Monzo Savings Pot Interest Rates: 2.75% to 4.70% by Plan
Monzo savings pot interest rates on 17 Oct 2026: 2.75% to 3.50% instant, 3.65% Select Access, 4.70% fixed. What each pot pays on £10,000, and the catches.
The Monzo savings pot interest rate you get depends on two things: which of the three pot types you open, and which Monzo plan you pay for. On the free plan it runs from 2.75% AER in an Instant Access pot to 4.70% AER fixed for a year. The same three pots exist as Cash ISAs at the same rates, so the choice is really about access and tax, not about finding a hidden better product.
We read every rate below from Monzo’s savings pages and its help centre on 17 October 2026. All are variable unless marked fixed, and Monzo can change the variable ones at any time.
Every Monzo savings pot rate, by plan
| Pot | Free | Extra (£3 a month) | Perks (£9 a month) | Max (from £19 a month) |
|---|---|---|---|---|
| Instant Access Savings Pot | 2.75% | 3.00% | 3.25% | 3.50% |
| Instant Access Cash ISA Pot | 2.75% | 3.00% | 3.25% | 3.50% |
| Select Access Savings Pot | 3.15% | 3.15% | 3.65% | 3.65% |
| Select Access Cash ISA Pot | 3.15% | 3.15% | 3.65% | 3.65% |
| Fixed Rate Savings Pot, 1 year | 4.70% fixed | 4.70% fixed | 4.70% fixed | 4.70% fixed |
| Fixed Rate Cash ISA Pot, 1 year | 4.70% fixed | 4.70% fixed | 4.70% fixed | 4.70% fixed |
| Under 16s savings | 2.75% | 2.75% | 2.75% | 2.75% |
Three things stand out. The fixed rate is the same on every plan, so a subscription buys you nothing there. Select Access only has two rates, so Extra subscribers earn the free-plan Select rate. And the paid plans make their biggest difference on Instant Access, where Max pays 0.75 of a percentage point more than free.
Instant Access: the default pot
Instant Access is the pot most people mean when they say “Monzo savings”. There is no minimum deposit, you can withdraw at any moment, and you can hold up to £1,000,000 across up to 20 pots. Interest is paid monthly, on the 1st.
On £10,000 for a year that is £275 on the free plan, £300 on Extra, £325 on Perks and £350 on Max. Whether the extra interest covers the fee depends on your balance: our Monzo paid plans breakdown works out the balance each tier needs before it pays for itself on interest alone.
This is the right home for an emergency fund or money you will spend within the year, because nothing you do with it lowers the rate.
Select Access: more interest, with a withdrawal rule
Select Access pays 3.15% on free and Extra, or 3.65% on Perks and Max, as long as you make two or fewer withdrawals a year from that pot. It needs £500 to open. Monzo’s help centre spells out what happens on the third withdrawal: the pot drops to 2.60% on the free plan, or 3.10% on Plus, Premium, Perks and Max, and stays there until the pot’s anniversary, when the allowance resets. The help page does not list Extra in the lower-rate wording, so if you are on Extra, check the rate in the app before you rely on it.
Your money is never locked: Monzo says you can withdraw instantly however many withdrawals you have made. The cost of a third withdrawal is the rate, not access.
The trap is that the reduced rate is worse than Instant Access. On the free plan, a Select pot after a third withdrawal pays 2.60% against 2.75% in an Instant Access pot. On Perks it is 3.10% against 3.25%. So if there is any real chance you will dip in three times before the anniversary, you are better off in Instant Access from the start.
The withdrawal count is per pot. Money for two separate goals can sit in two Select Access pots, and dipping into one does not touch the other’s rate.
Fixed Rate: the highest number, paid at the end
The Fixed Rate pot locks a rate for 1, 2 or 3 years, with a £500 minimum. On 17 October 2026 Monzo was advertising 4.70% AER fixed for a one-year term, the best rate across all its pots. The 2 and 3 year rates are shown in the app when you open the pot.
Two details matter more than the headline:
- Interest is paid at maturity, not monthly. You see nothing until the term ends, and a whole year of interest lands in one tax year. For most people that is fine; for someone close to their personal savings allowance it can push a year’s interest over the line. Our savings interest tax explainer covers the allowances.
- You can get out early, at a cost. Monzo says you can close the pot before the term ends and lose some of the interest earned, and it shows you the exact amount before you confirm. You cannot take part of the money out: it is the whole pot or nothing.
When the term ends, Monzo moves the money into an Instant Access pot, so it does not sit earning nothing, but it does drop straight to that pot’s variable rate.
The Cash ISA versions
Each pot type comes as a Cash ISA at the same rate. The difference is tax: interest in a Cash ISA is free of income tax, and deposits count towards your ISA allowance, currently £20,000 a year across all ISAs. From 6 April 2027 the cash ISA part of that allowance falls to £12,000 for under-65s; our page on the cash ISA limit cut explains what changes.
If your savings interest is comfortably under your personal savings allowance, an ordinary pot and an ISA pot pay you the same in practice. The ISA starts to matter when your balance grows or your tax band rises.
Under 16s and the 1p Saving Challenge
Under 16s accounts (ages 6 to 15, opened by a parent or guardian) pay 2.75% AER variable whatever plan the parent is on.
The 1p Saving Challenge is a separate pot for Extra, Perks and Max customers aged 18 and over. Monzo moves 1p on day one, 2p on day two and so on for 365 days, which adds up to £667.95, and pays 5% AER variable on it. You can pause or withdraw at any time. It is a good habit tool, but the balance it pays on is small: the average balance over the year is about £224, so 5% on it comes to roughly £11, not enough to justify a paid plan on its own.
A bonus rate you might not see again
Monzo’s help centre has a warning worth reading if you moved money recently: if you switched an older Easy Access Savings Pot or Cash ISA into an Instant Access pot, the rate in your app may include a temporary bonus. When a bonus ends, the pot falls to the plain rate in the table above. If your app shows a higher figure than ours, that is the likely reason, and our page on what to do when a savings bonus ends covers the next step.
Is your money safe in a Monzo pot?
Monzo is a UK-licensed bank, and eligible money in its savings pots and Cash ISAs is covered by the Financial Services Compensation Scheme up to £120,000 per person. That is one limit across everything you hold at Monzo, including your current account, not £120,000 per pot. Our savings pot vs savings account page explains how the limit adds up.
Which Monzo pot for which money
- Emergency fund or spending money: Instant Access. No rule to break, interest every month.
- A goal you will not touch for a year: Select Access, but only if you are confident of two withdrawals or fewer. Otherwise Instant Access earns more in practice.
- A lump sum you will not need for a year or more: Fixed Rate at 4.70%, if you can live with interest arriving at the end and an early-exit penalty.
- Over your personal savings allowance: the ISA version of whichever of the above fits.
If you are weighing Monzo against a rival, our Monzo vs Chase savings comparison runs the same numbers against a 12-month bonus rate. You can check today’s rates for every plan on Monzo’s interest help page.
Frequently asked questions
What is the Monzo savings pot interest rate on the free plan? On 17 October 2026 the free plan paid 2.75% AER variable on Instant Access, 3.15% AER variable on Select Access with two or fewer withdrawals a year, and 4.70% AER fixed on a one-year Fixed Rate pot.
How often does Monzo pay interest on savings pots? Instant Access and Select Access pots pay interest monthly, on the 1st. Fixed Rate pots pay all their interest at the end of the term.
What happens if I make a third withdrawal from a Select Access pot? The rate drops to 2.60% on the free plan or 3.10% on Perks, Max, Plus and Premium until the pot’s anniversary. You can still withdraw instantly; only the rate changes.
Can I take money out of a Monzo Fixed Rate pot early? Yes, but you have to close the whole pot and give up some of the interest you have earned. Monzo shows you the amount before you decide.
Do Monzo paid plans increase the fixed rate? No. The Fixed Rate pot pays the same rate on every plan. The paid plans only raise the Instant Access and Select Access rates.
Is the Monzo Cash ISA rate different from the savings pot rate? No. Each Cash ISA pot pays the same rate as the matching savings pot. The difference is that ISA interest is tax-free and the deposits use your ISA allowance.
