MonzoQuick Wins
£10 Free Cash
Value
£10
Monzo launched in 2015 as a prepaid card startup and has since grown into one of the UK's largest digital banks with more than 15 million customers. Their bright coral card became iconic in the fintech world, and they've consistently pushed the boundaries of what mobile banking can do. By FY 2025 Monzo had topped £1 billion in annual revenue for the first time and reported £113.9 million in adjusted pre-tax profit, an 8× year-on-year jump, proving the model works at scale.
Customers
15m
UK accounts
Founded
2015
11 years old
App Store
4.9 ★
302k reviews
Google Play
4.8 ★
168k reviews
Live offers
1
Worth £10
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. FRN 730427. Eligible deposits protected by the Financial Services Compensation Scheme.
Monzo at a glance
Monzo is a UK app-based bank that runs your current account entirely from your phone. Quidsy currently has one live Monzo offer: a £10 signup bonus when you open and fund an account through our link. Best for people who want simple, fee-free everyday banking. Eligibility checks apply and bonus payout timing can vary.
Updated:
Current Monzo offers
Review notes· 5 min read
Monzo details
Monzo launched in 2015 as a prepaid card startup and has since grown into one of the UK's largest digital banks with more than 15 million customers. Their bright coral card became iconic in the fintech world, and they've consistently pushed the boundaries of what mobile banking can do. By FY 2025 Monzo had topped £1 billion in annual revenue for the first time and reported £113.9 million in adjusted pre-tax profit, an 8× year-on-year jump, proving the model works at scale.
Monzo works best for anyone comfortable doing all their banking through an app, and it's particularly popular with younger users and frequent travellers thanks to the fee-free spending abroad. The instant notifications and built-in budgeting tools make it a good fit for anyone trying to get a clearer grip on where their money goes each month.
If you need branch access or prefer to deal with someone over the phone, Monzo isn't the right fit, but if you rarely set foot in a bank anyway, it's a genuinely better day-to-day experience than most traditional accounts.
Is Monzo safe?
Yes, Monzo is as safe as any major UK bank. They're authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the PRA (firm reference number 730427). Your deposits are protected by the Financial Services Compensation Scheme up to £120,000 per person, the same protection you get with NatWest, Barclays, or any other UK high street bank. That FSCS limit was raised from £85,000 to £120,000 on 1 December 2025.
Beyond the regulatory side, Monzo uses bank-grade security including biometric login (Face ID or fingerprint), instant card freezing if you misplace your card, and real-time transaction notifications for every payment. There's also a security hub in the app where you can review connected devices and active sessions.
Since launching in 2015 (and getting its full banking licence in 2017), Monzo has grown to 15 million customers and FY 2025 revenue topping £1 billion. It isn't a flash-in-the-pan fintech anymore. It's a mainstream UK bank.
Worth flagging: the FCA fined Monzo £21 million in July 2024 for control failings around anti-money-laundering checks between 2018 and 2020. No customer money was at risk, FSCS protection wasn't affected, and Monzo has since strengthened its onboarding and monitoring systems.
It's the sort of growing-pain fine you'd expect from a bank that scaled from 600,000 to nearly 6 million customers in four years, and the FCA's notice noted Monzo's cooperation in resolving it.
Who is Monzo for?
Monzo works well for anyone comfortable with app-only banking. It's particularly popular with younger users and frequent travellers thanks to the fee-free spending abroad. The instant notifications and budgeting tools make it excellent for anyone trying to get a better handle on their spending.
If you need branch access or prefer speaking to someone in person, Monzo won't be right for you - everything is done through the app or in-app chat. But for those who rarely visit a bank branch anyway, it offers a genuinely better experience than most traditional banks.
What does Monzo do?
Instant spending notifications
Get real-time alerts for every transaction the moment it happens. No more waiting days to see what's left in your account.
Fee-free spending abroad
Spend in any currency with the Mastercard exchange rate and no additional fees. Unlimited fee-free EEA cash withdrawals, plus £200 every 30 days elsewhere on the standard plan.
Savings pots with interest
Create separate pots for different goals and earn interest on your savings. You can even lock pots until a specific date to avoid temptation.
Bill splitting
Split bills with friends instantly. Just tap a transaction and request money from contacts. It works even if they don't have Monzo.
Salary sorting
Automatically move money into pots and pay bills the moment your salary arrives. Set it up once and never think about it again.
Pros and cons
What stands out
4 pros- Instant notifications give you complete visibility of spending
- Genuinely useful budgeting tools, savings pots, and salary sorting
- Fee-free spending abroad and unlimited EEA cash withdrawals
- FSCS protected up to £120,000
Worth knowing
3 cons- App-only banking, no branch access
- In-app chat is the main support channel (phone is available but slower)
- Interest rates on savings are lower than dedicated savings accounts
Monzo has been around for a decade now, and it's still one of the cleanest digital banking experiences I've seen in the UK. With more than 15 million customers and consistently strong app store ratings, it's the neobank most people end up trying first. The instant notifications, salary sorting, and savings pots actually change how you think about money rather than just digitising your old bank statement.
The app-only model won't suit everyone, and the standard savings rates won't tempt you away from a dedicated savings account. Support is mostly in-app chat too, which is usually quick but can frustrate you on an urgent issue.
But as a day-to-day current account, I'd happily recommend Monzo to anyone who wants a clearer picture of their spending. With £1 billion in FY 2025 revenue and an 8× jump in adjusted profit, they're clearly not going anywhere. Worth opening even if you keep your main bank elsewhere, since the budgeting tools alone are worth the few minutes it takes to sign up. And if you can grab our £10 free cash offer at the same time, even better.
Monzo FAQs
Monzo earns most of its revenue from interchange fees that retailers pay every time you tap your Monzo card, plus interest on lending products like overdrafts, personal loans, and business borrowing. Subscription fees from Monzo Plus and Monzo Premium add to that, and like all banks, Monzo also earns interest on the deposits sitting in customer accounts. That mix is why the basic current account is free to use.
Pretty much instantly. Once you've signed up for a Monzo current account and made your first card payment within 30 days, the £10 free cash usually lands in your main account straight away. The 30 days is the deadline to make the qualifying payment, not a wait for the bonus itself. If you've made a card payment and the £10 hasn't arrived, in-app chat is the fastest way to chase it.
Next step
Choose your route with Monzo
£10 Free Cash is the strongest live Monzo route we have listed right now.