Monzo overdraft: the real cost
Cheaper than most overdrafts on the board.
What 30 days overdrawn costs
| Amount overdrawn | Cost over 30 days |
|---|---|
| £100 | −£1.44 |
| £250 | −£3.60 |
| £500 | −£7.20 |
19% EAR · best tier · No interest-free buffer
How the £250 figure is worked out
- Amount charged interest
- £250
- Daily rate from 19% EAR
- 0.0477%
- Cost over 30 days
- −£3.60
Cheapest right now: First Direct →
Common questions
How much does the Monzo overdraft cost?
At £250 overdrawn for 30 days, Monzo charges −£3.60 at its advertised 19% EAR. At £100 it’s −£1.44; at £500, −£7.20.
Does Monzo have an interest-free buffer?
No. Interest applies from the first pound of an arranged overdraft.
Is Monzo the cheapest overdraft?
Not at £250 overdrawn. The cheapest right now is First Direct. The full leaderboard has every bank, cheapest first.