Monzo Savings Review (2026): Rates, Fees and Verdict

Monzo Business Instant Access Savings Pot

Monzo Business savings is an in-app Instant Access Savings Pot that earns 2.

View Monzo Business Savings →

Overview Eligibility Pros & Cons Key Features

Best for: Existing Monzo Business customers wanting to ring-fence and earn on spare cash inside the app

Watch out: The headline rates need the paid Pro plan (£9 + VAT/month); on the free Lite plan you earn 2.75% AER instant access or 3.15% on Select Access. All rates are variable, apply to balances up to £100,000 per pot, and sit below the best specialist banks. You must hold a Monzo Business account, and there’s no fixed-term bond.

Not ideal if: Not ideal if: you want to maximise the rate on a large balance (over £100,000 per pot), you need a fixed-term bond, or you don’t want a Monzo Business current account.

Eligibility: Monzo Business account holders only. Monzo Business is open to UK sole traders and limited company directors. The savings pot sits inside the Monzo app.

Not ideal if: Not ideal if: you want to maximise the rate on a large balance (over £100,000 per pot), you need a fixed-term bond, or you don’t want a Monzo Business current account.

Watch out: The headline rates need the paid Pro plan (£9 + VAT/month); on the free Lite plan you earn 2.75% AER instant access or 3.15% on Select Access. All rates are variable, apply to balances up to £100,000 per pot, and sit below the best specialist banks. You must hold a Monzo Business account, and there’s no fixed-term bond.

Up to 3.25% AER (Pro) or 2.75% AER (free Lite), variable

Instant access — withdraw to your account anytime, no penalty

Interest accrues daily, paid monthly; no minimum deposit

FSCS-protected to £120,000 on Monzo Bank’s own licence

Sole traders eligible; ring-fence Tax Pots and earn at the same time

Top 3.25% AER rate needs the paid Pro plan (£9 + VAT/month)

Free Lite plan earns 2.75% AER — below specialist savings banks

Variable rate; no fixed-term bond (a semi-liquid Select Access pot is the only higher tier)

Rate applies only to balances up to £100,000 per pot; must hold a Monzo Business account

Up to 3.25% AER (Pro) / 2.75% AER (Lite), variable

Instant access pot inside the Monzo app, no minimum

FSCS protected to £120,000 (Monzo Bank, FRN 730427)

Interest accrues daily, paid monthly

Verified against monzo.com/business-banking/features/business-savings, June 2026

Our Verdict on the Monzo Savings Business Bank Account

You should treat Monzo Business savings as a convenience play, not a rate play. The Instant Access pot earns 2.75% AER on free Lite or 3.25% on Pro, and a semi-liquid Select Access pot pays a little more — below specialist banks either way.

We rate it highly for one job: ring-fencing cash inside an account you already use. If you run a Tax Pot or a VAT buffer on Monzo, earning interest on it without opening anything new is genuinely handy, and the deposit is FSCS-safe on Monzo’s own licence.

Key Pros and Cons

You get instant access, daily interest and zero friction here.

You earn less here than at Cynergy, Allica or in a fixed bond, and the top tier needs the paid Pro plan. That’s the trade-off.

We’d weigh that convenience against the gap before assuming Monzo is where your reserve should sit. On a large balance, a specialist bank wins easily.

• Up to 3.25% AER (Pro) or 2.75% AER (free Lite), variable.
• Instant access, no notice period, no withdrawal penalty.
• Interest accrues daily, paid monthly, with no minimum deposit.
• FSCS-protected to £120,000 on Monzo Bank’s own licence.
• Sole traders eligible, with pots and Tax Pots built into the app.

• Top 3.25% rate needs Pro at £9 + VAT/month.
• Free Lite earns 2.75% AER — below specialist banks.
• Variable rate, with no notice or fixed-term option.
• Monzo Business account required to open the pot.

Who Monzo Savings Is Best For

You’ll get the most from this if you already bank with Monzo Business and you value organisation over yield. The pot turns spare balance into something that earns, without you leaving the app or opening a new account.

Say you’re a sole trader putting aside tax. You set up a Tax Pot, let Monzo skim a slice of every payment into it, and earn interest on the balance until your self-assessment is due. That’s the use case Monzo nails.

You should look elsewhere if maximising the rate on a large reserve is the priority. On £100,000, the gap to a specialist bank costs real money — that’s the trade-off for the in-app convenience.

Monzo Savings Account Eligibility and Application

Who Can Open a Monzo Savings Account

You can open the savings pot if you hold a Monzo Business account, which is open to UK sole traders and limited company directors. That access matters when you’re setting aside your own VAT and tax — Capital on Tap and Cynergy shut sole traders out.

You won’t open the pot as a standalone product. It lives inside Monzo Business, so the current account comes first and the savings pot is a feature you switch on. One relationship, not two applications.

What You Need to Apply

Application for Monzo Business is in-app, and you’ll need photo ID and your business details — company number for a limited company, or your trading details as a sole trader. Monzo runs the standard identity checks.

Once your account is live, the savings pot opens in a couple of taps with no separate application and no minimum deposit. You move money in straight away from your main balance.

Decide your plan before you lean on the rate: the free Lite plan earns 2.75% AER, while Pro at £9 + VAT/month lifts it to 3.25%. There’s no paperwork to switch between them.

Monzo Savings Account Fees and Pricing

Monthly Fees and Plan Options

You pay nothing for the pot itself — the cost sits in the plan. On the free Lite plan the Instant Access pot earns 2.75% AER and the semi-liquid Select Access pot 3.15%; on Pro (£9 + VAT/month) those rise to 3.25% and 3.65% AER.

Do the maths before you upgrade for the rate alone. The extra 0.50% AER on instant access is worth about £108 a year on a £21,600 balance, roughly the annual Pro fee. Below that, Pro only pays off for its other features.

You’re really paying for the plan, not the pot — that’s the real cost to weigh. If you already run Pro for invoicing and integrations, the higher rate is a free bonus.

Transaction Fees and Charges

You won’t pay transaction fees or withdrawal penalties on the savings pot. Moving money between your main Monzo balance and the pot is instant and free, however often you do it.

You won’t pay anything tied to the savings feature beyond the plan fee. When you sweep a VAT payment back out before the deadline, nothing is deducted for the privilege. The pot is clean; only the plan carries a price.

Monzo Savings Features and Business Banking Tools

Invoicing and Expense Management

You get more around this savings pot than you would from a standalone deposit account, because it sits inside Monzo Business. The same app raises and tracks invoices and manages expenses, so the cash you set aside lives next to the tools that fill it.

You’ll get the most from Tax Pots. You set a percentage, and Monzo automatically moves a slice of every payment you receive into a ring-fenced pot that earns interest.

You can run up to 20 named pots, splitting VAT, Corporation Tax and payroll reserves apart. For a business that struggles to set tax aside, we rate that automation as the real feature.

It won’t replace dedicated accounting software for a complex business, but for a sole trader or a small company the built-in invoicing and pots cover a lot of ground in one place.

Integrations and Accounting Software

You can connect Monzo Business to the main accounting platforms, so the interest your pot earns and the payments around it flow into your books. Monzo integrates with Xero, QuickBooks and FreeAgent rather than locking you into its own ledger.

That keeps your reserve and your bookkeeping joined up. When your accountant pulls the quarter-end figures, the savings interest lands in the same feed as everything else, with no manual export.

It’s a genuine edge over a standalone savings account, which sits outside your accounting stack entirely. Here the pot is part of the same connected system.

Monzo Savings Card Usage and Payments

Spending, Transfers and Limits

You don’t spend directly from the savings pot, and there’s no separate card for it — it’s a savings space, so money moves by in-app transfer. Your Monzo Business debit card draws on the main balance, not the pot.

Moving money between your main balance and the pot is instant, in-app and free, with no notice period. The pot is true instant access: when you need the cash, you tap it back to your balance and spend or pay out as normal.

When a supplier invoice lands and you need the funds, the money is back in your spending balance in seconds rather than after a notice window. There’s no minimum, though the headline rate applies only to balances up to £100,000 per pot.

Overseas Payments and FX Fees

You can’t hold or pay foreign currency from the savings pot, and there are no FX fees to weigh because the pot is sterling-only. It exists to earn interest on spare pounds, nothing more.

If you make overseas payments, that happens from your main Monzo Business account or a dedicated currency account, not from savings. We’d use the pot purely as a sterling reserve. Not the same as a multi-currency account.

Monzo Savings Customer Reviews and Ratings

You should read the headline score in context, because it isn’t specific to business savings. When we checked in June 2026, Monzo held around 4.6 out of 5 on Trustpilot from more than 65,000 reviews — an excellent rating, but earned mostly by its personal-banking customers.

What we find praised is the app: the speed, the pots, the clarity of where your money sits. Those are exactly what make the savings feature work, so the reputation is a fair proxy here.

You should read it as a bank that does in-app money management better than almost anyone. When your tax money has to sit somewhere you’ll actually leave alone until the deadline, that usability beats a fraction of a percent of rate. That’s the real trade-off here.

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