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.
Up to £120,000 held with Monzo is protected by the Financial Services Compensation Scheme (FSCS). Revolut safeguards your money, but it isn’t protected by the FSCS. However, funds in Revolut Savings accounts held with partner banks may be covered by FSCS protection of up to £120,000.
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 12 million customers in 2025. It offers various bank accounts with monthly fees, including Monzo Plus, the Flex credit card, a
nd advanced budgeting tools.
Monzo Bank was founded in 2015 and operates from its headquarters in London, England.
What is Revolut?
Revolut is an e-money institution based in London. As of 2024, it is authorised as a bank in the UK with restrictions, meaning it’s on its way to becoming a fully regulated bank.
Revolut offers a range of banking services, currency exchange services, virtual cards, crypto and stock trading.
Revolut was founded in 2015 and as of 2025, the neobank – an online bank without physical branches - has more than 65 million customers across 48 countries, including 10 million in the UK.
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 16-17-year-olds, with age-restricted spending features.
When comparing Monzo and Revolut, both also offer premium subscription services that unlock a range of benefits for customers.
Revolut’s premium plans are:
Revolut Plus (£3.99 per month)
Revolut Premium (£7.99 per month)
Revolut Metal (£14.99 per month)
Revolut Ultra (£55 per month)
Monzo’s premium plans are:
Monzo Extra (£3 per month)
Monzo Perks (£7 per month)
Monzo Max (from £17 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 £17 per month, while Revolut’s subscription accounts cost between £3.99 and £55 per month.
If you have a Monzo or Monzo Extra account, you get unlimited ATM cash withdrawals in the UK and European Economic Area (EEA) and £200 fee-free every 30 days elsewhere in the world.
If you have a Monzo Perks or Monzo Max account, you get unlimited fee-free withdrawals in the UK and EEA and £600 fee-free withdrawals every 30 days elsewhere.
If Monzo isn’t your main account, you have a maximum of £400 fee-free every 30 days. Above these limits, you will be charged 3%.
Revolut charges a 2% fee (minimum of £1 per withdrawal) on cash withdrawals in the UK or overseas over £200 per month or over five withdrawals each month, whichever threshold is reached first.
Here are the limits for the other plans:
Revolut Plus: £200 per month
Revolut Premium: £400 per month
Revolut Metal: £800 per month
Revolut Ultra: £2,000 per month
Revolut does not offer overdraft facilities because it is not yet a fully licensed bank in the UK, while Monzo’s overdrafts have interest rates of between 19% and 39% EAR, depending on your credit score.
Here's a quick summary of how the fees compare:
| Feature | Monzo | Revolut |
|---|---|---|
| Free account | Yes | Yes |
| Premium tiers | £3 to £17 per month | £3.99 to £55 per month |
| ATM withdrawals (UK & EEA) | Unlimited fee-free withdrawals. | 2% fee (min. £1) on withdrawals over £200 per month or after five withdrawals. |
| ATM withdrawals (abroad) | Standard/Extra: £200 fee-free per 30 days. Perks/Max: £600 fee-free per 30 days.(3% charge above these limits) | Plus: £200/month limit. Premium: £400/month limit. Metal: £800/month limit. Ultra: £2,000/month limit. |
| 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.
For Revolut customers, spending abroad is free up to a certain amount based on your plan, after which you will be charged 0.5%-1%. All currency exchanges on weekends incur a 1% fee.
Monzo works on Mastercard exchange rates, and Revolut works on Interbank exchange rates.
Both banks offer similar limits and fees, but Monzo’s fee-free overseas spending may appeal more to travellers.
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 4.45% AER, depending on your plan. Monzo gives you 2.75% to 3.25% AER, depending on which account type you hold.
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 does not yet hold a full UK banking licence, so its normal e-money accounts are not protected by the FSCS.
However, Revolut holds savings account deposits in trust with partner bank ClearBank, which means they are protected up to £85,000 under 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 up to 10% cashback (called RevPoints) on accommodation through Revolut Stays and when you spend with certain retailers. Y
ou can redeem the points for air miles, travel perks and other benefits.
Monzo customers can access additional rewards via the Perks and Max accounts, including global travel insurance with a Monzo Max account.
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
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.
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