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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?

“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 (Standard)MonzoN26
NameRevolut (Standard)MonzoN26
Fees and chargesFree with finder.com, otherwise card 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 ATMsFree up to £200 a monthFree, limited to £400 a dayFree
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 debitsRevolut currently only supports direct debits with 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 if you're spending too fast. Dashboard changes from green to orange to red to indicate overpending.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 withdrawalsNo ATM feesNo ATM fees up to £200 a month. 3% charge over £200.ATM fees differ depending on country
Foreign transactions feeNo feesNo feesNo fees
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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 tansaction 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.

Video: Alex Weber, head of international markets, on why N26 is different

What do the apps look like?

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.

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2 Responses

  1. 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

    • 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

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