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Personal Finance · head to head

E*TRADE vs Monzo

E*TRADE logo

E*TRADE

Personal Finance

Express your investing style

From
On request
Rated
-
Full reviewWebsite
Monzo logo

Monzo

Personal Finance

UK-licensed digital bank with FSCS-protected deposits and no foreign currency card fees

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only Monzo has a free tier, so it costs nothing to try first.
  • Each has a real cost: E*TRADE stock and ETF trades were $0 commission but options carried a $0.65 per-contract fee, broker-assisted trades added a $25 surcharge, and margin interest rates ranged from 12.70% to 13.20% depending on balance tier (Internet Archive capture, 3 January 2023); Monzo monzo is UK-focused, so customers wanting deep multi-currency holding, broad international transfers or in-app investing will find its feature set narrower than Revolut.
  • They diverge on capability: E*TRADE covers Advanced trading tools, Monzo covers FSCS-protected deposits.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which E*TRADE and Monzo actually diverge.

Attributes where E*TRADE and Monzo differ
AttributeE*TRADEMonzo
Starting priceOn requestFree
Pricing modeltransactionFree core current account; paid Plus and Premium tiers add features
Free tierNoYes
PlatformsWeb, IOS, AndroidiOS, Android, Web
Founded1956Unknown

Identical on both: user rating (Not yet rated), category (Personal Finance).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in E*TRADE

  • Advanced trading tools
  • Options and futures
  • Research tools
  • Mobile trading
  • Bank accounts
  • Wire transfers
  • Web support
  • IOS support

Only in Monzo

  • FSCS-protected deposits
  • Fee-free foreign spending
  • Savings Pots
  • Joint and shared accounts
  • Instant spending notifications
  • Overdrafts and loans

What people use each for

The jobs each tool is most often brought in to do.

E*TRADE

  • Budget Managementnot Monzo
  • Expense Trackingnot Monzo
  • Investment Trackingnot Monzo

Monzo

  • A UK resident wanting a free current account with statutory FSCS deposit protection rather than e-money safeguardingnot E*TRADE
  • A frequent traveller wanting free foreign currency card spending on a UK-regulated accountnot E*TRADE
  • A household wanting a joint account with shared budgeting and spending visibilitynot E*TRADE
  • Someone building savings using automated Pots with partner-bank interest rather than a separate savings accountnot E*TRADE

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

E*TRADE

  • Stock and ETF trades were $0 commission but options carried a $0.65 per-contract fee, broker-assisted trades added a $25 surcharge, and margin interest rates ranged from 12.70% to 13.20% depending on balance tier (Internet Archive capture, 3 January 2023)

Monzo

  • Monzo is UK-focused, so customers wanting deep multi-currency holding, broad international transfers or in-app investing will find its feature set narrower than Revolut.
  • Overdraft and loan products carry interest charges based on individually assessed rates, and like any consumer credit product the cost varies by risk profile rather than being a flat, predictable fee.
  • Free ATM withdrawals abroad are capped at a monthly limit on the free tier, after which a fee applies, so heavy cash users abroad may find the free tier insufficient.
  • As an app-first bank with very limited physical presence, customers who prefer in-person branch banking or need to deposit cash regularly will find it inconvenient compared with a traditional high street bank.
  • Some paid-tier perks, such as travel insurance bundled into Premium, require reading policy terms carefully, since bundled insurance products can have narrower cover than a standalone policy bought separately.

Pricing, plan by plan

E*TRADE

On request
  • Stock & ETF TradingFree
    • Commission-free trades
    • Real-time quotes
  • Advanced Trading$undefined/month
    • All Stock & ETF features
    • Options, futures
    • Advanced tools

Monzo

Free
  • Monzo (free)Free
    • Free current account with FSCS-protected deposits
    • Fee-free foreign currency card spending
    • Free ATM withdrawals abroad up to a monthly limit
  • Monzo Plus$5/month
    • Higher fee-free overseas ATM withdrawal limit
    • Custom card colours and virtual cards
    • Savings and budgeting extras
  • Monzo Premium$15/month
    • Travel and phone insurance included
    • Metal card
    • Airport lounge access on some plans

Which should you pick?

Choose E*TRADE if

  • You need advanced trading tools.
  • You work on Web, IOS, Android.
  • You also want options and futures.
E*TRADE review

Choose Monzo if

  • You need fscs-protected deposits.
  • You want to start without paying.
  • You work on iOS, Android, Web.
  • You also want fee-free foreign spending.
Monzo review

Questions people ask

Is E*TRADE or Monzo better?
Neither clearly leads. E*TRADE starts at On request and Monzo at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, E*TRADE or Monzo?
Monzo has a free tier; the other does not. Paid plans start at On request for E*TRADE and Free for Monzo.
Does E*TRADE or Monzo run on more platforms?
E*TRADE runs on Web, IOS, Android. Monzo runs on iOS, Android, Web.
Can I use Monzo for free?
Yes. Monzo has a free tier, so you can try it without paying. E*TRADE starts at On request.
What is E*TRADE best used for?
E*TRADE is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what Monzo is typically brought in for.
What can E*TRADE do that Monzo cannot?
E*TRADE covers Advanced trading tools, Options and futures, Research tools, Mobile trading. Monzo covers FSCS-protected deposits, Fee-free foreign spending, Savings Pots, Joint and shared accounts.

Answered from the vendors’ own pages

Monzo: Is Monzo a real bank?

Yes, Monzo Bank Limited holds a full UK banking licence and is regulated by the FCA and PRA, the same framework as traditional UK banks.

Monzo: Are my savings protected if Monzo fails?

Eligible deposits are covered by the Financial Services Compensation Scheme up to 85,000 pounds per eligible person, the same statutory protection as other UK banks.

Monzo: Does Monzo charge for spending abroad?

No card fee applies for purchases abroad at the interbank exchange rate; free ATM withdrawals abroad are capped at a monthly limit before a fee applies.

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