than £6.5 million
  • Balance sheet total of no more than £3.26 million
  • Have no more than 50 employees

Sole traders are also covered, but as a sole trader, you’ll share your protection between your personal and business Monzo accounts (see ‘General limit of protection’ below).

General guidance for businesses

Business Type FSCS eligibility
Limited Companies Eligible – as long as the company meets two of the above ‘small company’ criteria.
Sole Traders Eligible – but remember, the protection limit covers both the business account and personal account.

The FSCS website has lots of great information so please have a look at this for more information.

Additional information

Scheme responsible for the protection of your eligible deposits

Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. Which means that if Monzo went bankrupt, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme.

General limit of protection

If a covered deposit is unavailable because Monzo is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme.

This repayment covers a maximum of £85,000 per depositor per bank, building society or credit union. This means that all of a single depositor’s eligible deposits at Monzo are added up in order to determine the coverage level. If, for instance a depositor holds a current account with £80,000 and a business account in their name as a sole trader with £20,000, they will only be repaid £85,000. But if the business is set up as an eligible limited company and the business account is registered in the company’s name, then both deposits will be repaid by FSCS.

Eligible deposits categorised as ‘temporary high balances’ are protected above £85,000 for six months after the amount has been credited, or from the moment when the eligible deposits become legally transferable. These are eligible deposits connected with certain events, including:

  • certain transactions relating to the depositor’s home or office;
  • the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.

More information can be found at the FSCS website.


Where the FSCS cannot make the repayable amount available within 7 working days, it will ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living within 5 working days of a request. If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under

Exclusions List

A deposit is excluded from protection if:

  1. The holder and any beneficial owner of the deposit have been identified in accordance with money laundering requirements. For further information, contact Monzo.
  2. It comes from transactions connected with a criminal conviction for money laundering.
  3. It is a deposit made by a depositor which is one of the following:
    • credit institution
    • financial institution
    • investment firm
    • insurance undertaking
    • reinsurance undertaking
    • collective investment undertaking
    • pension or retirement fund (Note: Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded)
    • public authority, other than a small local authority.

For further information about exclusions, refer to the FSCS website at