Softwr

Personal Finance · head to head

Fidelity vs Monzo

Fidelity logo

Fidelity

Personal Finance

Building a better financial future

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: Fidelity options trades carry a 0.65 USD per contract fee on top of zero commission; 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: Fidelity covers Commission-free trading, Monzo covers FSCS-protected deposits.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Fidelity and Monzo actually diverge.

Attributes where Fidelity and Monzo differ
AttributeFidelityMonzo
Starting priceOn requestFree
Pricing modeltransactionFree core current account; paid Plus and Premium tiers add features
Free tierNoYes
PlatformsWeb, IOS, AndroidiOS, Android, Web
Founded1946Unknown

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 Fidelity

  • Commission-free trading
  • Retirement planning
  • Advisory services
  • Research tools
  • Bank accounts
  • Investment accounts
  • 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.

Fidelity

  • Commission free trading of US stocks and ETFsnot Monzo
  • Holding IRAs, 401(k) plans and taxable brokerage accountsnot Monzo
  • Trading bonds, options and mutual funds from one accountnot Monzo

Monzo

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

Where each one falls short

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

Fidelity

  • Options trades carry a 0.65 USD per contract fee on top of zero commission
  • Non Fidelity mutual funds carry a 49.95 USD transaction fee per purchase
  • Secondary market bonds cost 1.00 USD per bond, while new issues are free
  • A foreign settlement fee of 50 USD applies per trade
  • Margin rates are tiered by debit balance, from 11.825 percent below 25,000 USD down to 7.50 percent at 1 million USD or more, against a base rate of 10.575 percent effective 12 December 2025
  • Margin liquidation by the broker costs 32.95 USD per liquidation

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

Fidelity

On request
  • Brokerage$undefined/month
    • Commission-free trading
    • Research tools
  • Advisory$undefined/month
    • Personal advisor
    • Wealth management

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 Fidelity if

  • You need commission-free trading.
  • You work on Web, IOS, Android.
  • You also want retirement planning.
Fidelity 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 Fidelity or Monzo better?
Neither clearly leads. Fidelity 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, Fidelity or Monzo?
Monzo has a free tier; the other does not. Paid plans start at On request for Fidelity and Free for Monzo.
Does Fidelity or Monzo run on more platforms?
Fidelity 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. Fidelity starts at On request.
What is Fidelity best used for?
Fidelity is most often used for commission free trading of us stocks and etfs, holding iras, 401(k) plans and taxable brokerage accounts, trading bonds, options and mutual funds from one account. Of those, commission free trading of us stocks and etfs and holding iras, 401(k) plans and taxable brokerage accounts are not what Monzo is typically brought in for.
What can Fidelity do that Monzo cannot?
Fidelity covers Commission-free trading, Retirement planning, Advisory services, Research tools. 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.

Share

Related pages

More on Fidelity

More on Monzo

Keep looking

Other head to heads