Monzo vs Revolut: which is best for you?
What are the main features and benefits of an account with Revolut or Monzo? We explain the difference between their accounts, fees, savings features, and pros and cons in our handy guide.
Revolut and Monzo are digital banks that offer access to app-based financial services.
Both banks offer a range of personal and business accounts, with deposits up to £120,000 protected by the Financial Services Compensation Scheme (FSCS).
Monzo and Revolut offer free overseas spending for travelling account holders, but some limits apply.
What is Monzo?
Monzo is one of the UK’s top-rated digital banks, serving over 15 million customers in 2026. It offers various personal and business bank accounts, including free and paid for options.
Monzo Bank was founded in 2015 and operates from its headquarters in London, England.
What is Revolut?
Revolut initially started out as an e-money platform in 2015, but as of March 2026 it is now a fully-regulated bank in the UK.
Revolut offers a range of banking services, currency exchange services, virtual cards, crypto and stock trading.
It currently has around 13 million customers in the UK.
Like Monzo it is a digital bank with no physical branches.
Which has the best bank accounts?
Both Monzo and Revolut have a wide selection of different account types to choose from, including joint accounts
Revolut offers a free under-18 bank account, allowing young people to manage their money through its app, while Monzo offers an account for under-16s and a 16-17-year-olds account, with age-restricted spending features.
Monzo and Revolut, both offer free and premium subscription services that unlock a range of benefits for customers.
Revolut’s plans are:
Revolut Standard (free)
Revolut Plus (£3.99 per month)
Revolut Premium (£8.99 per month)
Revolut Metal (£16.99 per month)
Revolut Ultra (£60 per month)
Monzo’s plans are:
Monzo (free)
Monzo Extra (£3 per month)
Monzo Perks (£9 per month)
Monzo Max (from £19 per month)
Knowing how much you need to save and when you’ll need to use it means you can work out which account will get you where you need to be – whether that’s one with the highest interest, or one with other benefits such as flexible withdrawal terms, or deposit requirements that suit your needs.
How do Revolut and Monzo fees compare?
Monzo and Revolut offer free monthly accounts.
Premium accounts for Monzo range from £3 to £19 per month, while Revolut’s subscription accounts cost between £3.99 and £60 a month.
Many customers will manage well with a free account. It’s only worth using a paid for option if you will make the most of additional features which include insurance, higher savings rates and perks like global data, free railcards and discounted cinema tickets. This means it’s important to check the benefits justify the fees.
The £3 a month option with Monzo includes:
3.15% on instant access savings
Unlimited connected banks and credit cards
Up to five virtual cards
Credit insights with three scores
Advanced round ups
The £3.99 a month option with Revolut includes:
Personalised card
Priority in-app chat
£200 a month withdrawal limit at ATMs
£3,000 a month fee free currency exchange
Three commission free trades a month
Here's a quick summary of how the fees compare:
| Feature | Monzo | Revolut |
|---|---|---|
| Free account | Yes | Yes |
| Premium tiers | £3 to £19 per month | £3.99 to £60 per month |
| ATM withdrawals (UK and EAA) | Unlimited withdrawals if Monzo is your main account | Five withdrawals or £200 a month on a free account. Higher limits on paid for accounts |
| Savings rates | Starts at 2.8%, rising to 3.8%, depending on the account selected | 2.9% to 4%, depending on the account chosen |
| Overdrafts | Yes, with interest rates between 19% and 39% EAR | Not available |
Is Monzo or Revolut better for spending abroad?
Monzo doesn’t charge foreign transaction fees for spending abroad on your debit card.
You can also make unlimited ATM withdrawals if Monzo is your main account in the EEA. Outside of the EEA you can withdraw £200 every 30 days fee free (3% thereafter).
For Revolut customers, spending abroad is free up to a certain amount based on your plan, after which you will be charged1%. All currency exchanges on weekends incur a 1% fee.
Monzo works on Mastercard exchange rates, and Revolut works on Interbank exchange rates.
Both are competitive but regular travellers may prefer the simplicity of Monzo’s approach.
Is Monzo or Revolut better for saving?
Monzo and Revolut offer savings pots, instant access savings accounts, and automatic round-ups on spending.
Revolut is the top payer of the two at the time of writing, offering 4% AER, but only on its Ultra account that costs £60 a month.
Monzo pays 2.8% on its free account and 3.15% on its cheapest paid for account, compared to 2.9% on Revolut’s free and standard accounts.
Revolut and Monzo make saving easy with built-in savings pockets and round-up spending.
Is my money protected under FSCS with Revolut and Monzo?
Is Monzo FSCS protected?
Yes, Monzo is registered in the UK, and all deposits of up to £120,000 are protected by the FSCS.
Is Revolut FSCS protected?
Revolut now holds a full UK banking licence, so like Monzo, all deposits up to £120,000 are protected by the FSCS.
Does Monzo or Revolut have better app functionality?
Revolut and Monzo are app-based financial institutions that allow customers to make financial transactions via their apps or online.
Monzo and Revolut accounts can be linked to Google Pay and Apple Pay for seamless financial management.
Monzo and Revolut’s apps also offer a range of useful features, including in-app spending breakdowns, overdraft management (Monzo only) and budgeting tools.
Both are user-friendly and intuitive for people who prefer doing their day-to-day banking from their mobile devices.
Are Monzo's rewards better than Revolut’s?
Monzo and Revolut offer different rewards for their banking customers.
Monzo allows you to earn between 2% and 10% cashback on purchases made with selected retailers when offers are activated through its app.
Revolut offers RevPoints at a rate of up to 1 point per £1 spent which you can redeem on travel, shopping and experience spends.
Revolut’s perks are available to all account holders and include cashback from certain retailers when using a Revolut card. The bank also offers insurance benefits on its monthly fee accounts.
Does Monzo or Revolut have the best perks?
Depending on which account plan you choose, you could get access to some of the following perks with Revolut and Monzo.
The higher the monthly cost of the account, the more perks you get.
Revolut
Headspace subscription
NordVPN Standard
Sleep Cycle Premium
Freeletics Coach
Tinder Plus
Picsart Gold
Financial Times subscription
WeWork credits
ClassPass for gyms
MasterClass subscription
Travel insurance, including winter sports cover
Airport lounge access
Discounted trading fees
Chess.com
UberOne
Perplexity
The Athletic
Monzo
Free treat from Greggs every week
Free annual railcard every year
Free cinema ticket at Vue every month
Worldwide travel insurance
Worldwide phone insurance
UK and Europe breakdown cover
Discounted investment fees
Annual UberOne membership
Ultimately, which is best comes down to which perks you are most likely to enjoy and the value for money that you get.
Is Starling worth considering?
Starling is another popular digital banking choice often considered as an alternative to Monzo and Revolut.
The Starling app offers useful features, allowing customers to scan cheques and open current accounts for kids and teens.
The bank offers multi-currency business accounts and supports Apple Pay, Samsung Wallet, and Google Pay.
However, it is important to note that Starling does not offer personal loans or provide insurance to its customers.
Get expert financial advice
Monzo and Revolut both offer a range of accounts and benefits to their customers.
Let us connect you with an expert financial adviser to help you make the best choice for your banking and financial needs.
)