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Personal Finance · head to head

Monzo vs Spendee

Monzo logo

Monzo

Personal Finance

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

From
Free
Rated
-
Full reviewWebsite
Spendee logo

Spendee

Personal Finance

Budget and money management made easy

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.; Spendee the free Basic plan allows one cash wallet and one budget
  • They diverge on capability: Monzo covers FSCS-protected deposits, Spendee covers Expense tracking.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Monzo and Spendee actually diverge.

Attributes where Monzo and Spendee differ
AttributeMonzoSpendee
Pricing modelFree core current account; paid Plus and Premium tiers add featuresfreemium
PlatformsiOS, Android, WebWeb, IOS, Android
FoundedUnknown2013

Identical on both: starting price (Free), free tier (Yes), 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 Spendee

  • Expense tracking
  • Budget management
  • Shared wallets
  • Financial analytics
  • Bank accounts
  • Web support
  • IOS support
  • Android 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 Spendee
  • A frequent traveller wanting free foreign currency card spending on a UK-regulated accountnot Spendee
  • A household wanting a joint account with shared budgeting and spending visibilitynot Spendee
  • Someone building savings using automated Pots with partner-bank interest rather than a separate savings accountnot Spendee

Spendee

  • Tracking personal spending across cash and bank accountsnot Monzo
  • Sharing a budget or wallet with a partner or householdnot 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.

Spendee

  • The free Basic plan allows one cash wallet and one budget
  • Shared wallets are excluded from the free plan
  • Premium at $5.99 a month is triple the $1.99 Plus plan, and the pricing page does not quantify what separates them beyond shared wallets
  • Bank sync depends on a supported bank list rather than being universal

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

Spendee

Free
  • FreeFree
    • Expense tracking
    • Budget creation
    • 3 wallets
  • Premium$6.99/month
    • Unlimited wallets
    • Advanced analytics
    • Investment tracking

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 Spendee if

  • You need expense tracking.
  • You want to start without paying.
  • You work on Web, IOS, Android.
  • You also want budget management.
Spendee review

Questions people ask

Is Monzo or Spendee better?
Neither clearly leads. Monzo starts at Free and Spendee at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Monzo or Spendee?
Monzo starts at Free and Spendee at Free.
Does Monzo or Spendee run on more platforms?
Monzo runs on iOS, Android, Web. Spendee runs on Web, IOS, Android.
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 Spendee is typically brought in for.
What can Monzo do that Spendee cannot?
Monzo covers FSCS-protected deposits, Fee-free foreign spending, Savings Pots, Joint and shared accounts. Spendee covers Expense tracking, Budget management, Shared wallets, Financial 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.

Spendee: Does Spendee offer free and paid plans?

Yes. Spendee offers both Spendee Premium and Spendee Plus paid tiers. The site does not display pricing amounts on the homepage but directs users to a dedicated pricing page for costs.

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.

Spendee: How much does Spendee cost?

Pricing details are not available on the homepage. Spendee maintains a dedicated pricing page where Premium and Plus subscription costs are listed.

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.

Spendee: Is there a free tier for Spendee?

The site mentions paid tiers but does not specify whether a free tier exists. Full details are available on the pricing page.

Source
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