Monzo hits 15m customers as UK digital banking boom continues
Monzo has announced record-breaking growth, with profits jumping 44% to £87.3 million in the year to March 2026. The digital bank now has 15.2 million customers, making it the UK’s largest digital-only bank. If you’re thinking about switching to a digital bank or wondering whether Monzo might work for you, here’s what you need to know.
What’s driving the growth?
Monzo’s success isn’t just down to having a flashy app. The bank has deliberately expanded beyond basic current accounts into areas that matter to everyday savers: savings accounts (now used by 3.5 million people), pensions, and investment accounts (650,000 accounts). This diversification means you can manage more of your money in one place, which many people find convenient.
The bank’s lending business has also grown significantly, with its loan book reaching £2.6 billion. Customer deposits have surged 55% to over £25 billion, suggesting people trust Monzo with their money.
Is Monzo right for you?
Monzo offers a free current account and a paid subscription tier (1.6 million customers now pay for premium features). The bank is competing directly with established names like Revolut (13 million UK customers) and newer challengers like Chase.
The key question: does Monzo offer better value or features than your current bank? Compare their interest rates on savings accounts, lending rates if you need a loan, and pension/investment fees against your existing provider. A digital bank’s lower overheads often mean better rates, but don’t switch just for the brand name.
Business banking boost
If you’re self-employed or run a small business, Monzo’s business banking division is growing fast too, with 905,000 customers. This might be worth exploring if you need a simpler, more affordable alternative to traditional business accounts.
Next steps
Visit Monzo’s website to compare its savings rates, investment charges, and loan terms against your current provider. If the numbers stack up, consider switching — but make sure you’re comfortable with mobile-first banking and understand the security features.