Earn up to 4.25% APY on your savings with Monzo
No catch, no small print. Just instant access savings and smart tools to help you reach your goals faster.
A rate 9x better than the national average*
We’ll give you 4.25% APY if you have a qualifying direct deposit with us.** (It’s 2.25% APY otherwise.)
What are you saving for?
Smart tools to supercharge your savings
You set a savings goal, and we'll help you get there. We'll work out what you need to contribute and set up automatic deposits.
Upgrade that payday feeling
Deposit your paycheck with us, and you'll unlock an upgraded interest rate of 4.25% APY.
Plus, you can access your money up to two business days early. You can make the switch straight from your phone.
Start small with no catch
No fees, no minimum deposit, and you can withdraw your money instantly whenever you need it.
The security of a fully regulated bank
Your money is FDIC-insured up to $250,000 across all of your accounts and held by a regulated bank.***
And since we don’t hide the small print
*What’s the national average interest rate?
The national average interest rate for savings accounts is 0.45% as posted on FDIC.gov, as of July 15, 2024.
**What’s a qualifying direct deposit?
An ACH deposit of $250 or more to your Monzo account
Deposit is made by your employer or payroll provider for payroll or pension payments
Or by a government agency for benefit payments (e.g., Social Security)
***How does FDIC insurance work?
Your funds are held at Sutton Bank, Member FDIC. Though Monzo is not an insured bank, money in your Monzo account benefits from pass-through FDIC insurance that would protect up to $250,000 in the unlikely event that Sutton Bank failed.
Certain conditions must be satisfied for pass-through FDIC deposit insurance coverage to apply, which you can learn more about here.
Join over 10 million people on Monzo
Download the Monzo app on iOS or Android and join more than 10 million people who've changed the way they bank.
