Instant Access Cash ISA Terms & Conditions

You should read these terms alongside our current account terms, Key Features Document, and the Summary Box. By using the Instant Access Cash ISA, you confirm you understand and agree to the terms in these documents and the ISA declaration.

If you use Monzo Plus or Monzo Premium, you may get a higher rate of interest (see more below). You should read your Plus or Premium terms alongside these terms.

The Financial Services Compensation Scheme (FSCS) protects your eligible deposits across all your accounts with us, including your Instant Access Cash ISA, up to £85,000. The FSCS apply this limit to each person, and to the total amount of any money you have with us. See our FSCS Information Sheet for more information.

You can open an Instant Access Cash ISA if you have a Monzo current account, are resident in the UK for tax purposes and are aged 18 or over.

See your Key Features Document for more information.

You can find the account name, interest rates, information about changes to interest rates and other key details in the Summary Box.

You can add money into your Instant Access Cash ISA at any time. The maximum amount you can add to ISAs each tax year (including your Instant Access Cash ISA) is the maximum ISA allowance set by HMRC.

You can withdraw money from your Instant Access Cash ISA into your Monzo current account at any time. Withdrawals usually go through instantly. Your Instant Access Cash ISA is a ‘flexible’ cash ISA. This means you can withdraw money then put it back in during the same tax year (from 6 April to 5 April the following year) without counting towards your ISA allowance. See your Key Features Document for more information.

You can’t make payments from your Instant Access Cash ISA. Money in your Instant Access Cash ISA isn’t part of the available balance in your current account. We won’t move money from your Instant Access Cash ISA to cover payments you need to make from your current account. So if you have any payments coming out of your current account, make sure you have enough money in there.
We’ll let you know if we think your Instant Access Cash ISA has or will become void because of failing to meet conditions in applicable legislation (referred to as the ‘ISA rules’ in this document).

We calculate interest daily, and you’ll see the interest you’ve earned in your Instant Access Cash ISA on the first day of every month. You don’t need to pay tax on this interest and it doesn’t count towards your personal savings allowance.

See the most recent Summary Box for details of interest rates.

We can change the interest rate at any time. If we reduce the rate, we’ll let you know at least 14 days before we make the change.

If we put the rate up, then we’ll make that change immediately and we’ll let you know we’ve made it within 30 days.

You can transfer your Instant Access Cash ISA to another ISA provider at any time - we call this a transfer out. We only support full balance transfers so if you want to transfer out, you have to transfer all of the balance of your Instant Access Cash ISA.

To transfer your Instant Access Cash ISA to another provider, you need to do this via your new provider and they’ll contact us. Once your new ISA provider has confirmed they’re prepared to accept the transfer, we’ll send the money and any relevant information to them – unless there’s a reason we need to stop the transfer (for example, if we reasonably believe it’s necessary to protect you from fraud or other criminal activity). The process should take 15 working days to complete.

If you’re transferring a stocks and shares ISA this may take longer to complete.

You may be able to transfer the balance of a cash ISA and/or stocks and shares ISA you hold elsewhere into an Instant Access Cash ISA - we call this a transfer in. If we allow transfers in, we’ll tell you in the app.

You’ll need to follow the steps in the app to tell us you want to transfer in. Once you’ve completed these steps, we’ll contact your current ISA provider to arrange the transfer for you – unless there’s a reason we need to stop the transfer (for example, if we reasonably believe it’s necessary to protect you from fraud or other criminal activity). The process should take 15 working days to complete for cash ISA transfers in.

If you’re transferring a stocks and shares ISA this may take longer to complete.

You have a right to cancel within 14 days of opening your Instant Access Cash ISA, and you can close it at any time. There’s no fee for cancelling or closing your Instant Access Cash ISA – just tell us you want to do so through the app.

If you cancel or close your Instant Access Cash ISA, we’ll move any money in it, plus any interest you’ve earned, to your Monzo current account.

We’ll close your Instant Access Cash ISA if:

If you cancel your Instant Access Cash ISA, then it’s treated as if you hadn’t opened an ISA, and your ISA allowance isn’t affected. Depending on the ISA rules, if you close your Instant Access Cash ISA, you may not be able to re-open the account or pay into a cash ISA with another provider in the same tax year.

If you take out Monzo Plus or Monzo Premium, you’ll get the higher interest rate on your Instant Access Cash ISA from the day you upgrade.

If you cancel Plus or Premium, you’ll stop getting the higher interest rate from the day you cancel. Once you’ve cancelled, you’ll get the rate of interest which current account customers get on Instant Access Cash ISA at that point instead.

If you have a complaint, you should contact us and we'll do our best to fix the problem. If you're still not happy, you may be able to refer your complaint to the Financial Ombudsman Service and/or the Financial Conduct Authority.

We may use a third party to carry out our obligations. If we do this, we’ll ensure that they’re competent to carry out such obligations.

You might miss Monzo Flex, loan or overdraft repayments, break your credit agreement or not repay when we ask you to. If this happens, we have the right to reduce or pay off debt you owe us using any available credit balance in your Instant Access Cash ISA account.

Your Instant Access Cash ISA will continue to benefit from its special tax-free status until either 3 years from your death or until administration of your estate is finished – whichever happens first. Money can’t be added to your Instant Access Cash ISA after you die - any regular payments you’ve set up will be stopped.

We’ll pay all money held in your Instant Access Cash ISA as instructed by your personal representatives once we receive the evidence needed for us to do this under legislation. Interest will continue to accrue from the date of death until we make the payment.

If your spouse or civil partner dies, and you inherit the money in their ISA, the ISA rules allow you to add that amount to your ISA – that sum is called an Additional Permitted Subscription.

We don’t currently accept Additional Permitted Subscriptions, so if this happens you’d need to create an ISA with another provider to receive it. We’ll let you know if this changes. See your Key Features Document for more information on Additional Permitted Subscriptions.

We can make changes from time to time to our charges or the terms of this agreement, as set out in the current account terms.

If you have any questions you can send them to us by email (help@monzo.com) or chat to us in the app.