Monzo overdraft: the real cost
Cheaper than most overdrafts on the board.
What 30 days overdrawn costs
| Amount overdrawn | Cost over 30 days |
|---|---|
| £100 | −£1.44 |
| £250 | −£3.60 |
| £500 | −£7.20 |
19% EAR · best tier · No interest-free buffer
How the £250 figure is worked out
- Amount charged interest
- £250
- Daily rate from 19% EAR
- 0.0477%
- Cost over 30 days
- −£3.60
#5 of 15 cheapest at £250 · cheapest right now: First Direct →
Rate history
No rate changes on record: verified unchanged back to May 2023 across 51 archived snapshots of Monzo’s own pages, and checked daily since tracking began 28 August 2026.
Sources
- Monzo’s published overdraft rate page · checked 28 August 2026
Common questions
How much does the Monzo overdraft cost?
At £250 overdrawn for 30 days, Monzo charges −£3.60 at its advertised 19% EAR. At £100 it’s −£1.44; at £500, −£7.20.
Does Monzo have an interest-free buffer?
No. Interest applies from the first pound of an arranged overdraft.
Is Monzo the cheapest overdraft?
Not at £250 overdrawn: it ranks #5 of 15. The cheapest right now is First Direct. The full leaderboard has every bank.