Business · Companies · 3 hrs ago
UK digital bank Monzo launches in Spain with savings offer
Monzo has launched in Spain after building a large customer base in the United Kingdom.
The digital bank says it has nearly 16 million customers in the UK, and Spain is its first step into continental Europe.
Its opening offer pays 4% a year on up to €5,000 for 12 months, while balances above that earn 2.5% up to €100,000.
Monzo will operate under an Irish banking licence but offer Spanish account numbers and Bizum.
At first, it will focus on savings accounts and debit cards, not loans, mortgages or investments.
The bank says it wants to become customers’ main bank and highlights shared family accounts and services for businesses and self-employed people.
Monzo will assess what other products Spanish customers want during its first months in the country.
Monzo, a UK digital bank, has launched operations in Spain with an offer aimed at attracting savings.
It will pay 4% interest on balances of up to €5,000 for 12 months.
The bank says it will also offer 2.5% interest on savings above that amount, though one report specifies the rate applies up to €100,000.
Its Spanish account will have a Spanish IBAN and access to Bizum.
Monzo is initially focusing on savings and everyday banking, with loans and investment products not yet available.
- Who
- Monzo, a UK digital bank led in Spain by Francisco Sierra.
- What
- It has launched in Spain with a savings account offering 4% interest on up to €5,000 for 12 months.
- When
- October 2026. El Mundo reports the launch on 28 October.
- Where
- Spain.
- Why
- Monzo aims to attract customers and expand in Europe, with Spain described as its entry point to continental Europe.
This story does not have two clearly opposing sides.
Monzo launched a broker in the UK, according to El Mundo.
Monzo began operating in Spain.
- Introductory rate
- 4% on balances up to €5,000 for 12 months
- Rate above €5,000
- 2.5%; El Mundo says this applies up to €100,000
- Spanish account features
- Spanish IBAN and Bizum
- Spanish workforce
- 80 employees, based in Madrid and Barcelona
- Spanish general manager
- Francisco Sierra
2 sources
What people are saying
our ambition is the same as in the United Kingdom: to be the leading bank in number of customers and activity
The strategic pillar of Monzo is expansion across Europe and Spain is the gateway to continental Europe.
we have decided to win in every country we enter
We are focusing on individuals, families and businesses.