Monzo is an independent, fully licensed UK digital bank and is not part of any other traditional UK bank. It operates as Monzo Bank Limited, authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority. It is part of the Monzo Bank Holding Group Limited.
Yes! Monzo is a fully regulated UK bank. This means we're authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.
Monzo itself is a UK-licensed bank, but in the US, it partners with Lead Bank (since July 2025) for new users, while older users are supported by Sutton Bank, both providing FDIC insurance. Monzo handles the app experience, while these partner banks manage the core banking functions, ensuring your money is protected.
We're authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We're also a member of the Financial Services Compensation Scheme (FSCS), so your eligible deposits are protected up to a value of £120,000 per person.
Tryong to top up on Tesco mobile with my monzo card, payment goes through and gets immediately refunded. This is through the Tesco 4444 number and the mobile app.
Monzo Bank Limited, trading as Monzo (/ˈmɒnzoʊ/), is a British online bank based in London. Monzo launched as part of a wave of app-based challenger banks entering the UK market.
Yes, you can pay cash into your Monzo account at any UK PayPoint or Post Office branch using your debit card, with the money generally appearing instantly or within minutes, though a small fee applies. At PayPoint, you swipe your card and hand over cash, while at the Post Office, you use the card reader, both subject to monthly deposit limits (around £750 for personal accounts).
Monzo itself is a UK-licensed bank, but in the US, it partners with Lead Bank (since July 2025) for new users, while older users are supported by Sutton Bank, both providing FDIC insurance. Monzo handles the app experience, while these partner banks manage the core banking functions, ensuring your money is protected.
There's no single "best" UK bank, as it depends on your needs, but Monzo, Starling Bank, First Direct, and Nationwide consistently rank highest for customer satisfaction, digital experience, and overall service quality, according to reviews from Which? and the CMA. Digital banks like Monzo/Starling excel at mobile banking, while traditional banks like HSBC/Lloyds offer branches, and options like Santander provide unique rewards, making your choice based on whether you prioritize app convenience, branch access, or specific perks like cashback.
Three of the apps below – Starling, Chase and Monzo – are fully regulated UK banks, and are therefore covered by the FSCS (though Chase's protection is shared with JPMorgan). This means your money is protected in exactly the same way as it would be with a traditional big bank, such as Barclays, HSBC, Lloyds or NatWest.
Unfortunately, some merchants don't keep their systems up to date, so we occasionally see situations where our cards aren't recognised. We have a team dedicated towards resolving issues like this, so please let us know if you have an issue.
For security reasons we ask you to renew the connection every 90 days. Some of the banks and credit card providers we support include Lloyds, Barclays, HSBC, Santander, Halifax, Natwest, American Express, Nationwide and Capital One.
You don't need a minimum deposit There's no minimum deposit, and the maximum you can have in a Personal Instant Access Savings Pot and a Joint Instant Access Savings Pot is £1,000,000 in each.
The DWP can access information from various sources, including financial institutions. They won't check your bank account without reason, but they can request information to investigate: 1️. Savings and investments: If you exceed savings thresholds for certain benefits, this could affect your eligibility.
