Monzo Instant Access Savings Pot Terms & Conditions

These terms form part of our current account terms and, if you open a joint Instant Access Savings Pot, our joint account terms too. You should read them alongside the Summary. You agree to these terms by using an Instant Access Savings Pot.

If you use Monzo Plus or Monzo Premium or subscribe to a plan that offers a higher interest rate on Instant Access Savings 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 a personal Instant Access Savings Pot if you have a Monzo current account. You can open a joint Instant Access Savings Pot if you have a Monzo joint account. In these terms, the words ‘Instant Access Savings Pot’ are used to refer to both personal and joint Instant Access Savings Pots.

We may limit the number of Instant Access Savings Pots you can have open. We’ll let you know in the app if you can’t open another one.

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

Your eligible deposits across all your accounts with us, including this Instant Access Savings Pot, are protected by the Financial Services Compensation Scheme (FSCS) 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.

We calculate interest daily, and you’ll see the interest you’ve earned in your Instant Access Savings Pot on the first day of every month.

See the most recent Summary for details of interest rates

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 Personal Instant Access Savings Pot from the day you upgrade. You’ll also get the higher interest rate on your Joint Instant Access Savings Pot if you both take out a plan that offers a higher interest rate.

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. You’ll also stop getting the higher interest rate on your Joint Instant Access Savings Pot if one or both of you cancels your plan. Once cancelled, you’ll get the rate of interest which current account customers get on Instant Access Savings Pots at that point instead.

You can’t make payments from your Instant Access Savings Pot. Money in your Instant Access Savings Pots isn’t part of the available balance in your current account or joint account. We won’t move money from your Instant Access Savings Pots to cover payments you need to make from your current account or joint account. So if you have any payments coming out of your current account or joint account, make sure you have enough money in there.

You can withdraw money from your Instant Access Savings Pot into your Monzo current account or, where relevant, your joint account at any time. Withdrawals usually go through instantly.

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

If you cancel or close your Pot the money in it, plus any interest you’ve earned but we haven’t paid yet, will be moved to your Monzo current account or joint account.

We’ll close your personal Instant Access Savings Pot if you tell us you’re closing your Monzo current account, or we close it under the terms which apply to it. We’ll close your joint Instant Access Savings Pot if you tell us you’re closing your Monzo joint account, or we close it under the terms which apply to it.

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 balance on your Instant Access Savings Pot.

Depending on your circumstances, you may have to pay tax on any interest you earn which goes over your tax free allowance. If you’re unsure about your tax position, you can get professional tax advice, or find more information on the HMRC website.

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.

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

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.

We can also 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 it’s a positive change, then we’ll make that change immediately and we’ll let you know we’ve made it within 30 days.