Monzo Bank Ltd Credit Rating
Monzo Bank Ltd does not currently have a public long-term credit rating from the major agencies, so no rating is shown here. That is common among smaller and newer UK banks and is not in itself a sign of financial weakness — ratings are typically sought by institutions that raise debt in wholesale markets. Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately.
Rating History
Service record: complaints, incidents and customer survey
Complaints: in the FCA's 2025 H2 file (April 2025 to September 2025), Monzo Bank received 49,247 banking and credit-card complaints, 2.07 per 1,000 accounts. The bank upheld 30% of those it closed and closed 9% within three days. The previous period was 2.31 per 1,000, so complaints fell. Compare all banks.
Outages and incidents: Monzo Bank reported
0 major operational or security incidents to the FCA in the quarter to 30 June 2026 and 4 in the 12 months to 30 June 2026 (mobile app 2, online banking 1, telephone no)
Customer survey (CMA / Ipsos, August 2026): share of Monzo Bank's own customers who would recommend it.
| Measure | Market | Would recommend | Rank |
|---|---|---|---|
| Online and mobile banking | Great Britain | 85% | 1 of 17 |
| Overall service quality | Great Britain | 79% | 1 of 17 |
| Overdraft services | Great Britain | 78% | 1 of 16 |
| Online and mobile banking | Northern Ireland | 85% | 1= of 12 |
| Overall service quality | Northern Ireland | 82% | 1 of 12 |
| Overdraft services | Northern Ireland | 75% | 2 of 7 |
| Online and mobile banking (business) | Great Britain | 90% | 1 of 17 |
| Overall service quality (business) | Great Britain | 85% | 1 of 17 |
| Relationship and account management (business) | Great Britain | 73% | 4 of 17 |
Latest News
Is Monzo safe? What the record shows
Monzo has no public credit rating, so there is no agency opinion to report. What follows is the verifiable record instead: each statement is taken from the source named beneath it, last checked 12 October 2026. It is information, not advice.
Banking licence
Monzo has been a PRA-authorised bank since August 2016 (FCA firm reference 730427). It also holds a banking licence from the Central Bank of Ireland for its European business.
Source: Monzo press page, 12 Oct 2026Ownership and funding
Monzo is privately held by venture and institutional investors and is not listed on any stock exchange.
Source: Monzo investor information, 12 Oct 2026Size
At 31 March 2026 Monzo had 15.2 million customers and £25.7 billion of customer deposits, up 55% on the year.
Source: Monzo Annual Report 2026, year in review, 31 Mar 2026Profitability
Monzo made a statutory profit before tax of £87.3 million in the year to 31 March 2026 (£172.6 million on its adjusted basis, which excludes share-based pay and exceptional items including the FCA fine), on revenue of £1.7 billion. It was Monzo's third consecutive profitable year: profit before tax was £60.5 million in the year to 31 March 2025, and its first full-year profit (£15.4 million as first reported, later restated to £13.9 million) was in the year to 31 March 2024.
Source: Monzo Annual Report 2026, 31 Mar 2026Capital strength
Monzo Bank Ltd reported a Common Equity Tier 1 (CET1) ratio of 27.3% and a total capital ratio of 27.7% at 31 March 2026 (31 March 2025: 41.0% and 41.7%), against a total capital requirement of 15.3% of risk-weighted assets. The fall reflects rapid growth in lending and deposits rather than losses.
Source: Monzo Bank Ltd Pillar 3 disclosures 2026, 31 Mar 2026Regulatory record since 2020
On 8 July 2025 the FCA fined Monzo £21,091,300 for inadequate anti-financial-crime systems between October 2018 and August 2020, and for breaching a requirement not to open accounts for high-risk customers between August 2020 and June 2022, during which it onboarded over 34,000 such customers. The FCA said Monzo had since completed a financial crime change programme. The fine would have been £30.1 million without a 30% settlement discount.
Source: FCA press release, 8 Jul 2025Credit ratings
No public long-term rating from S&P, Moody's, Fitch or any other agency was found in Monzo's investor disclosures. Monzo funds itself from customer deposits and private equity rather than rated bond issues.
Source: Monzo investor information, 12 Oct 2026Deposit protection
Eligible deposits with Monzo Bank Ltd are protected by the FSCS up to £120,000 per depositor (joint accounts £120,000 per holder). Monzo's investment and pension products are not deposits and are outside deposit protection.
Source: Monzo FSCS information sheet v2.0, 23 Dec 2025Operational incidents
Monzo publishes quarterly app availability; it reported 100% app uptime in every quarter from Q3 2025 to Q2 2026 and at least 99.998% in each quarter since 2023.
Source: Monzo service information, 30 Jun 2026Frequently asked questions about Monzo Bank Ltd
Is Monzo Bank Ltd safe?
Monzo Bank Ltd has no public long-term credit rating from the major agencies, so there is no rating to assess here. A missing rating is not evidence of weakness — many smaller and newer UK banks simply do not seek one. Separately, Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately. This page is information about published credit ratings, not financial advice.
What is Monzo Bank Ltd's credit rating?
Monzo Bank Ltd does not have a publicly available long-term issuer credit rating from S&P, Moody's or Fitch.
Is Monzo Bank Ltd covered by the FSCS?
Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately. Monzo Bank Ltd is recorded with FCA reference 730427. Because protection follows the banking licence rather than the brand, check the current position and which brands share a licence on the FSCS website before relying on it.
Who owns Monzo Bank Ltd?
Monzo Bank Ltd is owned by Private (VC-backed). Ownership matters for credit ratings because agencies often factor in the likelihood of support from a parent group, and because brands under the same banking licence share a single FSCS limit.
Is Monzo a real bank?
Monzo has been a PRA-authorised bank since August 2016 (FCA firm reference 730427). It also holds a banking licence from the Central Bank of Ireland for its European business.
Is Monzo profitable?
Monzo made a statutory profit before tax of £87.3 million in the year to 31 March 2026 (£172.6 million on its adjusted basis, which excludes share-based pay and exceptional items including the FCA fine), on revenue of £1.7 billion. It was Monzo's third consecutive profitable year: profit before tax was £60.5 million in the year to 31 March 2025, and its first full-year profit (£15.4 million as first reported, later restated to £13.9 million) was in the year to 31 March 2024.
Has Monzo been fined by the FCA?
On 8 July 2025 the FCA fined Monzo £21,091,300 for inadequate anti-financial-crime systems between October 2018 and August 2020, and for breaching a requirement not to open accounts for high-risk customers between August 2020 and June 2022, during which it onboarded over 34,000 such customers. The FCA said Monzo had since completed a financial crime change programme. The fine would have been £30.1 million without a 30% settlement discount.
Who owns Monzo?
Monzo is privately held by venture and institutional investors and is not listed on any stock exchange.