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Personal Finance · head to head

Monzo vs Square

Monzo logo

Monzo

Personal Finance

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

From
Free
Rated
-
Full reviewWebsite
Square logo

Square

E-Commerce

Powering the economy

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.; Square plus plan pricing not specified in documentation
  • They diverge on capability: Monzo covers FSCS-protected deposits, Square covers Payment processing.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Monzo and Square actually diverge.

Attributes where Monzo and Square differ
AttributeMonzoSquare
Pricing modelFree core current account; paid Plus and Premium tiers add featuresfreemium
PlatformsiOS, Android, WebPOS (Mobile app), Web
CategoryPersonal FinanceE-Commerce
FoundedUnknown2009

Identical on both: starting price (Free), free tier (Yes), user rating (Not yet rated).

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 Square

  • Payment processing
  • Point of sale
  • Invoicing
  • Payroll
  • Banking
  • QuickBooks
  • WooCommerce
  • Wix

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

Square

  • Accept payments with all-in-one POS applicationnot Monzo
  • Online ordering and basic website creationnot Monzo
  • Invoicing and appointment bookingnot Monzo
  • Staff scheduling and loyalty programmesnot 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.

Square

  • Plus plan pricing not specified in documentation
  • Processing fees differ by tier but exact rates not detailed
  • Free plan pricing mentioned but specific features for Plus unclear
  • Text marketing charged at 3¢ per message after first 500 included

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

Square

Free
  • FreeFree
    • Accept payments with all-in-one POS app
    • Online site builder (ordering profiles, basic websites, online stores, booking sites)
    • Item library and inventory tracking
  • Plus$null/mo
    • All Free plan features
    • Advanced POS features for food, retail, and appointments
    • Lower processing fees on card transactions

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 Square if

  • You need payment processing.
  • You want to start without paying.
  • You work on POS (Mobile app), Web.
  • You also want point of sale.
Square review

Questions people ask

Is Monzo or Square better?
Neither clearly leads. Monzo starts at Free and Square at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Monzo or Square?
Monzo starts at Free and Square at Free.
Does Monzo or Square run on more platforms?
Monzo runs on iOS, Android, Web. Square runs on POS (Mobile app), Web.
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 Square is typically brought in for.
What can Monzo do that Square cannot?
Monzo covers FSCS-protected deposits, Fee-free foreign spending, Savings Pots, Joint and shared accounts. Square covers Payment processing, Point of sale, Invoicing, Payroll.

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.

Square: Does Square offer a free plan?

Yes, Square's free plan includes an all-in-one POS app, online site builder, item library and inventory tracking, invoicing, appointment scheduling, staff calendars, and checking and savings account access. No subscription fees are charged.

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.

Square: What does Square Plus add compared to the free plan?

Square Plus adds advanced POS features for food and retail, lower processing fees on card transactions, custom loyalty programs, unlimited email marketing campaigns, text messaging, and staff scheduling and attendance tracking.

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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