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Financial Services Compensation Scheme Information Sheet

31st August 2018

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

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 281
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:

Additional information

Scheme responsible for the protection of your eligible deposits

Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of Monzo should occur, 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 bank, building society or credit union. This means that all your eligible deposits at Monzo are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £80,000 and a current account with £20,000, they will only be repaid £85,000.

In some cases eligible deposits which are categorised as “temporary high balances” are protected above £85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including:

  • certain transactions relating to the depositor’s current or prospective only or main residence or dwelling;

  • a death, or the depositor’s marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity;

  • the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.

More information can be found at


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 never been identified in accordance with money laundering requirements. For further information, contact Monzo.

  2. The deposit arises out of transactions in connection with which there has been 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