Softwr

Personal Finance · head to head

Monzo vs Revolut

Monzo logo

Monzo

Personal Finance

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

From
Free
Rated
-
Full reviewWebsite
Revolut logo

Revolut

Personal Finance

Multi-currency financial app operating as a licensed bank in parts of the EU and as an e-money institution elsewhere

From
Free
Rated
-
Full reviewWebsite

The short version

  • 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.; Revolut uK customer balances have historically been held under an e-money institution licence, meaning they are not covered by the Financial Services Compensation Scheme the way a traditional UK bank deposit is, even though Revolut was granted a restricted UK banking licence in 2024.
  • They diverge on capability: Monzo covers FSCS-protected deposits, Revolut covers Multi-currency accounts.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Monzo and Revolut actually diverge.

Attributes where Monzo and Revolut differ
AttributeMonzoRevolut
Pricing modelFree core current account; paid Plus and Premium tiers add featuresFree standard tier; paid plans add higher limits, insurance and perks

Identical on both: starting price (Free), free tier (Yes), platforms (iOS, Android, Web), 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 Revolut

  • Multi-currency accounts
  • Revolut Bank EEA deposits
  • Stock, crypto and commodity trading
  • Budgeting and spending analytics
  • Virtual and disposable cards
  • Business accounts (Revolut Business)

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 Revolut
  • A frequent traveller wanting free foreign currency card spending on a UK-regulated accountnot Revolut
  • A household wanting a joint account with shared budgeting and spending visibilitynot Revolut
  • Someone building savings using automated Pots with partner-bank interest rather than a separate savings accountnot Revolut

Revolut

  • Someone travelling or living across multiple currencies who wants low-cost exchange and spending in one accountnot Monzo
  • A user in the EEA who wants their balance held with a licensed bank covered by a deposit guarantee schemenot Monzo
  • A UK-based user who understands their balance sits under e-money safeguarding rather than FSCS bank protection, and is comfortable with thatnot Monzo
  • An investor wanting stock or crypto trading integrated with everyday spending in a single appnot 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.

Revolut

  • UK customer balances have historically been held under an e-money institution licence, meaning they are not covered by the Financial Services Compensation Scheme the way a traditional UK bank deposit is, even though Revolut was granted a restricted UK banking licence in 2024.
  • Regulatory status differs by country of use, EEA versus UK versus other markets, so the actual protection on a given balance depends on where the account is domiciled, not on the brand alone.
  • Customer service has been a recurring complaint, with account freezes for fraud checks sometimes leaving customers unable to access funds for extended periods with limited direct human contact.
  • The free tier caps fee-free currency exchange at a monthly allowance, after which a fair usage fee applies, so heavy multi-currency users may need a paid plan to avoid extra charges.
  • The breadth of features, banking, trading, crypto and business accounts, spans multiple regulatory regimes and legal entities, which makes the overall structure harder for a typical customer to fully understand than a single-licence traditional bank.

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

Revolut

Free
  • StandardFree
    • Free multi-currency spending up to a monthly exchange allowance
    • Basic budgeting tools
    • UK balances held under e-money safeguarding, not FSCS-protected as a standard bank deposit
  • Premium$7.99/month
    • Higher free exchange allowance
    • Travel insurance and card delivery perks
    • Priority customer support
  • Metal$14.99/month
    • Cashback on card spending
    • Higher limits across features
    • Metal card and additional insurance cover

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 Revolut if

  • You need multi-currency accounts.
  • You want to start without paying.
  • You work on iOS, Android, Web.
  • You also want revolut bank eea deposits.
Revolut review

Questions people ask

Is Monzo or Revolut better?
Neither clearly leads. Monzo starts at Free and Revolut at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Monzo or Revolut?
Monzo starts at Free and Revolut at Free.
Does Monzo or Revolut run on more platforms?
Both run on iOS, Android, Web, so platform support will not decide this one for you.
Can I use Monzo for free?
Both have a free tier, so you can try either at no cost before committing.
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 Revolut is typically brought in for.
What can Monzo do that Revolut cannot?
Monzo covers FSCS-protected deposits, Fee-free foreign spending, Savings Pots, Joint and shared accounts. Revolut covers Multi-currency accounts, Revolut Bank EEA deposits, Stock, crypto and commodity trading, Budgeting and spending analytics.

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.

Revolut: Is my money safe with Revolut?

It depends on your country. EEA balances are held with a Lithuanian-licensed bank and generally covered by deposit guarantee up to 100,000 euro; UK balances have historically sat under e-money safeguarding rather than FSCS bank protection, though Revolut has been working toward full UK banking status since gaining a restricted licence in 2024.

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.

Revolut: Is Revolut a bank?

In the EEA, yes, through Revolut Bank UAB, licensed in Lithuania. In the UK, it has historically operated as an e-money institution and was granted a restricted banking licence in 2024, with full UK banking status pending completion of a mobilisation period.

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.

Revolut: Does Revolut charge for currency exchange?

Exchange is free up to a monthly allowance on the standard tier, after which a fair usage fee applies; paid plans raise or remove that allowance.

Share

Related pages

More on Monzo

More on Revolut

Keep looking

Other head to heads