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🏦 Getting started

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Help articles

🏦 Getting started

🚪 Signing up

👬 Joint accounts

🎁 Referrals & Promotions

🪪 Updating your profile

💸 Adding money

💳 The Monzo card

📱 Virtual cards

👥 Transferring money

Help /Getting started

General Information

Is Monzo a bank?
Will Monzo impact my credit score?
Opening a Monzo account
How do I reopen my closed Monzo account?
Is my money safe with Monzo?
Is my information safe with Monzo?

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Are there any penalties for having an inactive account?

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Monzo is a financial technology company; not a bank. All banking services are provided by Lead Bank or Sutton Bank; Members FDIC. The Monzo Personal and Joint Debit Card is issued by Lead Bank or Sutton Bank, Members FDIC, pursuant to licensing by Mastercard International Inc. See Lead Bank Terms, Lead Bank Cardholder Agreement, Sutton Bank Terms, and Sutton Bank Cardholder Agreement for more details.

As of June 18, 2025, the Annual Percentage Yield (APY) accrued from Monzo’s Savings Jar is 3.75% with a Monzo Pro subscription and 2.00% APY for Monzo Base users. Interest rates are variable and may change. Fees may reduce earnings. The interest comes from us, not Lead Bank or Sutton Bank. Your total Savings Jar balance is capped at $100,000. See Lead Bank Interest-Bearing Account Agreement or Sutton Bank Savings Account Agreement for more details.

Funds held in the Monzo deposit accounts are held with Lead Bank or Sutton Bank; Members FDIC, and are eligible for up to $250,000 in pass-through insurance in the event Lead Bank or Sutton Bank fails and if specific deposit insurance requirements are met and your card is registered. FDIC insurance does not protect funds in the event of Monzo’s failure or from the risk of theft or fraud. See FDIC Prepaid Cards and Deposit Insurance Coverage.

Monzo Pro is an optional monthly paid, subscription membership program. Subscribers will be charged every month. Once enrolled, subscribers have access to Monzo’s highest APY, cashback rewards, exclusive upgraded benefits and access outside of Monzo’s basic offerings. Please see Lead Bank Terms or Sutton Bank Terms for more details.