Monzo Instant Access Cash ISA Pot 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 Pot, you confirm you understand and agree to the terms in these documents and the ISA declaration.

If you use Monzo Plus or Monzo Premium or subscribe to a plan that offers a higher interest rate on Instant Access Cash ISA Pots in the terms, you may get a higher rate of interest (see more below). You should read your Plus or Premium terms or the terms for your subscription alongside these terms.

You can open an Instant Access Cash ISA Pot 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.

Your eligible deposits across all your accounts with us, including your Instant Access Cash ISA Pots, are protected by the Financial Services Compensation Scheme (FSCS). The FSCS apply a 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 add money into your Instant Access Cash ISA Pot at any time.

You can withdraw money from your Instant Access Cash ISA Pot into your Monzo current account at any time. Withdrawals usually go through instantly.

At Monzo, we run our Cash ISA in a way which means you can have the different types of savings pots we offer within the same ISA. For example, you can open multiple Instant Access Pots within one ISA. Each pot may earn different rates of interest, and have different conditions which attach to it, but you can move money between the pots without it leaving your ISA.

Our Cash ISA is a 'flexible' ISA - this means you can withdraw money and then replace the amount you took out without the replacement counting towards your ISA allowance, as long as you do it in the same tax year. The tax year runs from 6 April to 5 April. See your Key Features Document for more information.

The maximum you can add to all ISAs each tax year (including your Instant Access Cash ISA Pots) is the maximum allowance set by HMRC each year. We may refuse to accept contributions to your Cash ISA if we think it would cause you to exceed your ISA allowance.

We'll let you know if we think your 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).

You can't make payments from your Instant Access Cash ISA Pot. Money in your Instant Access Cash ISA Pot isn't part of the available balance in your current account. We won't move money from your Instant Access Cash ISA Pot 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 calculate interest daily, and you'll see the interest you've earned in your Instant Access Cash ISA Pot 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 Pot 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 Pot.

To transfer your Instant Access Cash ISA Pot 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 Pot - 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 Pot, and you can close it at any time. There's no fee for cancelling or closing your Instant Access Cash ISA Pot – just tell us you want to do so through the app.

If you cancel or close your Instant Access Cash ISA Pot, 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 Pot if:

If you cancel your Instant Access Cash ISA Pot, 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 Pot, 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 or a plan that offers a higher interest rate, you'll get the higher interest rate on your Instant Access Cash ISA Pot from the day you upgrade.

If you cancel Plus or Premium or a plan that offers a higher interest rate, you'll stop getting the higher interest rate from the day your subscription ends. Once you've cancelled, you'll get the rate of interest which current account customers get on Instant Access Cash ISA Pot 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 Pot.

Your Instant Access Cash ISA Pot 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 Pot 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 Pot 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.