Monzo

Is Monzo ethical?

Monzo has been researched and ranked in The Good Shopping Guide’s Ethical Banks & Building Societies Ratings Table and receives a below benchmark score.

Although Monzo does not currently meet our ethical requiremetns, we hope that in the future, it will make the necessary changes to operate as a more ethical business.

More information on the ethical issues faced by the sector, may be found in The Good Shopping Guide’s article on Ethical Banking. You can also use our Ethical Banks & Building Societies Ratings Table to compare Monzo to other banks.

What does Monzo do?

Monzo is an app-based challenger bank, which was founded in 2015. Monzo offers its services to individuals and businesses and provides a range of banking services, including current accounts, savings accounts and loans.

For which criteria does Monzo score poorly? 

Monzo’s sustainability commitments were deemed insufficient, resulting in the company receiving a bottom rating in the Environmental Report criterion.

The company also only receives a middle rating in the Other Criticisms category, as it was criticised by The Telegraph in 2023 for allegedly prioritising profits over employee wellbeing.

In what areas does Monzo score well for its ethics?

Due to a lack of negative records, Monzo was awarded a top rating in the Environmental Destruction, Irresponsible Lending and Political Donations categories.

How can Monzo improve its ethical rating?

The ethical rating of a Finance brand is divided into three categories by The Good Shopping Guide: the Environment, People and Other. Find out more about how we rate.

To attain a better rating in The Good Shopping Guide and work towards meeting our ethical benchmark, Monzo should improve in several research categories. This includes Environmental Report, Carbon Disclosure & Reduction Targets and Other Criticisms.

If you’re interested in learning more about achieving Ethical Accreditation for your brand, please contact us or complete a Free Initial Assessment form.