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Revolut vs Monzo vs N26

These are three of the most popular mobile-banks today, but which offers customers the greatest savings?

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By

Charlie Barton

Updated

Fact checked

EU based digital bank N26 has chosen to stop operating in the UK in early February due the UK’s decision to leave the EU. Read our guide for alternatives to N26.

“Challenger banks” like Revolut, Monzo and N26 are changing the face of banking. These days, you can open a bank account simply by going on your smartphone and downloading one of their apps.

Offering high-quality apps, real-time payment information, and cheaper ways of sending and spending money abroad, these banks have brought in millions of customers.

Here, we take a look at three of the biggest names in the industry and compare the benefits.

Revolut StandardMonzoN26
NameRevolut StandardMonzoN26
Fees and chargesCard delivery is £4.99FreeFree
Delivery speedUp to 9 working daysBetween 2-7 working days5-7 working days
PaymentsEasy UK payments and can transfer money between 23 countriesPay via bank transfer or send instantly to other Monzo accountUse MoneyBeam to transfer money instantly. Is partnered with Transferwise so can send money to 16 countries.
UK ATM withdrawals £200 free monthlyFreeFree
Spending insightsShows spending by category, merchant, country, and monthSpending tracker provides a breakown of how much you've spent and wherePULSE26 analytics offers insights like the restaurant you visit most. Monthly reports help understand your spending habits.
Categories10+ categories10+ categories, regularly updated20+ categories
Direct debitsSupported with both the UK account and the Euro IBAN accountYes - future payments shown in homefeedYes
Top upVia bank transfer. Longer term users can pay in with the auto top up feature.Via bank transfer, standing order, or have salary paid inVia bank transfer - IBAN needed and details needed
Freeze your cardYes: touch of a button in appYes: touch of a button in appYes: touch of a button in app
AlertsSends realtime transaction notificationsMonzo's Targets sends notifications to warn you if you're spending too fast. Dashboard changes from green to orange to red to indicate overspending.Alerts for withdrawing money and paying
InterestNo interestMarketplace with 8 savings accounts both fixed rate and easy access, £500 minimum deposit.None
Savings goalsSet budgets in the appMonzo pots let you put money aside, protected from your daily spendingn26 'Spaces' feature lets the user open sub-accounts to stash your money away
VisualisationSpending graphs show which days you've spent most/least moneyMonzo uses a monthly graph and a pie chart to show the trajectory of your money, and how it is broken downMonthly spending statistics shown in pie chart
Foreign ATM withdrawals£200 free monthly£200 free monthly
1.7% of amount drawn
Foreign transactions feeNo feesNo feesNo fees
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What do the apps look like?

Budget better with spending insights

Here you see how N26 and Revolut break your spending down by category and shop. Monzo do this too.

Freeze your Monzo card if it gets lost

N26 and Revolut also give you total control over your card from the app. So there's no need to worry if you temporarily lose it.

Apple Pay with N26 and Monzo

Go card-less with Apple Pay with N26 and Monzo. For the time being, Revolut doesn't offer this feature. They say they're working on it.

Instant payment notifications

Monzo and Revolut give real-time info and payment alerts. N26 offer these features also.

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Fees abroad

For those looking to send money abroad, these cards are all cheaper than traditional banks. Compare the exchange rates online. However, Revolut’s interbank exchange rate is usually cheaper than Monzo’s Mastercard rate.

In terms of using your card abroad, their options are all pretty similar. However, with N26’s basic account, you will be charged 1.7% to withdraw cash from an ATM abroad.

Revolut vs Monzo vs N26: The verdict

Given these “challenger banks” are closely competing with one another, it’s hardly surprising there’s not much to split between them.

All three offer slick apps with essentially the same features. These include transaction categories, real-time spending information, insights into your spending, and separate savings pots you can squirrel your money away in.

If you’re looking for a card which rounds up your spare change and puts it away to be saved, then Revolut and Monzo, who both offer this, are marginally ahead.

There are a couple of key differences between their fees and limits which, depending on how and where you spend, might sway you.

N26 and Monzo offer fee-free ATM withdrawals for UK customers taking out pounds, so if you often find yourself at the ATM, these could be for you.

If you’re looking to use one of these cards on a holiday or trip abroad, they all offer broadly similar exchange rates. The plus with Revolut is it offers a wide range of currencies.

However, Revolut also marks up its exchange rates at weekends, so if you’re on holiday on a Saturday and Sunday it might be worth opting for Monzo or N26.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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2 Responses

    Default Gravatar
    KyleJanuary 31, 2019

    Hi I can decide what back would be best for me as I live in the uk but work in ireland I If registered for one I have a European account or uk? And would my money be in euros or pounds

    Thanks

    Reply
      Avatarfinder Customer Care
      johnbasanesFebruary 1, 2019Staff

      Hi Kyle,

      Thank you for reaching out to finder.

      If you register in any of the cards mentioned on this page, they will be in pounds initially but you have the option to exchange the currency to Euros when you are in Ireland. Hope this helps!

      Cheers,
      Reggie

      Reply
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