Not wanting to receive interest for religious reasons

I accept there will be a point where account holders will start to receive interest, however, due to religious reasons I cannot accept interest, hence why my basic HSBC account works fine.

It would be good to know if Monzo is able to offer this choice once they begin paying interest. If so, may I suggest within the app the following options if the customer doesn’t want to receive interest:-

  1. Monzo keeps the interest and does whatever it like with it
  2. The customer can opt to have the interest due to them to be paid to a charity selected by the Monzo team

You need to sign up for the products that pay interest or charge interest, it isn’t compulsory

I think there’s a toggle coming so you won’t even hear about those products


My understanding is that Monzo itself will not ever be paying interest on your account. Rather, they will partner with other providers to give you the option of creating a pot that will have interest paid on it.

This means it should be entirely opt-in; if you don’t want a pot with interest paid then you don’t have to create one.


We discussed this here couple of months ago;


Thanks everyone for your response, much appreciated :+1:


I like the option of donating interest to charity.

I’ve always thought isn’t it great, to get an account with interest and when you donate to a charity, give them the interest as well. That little bit extra, from lots of people would make a real difference. Most religions support helping and donating to charities, so its a win win situation.

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.