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Personal Finance · head to head

Monzo vs PocketGuard

Monzo logo

Monzo

Personal Finance

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

From
Free
Rated
-
Full reviewWebsite
PocketGuard logo

PocketGuard

Personal Finance

In Your Pocket personal finance

From
$6.25/month
Rated
-
Full reviewWebsite

The short version

  • Only Monzo has a free tier, so it costs nothing to try first.
  • Each has a real cost: 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.; PocketGuard no free plan, only 7-day free trial
  • They diverge on capability: Monzo covers FSCS-protected deposits, PocketGuard covers Real-time spending alerts.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Monzo and PocketGuard actually diverge.

Attributes where Monzo and PocketGuard differ
AttributeMonzoPocketGuard
Starting priceFree$6.25/month
Pricing modelFree core current account; paid Plus and Premium tiers add featuressubscription
Free tierYesNo
PlatformsiOS, Android, WebWeb, IOS, Android
FoundedUnknown2012

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 Monzo

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

Only in PocketGuard

  • Real-time spending alerts
  • Budget tracking
  • Goal setting
  • Spending insights
  • Bank accounts
  • Credit cards
  • Web support
  • IOS support

What people use each for

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

Monzo

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

PocketGuard

  • Tracking spending and bills against a personal budgetnot Monzo
  • Finding and cancelling recurring subscriptionsnot Monzo

Where each one falls short

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

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.

PocketGuard

  • No free plan, only 7-day free trial
  • Monthly subscription at $12.99/month costs $155.88 annually if not switched to annual billing
  • Lifetime plan at $149.99 is relatively expensive for personal finance software

Pricing, plan by plan

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

PocketGuard

$6.25/month
  • Premium - Monthly$12.99/month
    • Budgeting tools
    • Expense tracking
    • Unlimited bank accounts
  • Premium - Annual$6.25/month
    • Same as monthly
    • $74.99 annual charge saves $81/year
  • Lifetime$149.99/one-time
    • All features
    • No recurring fees
    • Lifetime access

Which should you pick?

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

Choose PocketGuard if

  • You need real-time spending alerts.
  • You work on Web, IOS, Android.
  • You also want budget tracking.
PocketGuard review

Questions people ask

Is Monzo or PocketGuard better?
Neither clearly leads. Monzo starts at Free and PocketGuard at $6.25/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Monzo or PocketGuard?
Monzo has a free tier; the other does not. Paid plans start at Free for Monzo and $6.25/month for PocketGuard.
Does Monzo or PocketGuard run on more platforms?
Monzo runs on iOS, Android, Web. PocketGuard runs on Web, IOS, Android.
Can I use Monzo for free?
Yes. Monzo has a free tier, so you can try it without paying. PocketGuard starts at $6.25/month.
What is Monzo best used for?
Monzo is most often used for a uk resident wanting a free current account with statutory fscs deposit protection rather than e-money safeguarding, a frequent traveller wanting free foreign currency card spending on a uk-regulated account, a household wanting a joint account with shared budgeting and spending visibility, someone building savings using automated pots with partner-bank interest rather than a separate savings account. Of those, a uk resident wanting a free current account with statutory fscs deposit protection rather than e-money safeguarding and a frequent traveller wanting free foreign currency card spending on a uk-regulated account are not what PocketGuard is typically brought in for.
What can Monzo do that PocketGuard cannot?
Monzo covers FSCS-protected deposits, Fee-free foreign spending, Savings Pots, Joint and shared accounts. PocketGuard covers Real-time spending alerts, Budget tracking, Goal setting, Spending insights.

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.

PocketGuard: How much does PocketGuard cost?

PocketGuard Premium costs $12.99/month for monthly billing or $6.25/month when billed annually ($74.99/year). A one-time Lifetime plan is also available for $149.99.

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.

PocketGuard: Does PocketGuard offer a free trial?

Yes, PocketGuard offers a 7-day free trial with full access to all features. No credit card is required to start the trial.

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.

PocketGuard: What is the annual savings with PocketGuard's yearly plan?

PocketGuard's annual plan costs $74.99/year ($6.25/month), saving $81 per year compared to paying $12.99 monthly ($155.88/year).

Source
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