Monzo

What Monzo EU is, in 2026

Monzo is a full UK bank (FCA/PRA-regulated, FSCS-protected to £85,000) that is in the final stages of an Irish banking-licence authorisation. During the transition, EU customers onboard onto the UK entity with UK IBANs and FSCS cover.

Feature set: Pots (Monzo's equivalent of sub-accounts), bill-split, overdrafts (on the UK entity), a card product, and deep Open Banking integrations.

Safety and regulation

Current status as of edition №08: UK FSCS protection to £85,000 for all customers, including EU-onboarded ones. The Irish DGS cover (€100,000) becomes active only when the Central Bank of Ireland licence is signed off — expected but not yet confirmed.

Hands-on UX

Benefits from a decade of UK-market product maturity. Pots, bill-splitting, instant notifications, and transaction categorisation are all best-in-class. EU-specific features (local IBANs, SEPA direct debit nuances) are still being added.

Who Monzo EU is for

Choose Monzo EU if: you value a genuinely polished app above everything else, you're comfortable with a UK IBAN in the interim, and you trust the Irish-licence rollout path.

Look elsewhere if: you need an EU-DGS-protected account today (N26, Revolut, bunq), or you need a local-country IBAN immediately (bunq or N26).

Premium plans