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Business Account

Financial Services Compensation Scheme Information Sheet

23rd August 2021

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 eligible depositor 💰

Most depositors are covered by the scheme. See the 'General limit of protection' 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
Write to us at:
Monzo Bank Limited
Broadwalk House, 5 Appold St
London EC2A 2AG
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
More information:

General guidance for businesses

Limited companies and sole traders are eligible for compensation from the FSCS as long as its deposits are not considered excluded from protection (see ‘Exclusions list’ below).

As a sole trader, you’ll share your protection between your personal and business Monzo accounts (see ‘General limit of protection’ below). 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.

  4. It is a deposit of a credit union to which the credit union itself is entitled.

  5. It is a deposit which can only be proven by a financial instrument (s listed in Part I of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, read with Part 2 of that Schedule) unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which existed in the UK, Gibraltar or a Member State of the EU on 2 July 2014).

  6. It is a deposit of a collective investment scheme which qualifies as a small company under the Companies Act 1985 or Companies Act 2006.

  7. It is a deposit of an overseas financial services institution which qualifies as a small company under the Companies Act 1985 or Companies Act 2006.

  8. It is a deposit of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company (under the Companies Act 1985 or Companies Act 2006) refer to the FSCS for further information on this category.

  9. It is not held by an establishment of a bank, building society or credit union in the UK or, in the case of a bank or building society incorporated in the UK, it is not held by an establishment in Gibraltar.

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