Monzo Review 2026: How Monzo Can Make You Money
Updated March 2026 — Monzo has over 8 million UK users. But can it actually make you money? Yes — here is how.
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Quick Verdict: Can Monzo Make You Money?
Yes! Here are the ways Monzo can boost your bank balance:
- 10 GBP sign-up bonus for new customers
- Up to 3.50% AER interest on savings
- Cashback at retailers and restaurants
- Round-ups that save spare change automatically
- 5% interest on Level Up challenge pots
- Free UK current account with no monthly fees
How Monzo Makes You Money
1. 10 GBP Sign-Up Bonus
New Monzo customers get a 10 GBP bonus when they switch or open an account. Not huge, but a nice start.
2. Savings Interest (Up to 3.50% AER)
Monzo offers competitive interest rates on savings:
- Standard: 3.00% AER
- Premium/Perks: 3.50% AER
That beats many high street banks! Open a savings pot and your money grows tax-free.
3. Cashback Offers
Monzo partners with retailers to offer cashback. Just pick your offers in the app and shop. Earn money back on:
- Popular restaurants
- Supermarkets
- Online shopping
- Travel bookings
4. Round-Ups (The Smart Way to Save)
Monzo round-ups automatically round every purchase to the nearest pound and save the difference. Last year alone, Monzo users saved 360 million GBP through this feature!
Example: Buy coffee for 3.70 GBP — Monzo rounds up to 4.00 GBP and saves 0.30 GBP automatically.
Over a year, that adds up to 100+ GBP without you noticing.
5. Level Up Challenge (5% Interest!)
Monzo Level Up helps you build savings habits. Save consistently and earn 5% interest on your challenge pot — one of the highest rates available!
6. ISA Options
Monzo offers Instant Access Savings and Cash ISAs:
- Up to 3.50% AER on savings
- Tax-free interest ( ISA protection)
- No withdrawal fees
7. Get Paid Early
Monzo offers early salary access — get paid up to 2 days before your regular payday. Not directly making you money, but helps avoid overdraft fees.
Monzo Plans
| Plan | Price | Best For |
|---|---|---|
| Standard | Free | Basic banking, 3% savings, round-ups |
| Plus | 3 GBP/mo | Higher limits, virtual cards |
| Premium | 7 GBP/mo | 3.5% savings, perks, travel insurance |
| Max | From 17 GBP/mo | Full insurance, best perks |
Pros and Cons
Pros
- Excellent app experience (rated 4.7/5 on Trustpilot)
- Powerful budgeting tools (pots, round-ups)
- No fees on card spending abroad
- FSCS protected up to 85,000 GBP
- 8+ million UK users — proven and trusted
- Real-time spending notifications
Cons
- Cash deposits cost money (via PayPoint)
- Limited cashback compared to some reward accounts
- Premium plans cost money
Is Monzo Safe?
Yes. Monzo is a fully licensed UK bank:
- FSCS protected up to 85,000 GBP
- Regulated by the FCA
- Bank-grade security with 2FA
- Instant card freeze in-app
Our Verdict
Monzo is excellent for:
- Budget-conscious users who want to save automatically
- Anyone who wants a simple, modern bank account
- People who want competitive savings rates
- First-time account holders
The round-ups feature alone has saved users 360 million GBP. That is incredible.
Bottom line: Monzo will not make you rich, but it will help you save more and earn interest on your money.
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Last updated: March 2026