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Personal Finance · head to head

Monarch Money vs Monzo

Monarch Money logo

Monarch Money

Personal Finance

All-in-one wealth management platform

From
$99/year
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: Monarch Money the free trial is one week, after which a paid subscription is required to keep using the app; 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: Monarch Money covers Budget management, Monzo covers FSCS-protected deposits.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Monarch Money and Monzo actually diverge.

Attributes where Monarch Money and Monzo differ
AttributeMonarch MoneyMonzo
Starting price$99/yearFree
Pricing modelsubscriptionFree core current account; paid Plus and Premium tiers add features
Free tierNoYes
PlatformsWeb, IOS, AndroidiOS, Android, Web
Founded2022Unknown

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 Monarch Money

  • Budget management
  • Investment tracking
  • Tax planning
  • Financial insights
  • Bank accounts
  • Investment accounts
  • Cryptocurrency
  • Web 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.

Monarch Money

  • Tracking household budgets and spending across linked bank accountsnot Monzo
  • Shared budgeting between partners in one accountnot Monzo
  • Monitoring net worth and investment balances alongside cash accountsnot Monzo

Monzo

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

Where each one falls short

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

Monarch Money

  • The free trial is one week, after which a paid subscription is required to keep using the app
  • The advertised 30 percent discount with code WELCOME applies to the first year only and is restricted to new users
  • There is no free tier, and a Plus tier gates features above the base subscription

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

Monarch Money

$99/year
  • Core Plan$99/year
    • 7-day free trial
  • Plus$null/year
    • Premium features

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 Monarch Money if

  • You need budget management.
  • You work on Web, IOS, Android.
  • You also want investment tracking.
Monarch Money 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 Monarch Money or Monzo better?
Neither clearly leads. Monarch Money starts at $99/year and Monzo at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Monarch Money or Monzo?
Monzo has a free tier; the other does not. Paid plans start at $99/year for Monarch Money and Free for Monzo.
Does Monarch Money or Monzo run on more platforms?
Monarch Money 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. Monarch Money starts at $99/year.
What is Monarch Money best used for?
Monarch Money is most often used for tracking household budgets and spending across linked bank accounts, shared budgeting between partners in one account, monitoring net worth and investment balances alongside cash accounts. Of those, tracking household budgets and spending across linked bank accounts and shared budgeting between partners in one account are not what Monzo is typically brought in for.
What can Monarch Money do that Monzo cannot?
Monarch Money covers Budget management, Investment tracking, Tax planning, Financial insights. Monzo covers FSCS-protected deposits, Fee-free foreign spending, Savings Pots, Joint and shared accounts.

Answered from the vendors’ own pages

Monarch Money: How much does Monarch Money cost?

Monarch Money Core plan costs 99 USD/year, referenced in customer testimonials and promo code terms. Additional Plus tier exists but specific pricing is not disclosed on the main page.

Source
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.

Monarch Money: Is there a free trial?

Yes, Monarch Money offers a 7-day free trial for new users with no credit card required.

Source
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.

Monarch Money: Are there discounts available?

Monarch Money offers 30% off the first year with promo code WELCOME for new members on annual Core plan subscriptions. Cannot be combined with other offers.

Source
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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