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26 Apr 2024

Monzo investment platform review

Which? experts analyse Monzo's charges and ask its customers to rate it for service, tools, value for money and more

Megan ThomasResearcher & writer

In this article

Is Monzo any good?
What do customers say about Monzo?
How much does Monzo cost?
What can you invest in with Monzo?
Is Monzo good for ethical investors?
Is your money safe with Monzo?

Is Monzo any good?

Members can log in to see our review of Monzo. If you're not already a member, join Which? and get full access to these results and all our reviews.

To become a Which? Recommended Provider (WRP) for either stocks and shares Isas or general investment accounts, a platform needs to have a customer score of at least 70%, not be in the top 25% most expensive in one of our fees scenarios, and not score lower than three stars in any category.

On top of these criteria, we apply statistical tests that place the platforms into ‘bands’, and only the platforms in the highest band – the ones that really stand out against the rest – can be a WRP.

Which?'s rating for customer satisfaction is based on feedback from customers.

We ask investors to rate their current platform for its ease of use, overall customer service and customer communications, whether it represents value for money, if they are satisfied with it overall and whether they would recommend it to someone else.

In January 2024, we heard 4,136 reviews and gave customer scores to 17 do-it-yourself investment platforms. Each platform must have at least 30 responses, a minimum of three investments to choose from yourself, and not offer contract for difference (CFD) trading to receive a customer score.

What do customers say about Monzo?

‘It’s easy to keep track of my investments and I can check everything through my app.’
‘Really easy to set up and use. Graph is clear and gives me the information I want to know and allows me to monitor how my investment is performing.’
‘The online platform has a seamless user interface and is straightforward to navigate.’

How much does Monzo cost?

There's no difference in fees whether you're investing in a Monzo stocks and shares Isa or a general investment account.

Annual platform charge

0.45% for fee-free customers
0.35% for Perks (£7 a month) and Max (£17 a month) customers

Trading charge

None

Fund charge

0.14%

How much would I pay to invest with Monzo?

We've estimated the cost of investing over the course of a year in a Monzo stocks and shares Isa, assuming that you make four purchases and four sales each year.

Costs will vary depending on how much you invest. Fund charges for portfolios worth up to £50k assume you're a fee-free customer; our estimates for portfolios over £100k are based on being a Perks customer as it works out cheaper.


£5,000
£10,000
£25,000
£50,000
£100,000
£250,000
£500,000

Find out more: Compare investment platform fees and charges

What can you invest in with Monzo?

Monzo accounts and services

General investment account
Stocks and shares Isa (flexible)
Savings account

Investments on Monzo

3 BlackRock funds

Correct as of January 2024

Is Monzo good for ethical investors?

As Monzo only offers three funds, it's easier to find out how ethical they are.

At the time of writing, the BlackRock funds available aim to reduce carbon emissions by 30% compared to equivalent portfolios, and invest at least 80% of their government bonds with countries who have an ESG (ethical, social and governance) rating of BB or higher (ie not the two lowest ratings of CCC or B).

You cannot choose to avoid certain industries or invest exclusively towards a positive impact.

Find out more: Ethical investing explained

Is your money safe with Monzo?

Monzo is regulated by the Financial Conduct Authority (FCA) and covered by the Financial Services Compensation Scheme (FSCS).

When you invest with an investment platform that's registered with the FCA, your money will be ring-fenced and should be returned if a company goes bust, without you having to wait alongside other creditors.

If ring-fencing failed, you would be compensated by the FSCS.

The FSCS will cover up to £85,000 of investments per person, per platform. You can claim for free online at fscs.org.uk. There's no reason to use a claims-management company.

You won't be compensated for investments falling in value, or if a company in which you hold shares goes bust, unless this poor performance resulted from bad advice given by a regulated independent financial advisor that has since gone bust.