We’ve introduced two new fees for some customers

We've introduced two new fees for some Monzo customers, as of the 31st of October 2020.

What are the new fees?

We've introduced a 3% fee if you withdraw more than £250 cash in 30 days in the UK and European Economic Area (EEA). We’ve also introduced a £5 fee for delivering UK card replacements (except if you’re the victim of fraud, if your card is stolen, delivered with a fault or if it expires).

These fees won’t affect most people though – based on how people used Monzo in the last year, 79% of people wouldn’t have paid any of these fees at all. If you’re using Monzo more as a main bank and not as just a spending card you won't pay fees at the cash machine at all, and you’ll get two free plastic card replacements a year.

Why are we introducing new fees?

We’ve made these changes because card replacements and ATM withdrawals are expensive and we think it’s fair that we introduce fees for card replacements and ATM withdrawals to cover our costs when customers depend on another bank for their main banking needs.

If you rely on Monzo more, you’ll get bigger allowances. We think it’s really important that you get fee-free cash withdrawals if you’re using Monzo more as a bank than as a spending account.

How you're affected

You can see what allowances you have, and what fees you might be expected to pay by visiting the Fees & Allowances section in your app.

So if you do use Monzo as more of a bank, you’ll keep getting fee-free cash withdrawals in the EEA (which includes the UK). You’ll also get two extra replacement plastic cards in the UK for free. We thought about all the different types of people using and relying on Monzo regularly, and tried to be as generous as we can with our definitions. We think that if you’re meeting at least one of the following conditions, it’s likely that you’re relying on us as a bank of yours:

You’re paying in at least £500 every 35 days into a Monzo account and have at least one active Direct Debit on the same account in the same period,

or

You get a Department for Work and Pensions payment or Department for Communities’ payment into a Monzo account every 35 days

or

You get a student loan paid into a Monzo account every 8 months

or

You share a Monzo Joint Account with someone who does one of the above

If you’re meeting at least one of these criteria, you won’t need to do anything to get bigger allowances, we’ll do this automatically for you.

You can find out more about this change via our blog post or Fee Information Sheet below.

Please click here to see our blog post that you might find useful

Please click here to see our Fee Information Sheet that you might find useful