Should I get a Monzo account?

Have been with Lloyds bank for the last 15 years - don’t plan to leave but many people have said it’s worth having a Monzo account to help with saving etc.

May I ask if it affects your credit score by applying for a Monzo account?



Hi David, welcome to the Monzo Community. :wave:

There is no harm in having a Monzo account. Opening a current account doesn’t harm your credit score in any way.


Don’t most banks perform a credit check when opening an account? I know a recent opening of a Halifax account I did was visible on my credit record and lowered my scoring

Any application will result in a check, but that’s simply to confirm identity (unless you’re opening a credit card or current account w/overdraft?), i.e. a so-called soft check.

As for it impacting on your “credit score”, well everyone knows credit scores are meaningless anyway.

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Without going off on a tangent - why do you believe credit scores are meaningless?

So to clarify, no soft checks completed either?

Credit scores are calculated by the credit scoring company, right? But to my knowledge any financial company who checks your credit file uses their own calculation based on the “real info” the credit score company provides anyway.

So for example if Clearscore/Experian/Equifax/whoever show you at 950-999 or equivalent, but you’ve applied for a Barclaycard and Barclaycard doesn’t like that you live in Leeds and have a Labrador named Dave then you don’t get the account. Barclaycard don’t care that your score is high, you don’t fit their criteria.

That score has no relevance other than to game people into trying to reach the highest level it can go.

Edit: I’m not dismissing credit scores completely, because they can be useful to help you identify the weird criteria that financial companies may use to provide/deny products, and educate people on how to improve their suitability, but once you’ve reached the higher levels it has no meaning essentially.


Opening a new account will have an impact on your credit score but only short term. To minimise this be sure to keep your long standing Lloyds account open - even if it is dormant.

You also have the option then of switching back if you don’t like Monzo.


Monzo did a soft check on my credit rating when I applied recently.

I was assured it wouldn’t affect my rating and it doesn’t appear to have.

Soft checks generally don’t. It the ‘new account’ aspect that will likely impact the score.

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Yes you should! best bank ever

indeed, you could have max or near max scores, but when they look at your details, history of claims, applications etc and see something they do not like, you could be earning £100k and they would still decline you

When you sign up for a Monzo account […] we run something called a “quotation search.” Sometimes known colloquially as a “soft credit check” or “soft footprint,” this type of search will not affect your credit score.


Once your […] Monzo account is open, we also notify our credit reference agency that you have a bank account with us.

Opening a bank account should not affect your credit score, unless you get an overdraft, or you’ve opened lots of accounts in a short period of time.

An overdraft can affect your credit score positively or negatively, depending on how you use it. Overdrafts on Monzo are 100% opt-in, meaning you can choose whether to have one or not. They won’t affect your credit score unless you explicitly switch on your overdraft.

It’s that simple! [… Open] your Monzo account today to get a full UK bank account without affecting your credit score.

(Removed references to upgrading as that no longer applies.)

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it will only really harm your credit score if you go on an opening spree, bank accounts, credit cards, especially credit cards

If you want to open a Monzo account, that is purely upto yourself, no harm giving it a try, but I’d keep your Lloyds account open, especially since it has been open for so long

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