Banking · Retail bank
Monzo: online British bank, authorised in the United Kingdom
A UK-authorised retail bank run entirely from its app, for individuals and small businesses established in the United Kingdom. It is meant for settling in the UK, not for taking a British account to another country.
Please note
Characteristics
- Family
- Retail bank
- Regulator
- Prudential Regulation Authority / Financial Conduct Authority
- Regulator country
- United Kingdom
- Deposit guarantee
- Yes
- Remote opening
- Yes
- Currencies
- GBP
- Services
- Current account · Payment card · International transfers · Savings
- Accepted residencies
- Not provided
- Refused residencies
- Not provided
- Home country
- United Kingdom
For the business account, Monzo accepts only sole traders or directors of UK-based limited companies that are tax resident in the United Kingdom and in no other country. The residence requirements for the personal account, and what happens to an account after a move abroad, could not be found on an official page at the time of this update.
Entities and regulatory status
| Entity | Jurisdiction | Status | Regulator | Protection of funds |
|---|---|---|---|---|
| Monzo Bank Limitedholds the accountCompany registered in England and Wales (no. 09446231); authorised by the PRA, regulated by the FCA and the PRA. Number taken from the official website; the FCA register entry was not consulted. | United Kingdom | Banks with their own licence | PRA / FCALicence 730427 | FSCS |
Who can open or keep an account
| Country of residence | Case | Status | Conditions |
|---|---|---|---|
| United Kingdom | Opening | Accepted | Business account: company based in the United Kingdom and tax resident only in the United Kingdom; sole traders and limited companies with share capital only.monzo.com |
| Any residence (general rule) | Opening | Refused | Business account: companies based, registered or tax resident outside the United Kingdom are refused, as is the use of a VPN to appear to be established in the United Kingdom.monzo.com |
| United Kingdom | Keeping after a move | Unknown | Keeping the personal account after leaving the United Kingdom: rule not found on an official page. |
A country missing from this table is neither accepted nor refused: the information is not published.
Published figures
- Account feeNot provided
- Brokerage feeNot provided
- Deposit guarantee ceilingup to £120,000fscs.org.uk · Verified on Nov 2, 2026
- Entry ticketNot provided
Which entity, which status
The account is held by Monzo Bank Limited, a company governed by English law. According to Monzo's legal notices, it is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, under register number 730427. It therefore holds its own British banking licence: Monzo is not a brand backed by a partner bank.
The Monzo Bank Limited entry on the FCA register could not be opened; the reference comes from the legal notices on the official website. Monzo's activity outside the United Kingdom has not been documented.
Who can open an account
The business account is clearly circumscribed: only sole traders and directors of a UK-based limited company with share capital can apply for it, from figure being updated. The company must be active on the companies register, earn most of its revenue from sales or services, and be tax resident in the United Kingdom and in no other country. Partnerships, associations, trusts and listed companies are excluded (Monzo Business eligibility criteria).
The conditions for opening the personal account (residence, address, nationality) and Monzo's position when a customer settles outside the United Kingdom for the long term were not found in any citable official document; testimonials on its community forum do not amount to a rule.
Account, card and currencies
The account is held in pounds sterling, with a debit card, domestic transfers and savings pots managed in the app. Monzo highlights the use of the card when travelling, but the precise conditions for withdrawals and payments abroad were not found.
Withdrawal limits, any fees outside the European Economic Area and paid plans: not found, as no dated fee document was read during this update.
Protection of funds
Eligible deposits are covered by the Financial Services Compensation Scheme, the British deposit guarantee fund, up to up to £120,0001 per person per institution since December 2025. The FSCS information sheet published by Monzo and consulted still showed the old limit: only the FSCS page is authoritative.
As Monzo is a licensed bank, this is a genuine deposit guarantee, and not merely the safeguarding of funds.
Points to check
- The company's tax status: a company that is tax resident in two countries is excluded from the business account.
- The departure plan: with no published rule on the personal account after a move, you need to ask Monzo before leaving and plan for an account in the destination country.
- The guarantee limit, assessed per person and per institution, across all Monzo Bank Limited brands combined.
Sources and verification dates
- 1.
Deposit guarantee ceiling : £120,000
« FSCS can compensate you up to the new limit of £120,000 per eligible person, per authorised firm. »
Financial Services Compensation Scheme, « Deposit limit »Verified on Nov 2, 2026Verified source