One of the first digital-only banks on the market and certainly among the most popular in the UK , Monzo has over 4m customers . A top-up funding round in June 2020 added £ 60m ($ 78.5m ) to the company ’ s coffers and brought its total valuation to £ 1.24bn ($ 1.62bn ). In more recent news , Monzo announced the creation of its new premium account Monzo Plus . Billed as “ a whole new way to experience Monzo ”, the product allows customers to earn 1.00 % AER / Gross ( variable ) on account balance and regular savings pots up to £ 2,000 , withdraw £ 400 in fee-free cash while abroad and finance consolidation services via the bank ’ s app .

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