Monzo vs Monese

Monzo and Monese are two of the big names in the growing "challenger bank" market. Here we take a look at what they can offer you.


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Promising slick apps, fee-free spending abroad, and apps packed with quirky insights and graphs, “challenger banks” like Monzo and Monese are changing the face of digital banking.

Here you can see how they compare, and which one is better for your wallet.

Monzo and Monese at a glance

MonzoMonese (Starter)
NameMonzoMonese (Starter)
Fees and chargesFreeNone
Delivery speedBetween 2-7 working daysBetween 3-5 business days
PaymentsPay via bank transfer or send instantly to other Monzo accountPay via bank transfer, easier to send to another Monese account.
UK ATM withdrawals Free£200 free monthly
Spending insightsSpending tracker provides a breakown of how much you've spent and whereInstabalance' feature gives you a real-time view of your account balance, so with a quick glance you know how much is safe to spend
Categories10+ categories, regularly updatedNot a feature
Direct debitsYes - future payments shown in homefeedYes - can cancel with touch of a button too
Top upVia bank transfer, standing order, or have salary paid inVia bank transfer, or have salary paid in. Can use any post office or Paypoint to top up with cash too.
Freeze your cardYes: touch of a button in appReport lost/stolen in app to be sent replacement
AlertsMonzo's Targets sends notifications to warn you if you're spending too fast. Dashboard changes from green to orange to red to indicate overspending.Not a feature
InterestMarketplace with 8 savings accounts both fixed rate and easy access, £500 minimum deposit.No interest
Savings goalsMonzo pots let you put money aside, protected from your daily spendingNot a feature
VisualisationMonzo uses a monthly graph and a pie chart to show the trajectory of your money, and how it is broken downBalance graph in the app provides a visual representation of your spending habits so you can easily keep track of your spending goals and analyse the points in the month where you may be spending too much.
Foreign ATM withdrawals£200 free monthly
£200 free monthly
Foreign transactions feeNo fees2% on card spend and ATM usage
More InfoMore Info

Monzo vs Monese: the verdict

As with anything, it depends what you’re looking for. If you’re just looking to try out a digital bank, Monzo’s totally free start up process may prove more appealing. Although, Monese’s £4.95 debit card delivery is hardly steep.

In terms of day-to-day use, Monzo does seem to give you a bit more bang for your buck. Free and unlimited ATM withdrawals in the UK, for instance. By contrast, with Monese there’s a £1 charge every time you take out money from a cashpoint.

Monzo’s CASS option may make switching over from your old bank easier too.

However, there’s not much separating them beyond these points. Their apps offer many, if not all, of the same features.

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