*The taxes you pay depend on your circumstances and could change in the future. You can find further information on tax for Stocks and Shares ISAs, JISAs and investments on the HMRC website.*

If you’re unsure about whether to invest in a particular investment product, you should get advice from a financial adviser who’s FCA authorised.

Cancelling your account within 14 days of opening

UK investor protections

Some of the investment products we offer through the Monzo app are based overseas (for example, in Ireland) and are not authorised by the FCA in the UK. For these investment products, the Financial Ombudsman (FOS) is unlikely to consider complaints against a fund (where relevant) or companies involved in running it (for example, if they made a mistake that resulted in you receiving the wrong price for your investments). Investments in these investment products are unlikely to be eligible for compensation under the FSCS either. You can refer to the prospectus, including any UK supplement, for more information about this. We’ll provide these documents if you ask for them.

Even if you buy an investment product that is based outside the UK and isn’t covered by the FOS or FSCS, you’re still covered for the investment services we provide, as described in the sections with the headings ‘Making a complaint’ and ‘Getting compensation’ above.

Individual Savings Accounts - known as ISAs - are accounts in which you can save (for example, in a cash ISA) or invest (like our Stocks and Shares ISA or JISA). The money you make on your savings or investments in your ISA isn’t taxed. With a Stocks and Shares ISA or Junior Stocks and Shares ISA, you don’t pay capital gains or income tax on gains or income made by investments.

HMRC sets a limit on how much you put into an ISA each tax year. You’ll see this in the Monzo app. Although there’s a limit on what you can put into an ISA, there’s no limit on the tax-free gains you can make.

The taxes you pay depend on your circumstances and could change in the future. You can find further information on tax for Stocks and Shares ISAs, JISAs and investments on the HMRC website.

It’s another type of account you can use to invest - but without any limits on the amount you can put in it each year. Many people use these accounts if they’ve already reached their ISA limit for a given tax year, and want to keep investing.

Unlike an ISA, you may need to pay tax on any gains or income you make on the investments in this account.

You must be aged 18 or over and be resident in the UK for tax purposes.

We may not be able to offer an account to customers where it would trigger additional HMRC reporting obligations for Monzo.

You can find more information about how this works for JISAs in the section with the heading ‘Information about JISAs’ below.

You can take money out of our Stocks and Shares ISA or GIA whenever you want. If we need to sell some of your investments so that you can withdraw your money, it may take a few business days for this to complete. A couple of things to think about before you withdraw:

Money can’t usually be taken out of a JISA until the child is 18 years old. When the child reaches the age of 18, the JISA will automatically convert into an adult Stocks and Shares ISA held in the child’s own name.

You can invest in a range of investment products within our Stocks and Shares ISA, JISA and GIA. The investments we offer can be made available to retail investors under the FCA’s rules. For funds, this means that the funds have all been authorised or recognised by the FCA as meeting certain standards, which means they can be made available to retail investors.

When you invest in a fund, your money’s pooled together with other investors’ money. It’s used to buy lots of different assets which means things like shares in companies, bonds issued by companies and governments and interests in other funds. The fund value will move up and down in line with the value of the assets that the fund invests in. Other types of investment we offer are structured differently. For example, ETCs are debt securities that are listed on an exchange, such as the London Stock Exchange. The value of the ETCs we offer is linked to the price of a commodity, such as silver or gold.

We charge a fee of 0.25% each year, or 0.20% if you’re a Monzo Plus or Monzo Premium customer, or if you subscribe to a plan that offers a lower fee on your investments accounts in the terms. This covers the services we offer in the Monzo app, including arranging with Seccl for you to invest in the investment products we offer. Our fee may not always apply to all accounts - for example, it may not be charged while you hold or subscribe to certain Monzo products or services. We'll tell you in your account or product terms if this applies to you.

We currently waive this fee for JISAs, which means you won’t pay it on your JISA.

We’ll always tell you before we make any changes to the fee you pay.

We cap the fees we charge each month so that you’ll never pay more than £250 per year (if your annual fee is 0.25%) or £200 per year (if your annual fee is 0.20%). This cap applies to the total amount in your investment and pension accounts with Monzo and means that if, on the date we collect your fees, your accrued fees exceed the cap, we won’t charge any more than the cap. If you upgrade to or cancel a subscription plan during the month, we will apply the fee rate (either 0.25% or 0.20%) which is applicable on the date we collect your fees (we don’t pro rata it over the previous month). We only look at the fees actually charged to calculate if the cap applies.

You’ll also pay fees to BlackRock for managing the funds or other investment products you invest in. These fees come out directly from each investment product you invest in, so its value will be lower to reflect what you’ve paid. You won’t see this fee come out of your investment account. When you choose an investment product to invest in, we’ll give you an illustration of the fees you’ll pay before you invest.

We pay fees to Seccl, our investment services partner, for providing custody of your investments and cash, helping you invest in the investment products offered, and managing your Stocks and Shares ISA and/or JISA. We factor in the fees we pay to Seccl when we set the fees we charge you. You won’t pay separate fees to Seccl for these services.

Generally speaking, it’s not intended that you’ll hold cash for any length of time in your investment account. However there may be circumstances where you do (for example it takes a little time for your investment instructions to complete). Seccl may earn interest on cash balances held in your investment account(s) and if it does, it will pay these to charity. If, in the future, Seccl decides to pay interest to you, we’ll let you know (along with details of the interest rate).

Any interest Seccl pay would be accrued daily and paid monthly in the month immediately following that for which it was accrued. Interest would be calculated on cleared cash balances only.

Under current legislation and HMRC rules, you won’t need to pay any capital gains or income tax on the investments in an ISA. And you don’t need to include them in your self-assessment tax return (if you complete one).

You may need to pay tax on gains and income you make in your General Investment Account - it all depends on your individual circumstances. So you’ll need to report any income or capital gains you make in this account on your tax return.

This information is only a guide and it’s our understanding of tax rules - but these can change at any time. So if you’re unsure about how you’ll be taxed, you should get independent financial advice.

We arrange for a custodian to look after your investments and keep them safe, in line with FCA rules on client assets and client money. Seccl acts as the custodian for our investment accounts.

See more information on protection you can get through the Financial Services Compensation Scheme.

Yes, you can transfer across a Stocks and Shares ISA or Junior Stocks and Shares ISA held with another provider to us through the Monzo app. We can accept transfers of Cash ISAs, Stocks and Shares ISAs, Junior Cash ISAs and Junior Stocks and Shares ISAs, but we can only accept full ISA transfers at this time. If you transfer a Cash ISA or Junior Cash ISA to us, it will become a Stocks and Shares ISA (or Junior Stocks and Shares ISA).

If the investments in that ISA are the same as the ones we offer, we’ll be able to accept a transfer of the investments from your previous provider. This is called a ‘re-registration’ or an ‘in-specie transfer’.

But if the investments are different to the ones we offer, your current provider will need to sell them first and then transfer the cash to us.

You can move your Stocks and Shares ISA or JISA to another provider at any time. If you want to transfer to another provider, you need to ask the new provider to sort the transfer for you.

You can’t transfer a GIA to another provider, but you may be able to transfer the investments in it to an account with another provider, if they let you do this. If not, you can instruct us to sell your investments and you can then move the cash into your account with the new provider.

We support the person responsible for taking care of your money to make sure we’re taking the right steps to deal with your investment account.

We’ll stop any regular payments into your investment account, but we won’t make any other changes until the people responsible for sorting out your money ask us to. The investments and any cash in your account will be part of your ‘estate’ (meaning all of the things you own).

We’ll still need to take the fees from your account and your investment value will go up and down. But we won’t take any regular payments from your current account.

Under current HMRC guidance, there’ll be no tax to pay on the investments in your Stocks and Shares ISA for up to 3 years after you die. If you’re married or in a civil partnership, your partner can inherit the value of the investments and cash in your ISA, and put it into their ISA. That amount doesn’t count towards their ISA limit.

You can only open a JISA with us if you are the parent or legal guardian of a child who is under 16 when the account is opened. The child must be resident in the UK or a UK servant or the dependant of a UK Crown Servant at the time the JISA is opened and must not have an existing Child Trust Fund or Junior Stocks and Shares ISA.

When you open a JISA with us, you will be the “registered contact” for legal purposes. This means you will be responsible for managing the account and choosing which investments to make.

A child can only hold one Junior Cash ISA and one Junior Stocks and Shares ISA at the same time. If your child already has a Junior Stocks and Shares ISA, you’ll need to transfer this to us. You can also transfer a Junior Cash ISA to us, and if you do this, the Junior Cash ISA will become a Junior Stocks and Shares ISA. When you ask us to make a transfer, you confirm that, as far as you’re aware, this will be the case. At the moment, we only offer Junior Stocks and Shares ISAs. We don’t accept transfers from Child Trust Funds into our JISA.

Friends and family can contribute to a JISA. We’ll tell you how they can do this in the app. Contributions to a JISA will be an irrevocable gift to the child and can’t be returned after they have been paid into a JISA. In certain circumstances, if it’s not possible to make a payment into a JISA (for example, because contributions have exceeded the child’s annual allowance for the year), money may be returned to the registered contact.

If you are the registered contact for a child’s JISA, and that child moves abroad, it’s possible to continue adding to the child’s JISA even if the child isn’t resident in the UK anymore, although it wouldn’t be possible to open a new Junior ISA on behalf of a child if they already live abroad.

If you close your Monzo current account, move abroad (anywhere outside the UK), or do any of the things that mean you aren’t eligible to hold a current account with us, you’ll need to transfer the child’s JISA to another provider.

The registered contact for a JISA can be changed to another parent or person with parental responsibility for the child. You can ask to do this by contacting us. You’ll need to transfer the JISA to another provider after you’ve changed the registered contact.

Money that’s paid into a JISA will be an irrevocable gift to the child. You can’t withdraw money from (or close) a JISA until a child reaches the age of 18 (except in the event of terminal illness or death). When the child is 18 years old, the JISA will convert into an adult Stocks and Shares ISA and the child will be entitled to manage their own investments.