Do I have to pay taxes on my Savings Jars?

If you earn more than $10 in Savings Jars interest within a single tax year, you’ll need to report that amount as income on your yearly taxes. The exact amount of taxes you owe on that income will depend on your tax situation.

We’ll send a 1099-INT to all customers who earn more than $10. If you earned less than $10, you will not be sent a 1099-INT.

🗓️ For the 2024 tax year:

We’ll mail 1099-INTs in January and they should reach you by February 14th, 2025. If you don’t receive your 1099-INT, please contact us.

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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 Preferred subscription and 2.00% APY for Monzo Everyday 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 Preferred 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.

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