Popular with young people especially, this new wave of banking apps offer features like fee-free spending abroad, smart tools to keep tabs on spending, and instant interaction with your account – allowing you to view transactions in real time or cancel your debit card in an instant. Revolut doesn’t have a UK banking licence, so deposits aren’t protected by the Financial Services Compensation Scheme (FSCS) ; deposits in Monzo are (up to £85,000) as they are with any other UK bank.
|What is it?||Revolut is a multi-currency account that allows you to hold and exchange 29 currencies and spend fee-free abroad.||Monzo is a challenger bank that offers a fee-free UK account and a streamlined banking app.|
|Pros of each||
|Cons of each||
|What is unique about it?||Revolut has a few features no other banking app offers: namely, a multi-currency account, fee-free international money transfers, cryptocurrencies and an insurance option that can be added on the go.||Monzo offers a full UK account that is almost entirely fee-free. It’s app-based, very easy to set up and use and is also expanding to offer more products, such as savings accounts.|
|What are the main costs?||
|How do I get the card?||Download the app for iOS (rated 4.9/5) or Android (rated 4.8/5)||Download the app for iOS (rated 4.7/5) or Android (rated 4.8/5)|
|How safe is it?||It is regulated in the UK, but Revolut isn’t officially a bank so doesn’t offer protection for deposits through the FSCS.||Your Monzo account is protected by the FSCS, up to the sum of £85,000.|
|Want to find out more?||More details||More details|
As with most things, it depends. Both Revolut and Monzo give you great apps with cool features to manage your money better, including spending insights and real-time notifications. Both are great if you travel often, almost entirely fee-free.
Revolut is much more focused on the international side of banking and on offering you innovative, techie features at a convenient price. For international money transfers, for example, it’s by far the cheapest option available.
Monzo is more about replacing your traditional current account with an app-based one that basically does the same things, but much better and without charging any fees. Unlike Revolut, it has a full banking licence (so your money’s protected by the FSCS) and also does overdrafts and savings accounts.
Started up your own business and want to know more about opening a bank account? We take a look at what’s involved.
The latest kid on the neobank block, Vybe is a free-to-use digital account that offers perks and discounts through its range of brand partners.
Digital challenger bank Monzo has launched a new Premium tier for its current account. We take a look at the cost and what’s on offer.
In this guide, you’ll learn the key differences between Tide and Starling business bank accounts and which is most likely to suit you.
Find out the different types of bank accounts for your teenager and how to choose the right one.
In this guide, you’ll discover some of our favourite alternatives to a Tuxedo prepaid debit card.
Discover the alternatives to this financial app for self-employed workers.
Learn more about the alternatives to the UK’s first digital bank.
Compare the alternatives to this popular account aggregation service.
Discover the alternatives to Monese and how they compare to this mobile bank account.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.