Is Monzo or Vanguard better?

Neither clearly leads. Monzo starts at Free and Vanguard at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.

Which is cheaper, Monzo or Vanguard?

Monzo has a free tier; the other does not. Paid plans start at Free for Monzo and On request for Vanguard.

Does Monzo or Vanguard run on more platforms?

Monzo runs on iOS, Android, Web. Vanguard runs on Web, IOS, Android.

Can I use Monzo for free?

Yes. Monzo has a free tier, so you can try it without paying. Vanguard starts at On request.

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 Vanguard is typically brought in for.

What can Monzo do that Vanguard cannot?

Monzo covers FSCS-protected deposits, Fee-free foreign spending, Savings Pots, Joint and shared accounts. Vanguard covers Low-cost index funds, Commission-free trading, Retirement accounts, Financial advisors.

Personal Finance · head to head

Monzo vs Vanguard

Monzo

Personal Finance

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

From: Free
Rated: -

Full review Website

Vanguard

Personal Finance

Investing for your future

From: On request
Rated: -

Full review Website

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.; Vanguard a 25 USD annual account service fee applies unless the account uses e-delivery, is a Cash Plus Account, is enrolled in an advisory service, or holds 1 million USD or more in qualifying assets
They diverge on capability: Monzo covers FSCS-protected deposits, Vanguard covers Low-cost index funds.
Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Monzo and Vanguard actually diverge.

Attributes where Monzo and Vanguard differ
Attribute	Monzo	Vanguard
Starting price	Free	On request
Pricing model	Free core current account; paid Plus and Premium tiers add features	transaction
Free tier	Yes	No
Platforms	iOS, Android, Web	Web, IOS, Android
Founded	Unknown	1975

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 Vanguard

Low-cost index funds
Commission-free trading
Retirement accounts
Financial advisors
Bank accounts
Investment accounts
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 Vanguard
A frequent traveller wanting free foreign currency card spending on a UK-regulated accountnot Vanguard
A household wanting a joint account with shared budgeting and spending visibilitynot Vanguard
Someone building savings using automated Pots with partner-bank interest rather than a separate savings accountnot Vanguard

Vanguard

Holding low cost index mutual funds and ETFs for long term investingnot Monzo
Running IRAs and taxable brokerage accountsnot Monzo
Employer retirement plan participationnot 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.

Vanguard

A 25 USD annual account service fee applies unless the account uses e-delivery, is a Cash Plus Account, is enrolled in an advisory service, or holds 1 million USD or more in qualifying assets
Broker assisted trades cost 25 USD each, waived only at 1 million USD in qualifying assets or with an advisory service
Options trades carry a 1 USD per contract fee on top of zero commission
Transaction fee mutual funds cost 20 USD per online trade below 1 million USD in qualifying assets, falling to 8 USD only at higher tiers
Outgoing wire transfers cost 10 USD unless the account is a retirement account or holds 1 million USD or more
Commission levels are tied to a Qualifying Assets balance, so the cheapest rates require 1 million USD or more

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

Vanguard

On request

Self-Directed Investor$undefined/month
- Low-cost index funds
- Commission-free trading
Advisory Services$undefined/month
- All Self-Directed features
- Financial advisors

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 Vanguard if

You need low-cost index funds.
You work on Web, IOS, Android.
You also want commission-free trading.

Vanguard review

Questions people ask

Is Monzo or Vanguard better?: Neither clearly leads. Monzo starts at Free and Vanguard at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Monzo or Vanguard?: Monzo has a free tier; the other does not. Paid plans start at Free for Monzo and On request for Vanguard.
Does Monzo or Vanguard run on more platforms?: Monzo runs on iOS, Android, Web. Vanguard runs on Web, IOS, Android.
Can I use Monzo for free?: Yes. Monzo has a free tier, so you can try it without paying. Vanguard starts at On request.
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 Vanguard is typically brought in for.
What can Monzo do that Vanguard cannot?: Monzo covers FSCS-protected deposits, Fee-free foreign spending, Savings Pots, Joint and shared accounts. Vanguard covers Low-cost index funds, Commission-free trading, Retirement accounts, Financial advisors.

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.

Vanguard: How much are Vanguard's expense ratios?

Vanguard's average ETF and mutual fund expense ratio is 0.07%, compared to the industry average of 0.44%, representing significantly lower fees.

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.

Vanguard: Does Vanguard offer advisory services?

Yes. Vanguard Advisers, Inc. provides retail direct investment advisory strategies, though specific advisory costs are not disclosed on the public pages and require direct inquiry.

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.

Monzo vs Vanguard

Monzo

Vanguard

The short version

Where they differ

What each one covers

Only in Monzo

Only in Vanguard

What people use each for

Monzo

Vanguard

Where each one falls short

Monzo

Vanguard

Pricing, plan by plan

Monzo

Vanguard

Which should you pick?

Choose Monzo if

Choose Vanguard if

Questions people ask

Answered from the vendors’ own pages

Related pages

More on Monzo

More on Vanguard

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