{"id":457293,"date":"2022-07-19T14:26:11","date_gmt":"2022-07-19T13:26:11","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=457293"},"modified":"2025-11-28T11:48:27","modified_gmt":"2025-11-28T11:48:27","slug":"chase-vs-monzo","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/current-accounts\/chase-vs-monzo","title":{"rendered":"Chase vs Monzo"},"content":{"rendered":"

Can the new kid on the block Chase<\/a> rival the poster child of digital banking Monzo<\/a>? Our guide compares their free account features side by side to help you decide which one might be your best option.<\/p>

Vital statistics<\/h3>
\n \n
<\/th>\"Chase<\/a><\/td>\"Monzo<\/a><\/td><\/tr>
Finder score<\/th>8.2<\/span><\/span>Great<\/span><\/span><\/td>9.8<\/span><\/span>Excellent<\/span><\/span><\/td><\/tr>
Customer satisfaction survey<\/th>4.3 <\/span>
\u2605\u2605\u2605\u2605\u2605<\/div><\/td>
4.4 <\/span>
\u2605\u2605\u2605\u2605\u2605<\/div><\/td><\/tr>
Free spending abroad<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Arranged overdraft<\/th>No overdrafts<\/td>19%, 29% or 39% EAR<\/td><\/tr>
Representative example<\/th>N\/A<\/td>If you use an arranged overdraft of \u00a31,200, you'll be charged interest at 39% EAR variable. Account fee of \u00a30<\/td><\/tr>
Interest when you're in credit<\/th>0%<\/td>0%<\/td><\/tr>
Branch access<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
FSCS protected<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Sign-up bonus<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Amount<\/th>N\/A<\/td>N\/A<\/td><\/tr>
Product image<\/th>
\"Chase\"<\/td>		\"Monzo\"<\/td><\/tr>
Find out more<\/th>
See account<\/a>
Read review<\/a><\/div><\/td>
Go to site<\/a>
Read review<\/a><\/div><\/td><\/tr>\n <\/tbody>\n <\/table><\/div>

With the free Monzo current account, you get its well-known coral-coloured card, while Chase\u2019s only (and free) current account comes with a blue numberless card.<\/p>

Neither bank has branches, with the accounts being fully managed via a mobile app. Chase offers a linked saver account, where current holders can deposit savings on an easy-access basis and earn 4.5% interest AER for the first 12 months. Monzo has a range of savings options, with varying rates depending on whether you pay for an account.<\/p>

Both Chase and Monzo have a UK banking licence, which means individual customer funds up to the value of \u00a3120,000 are protected by the Financial Services Compensation Scheme<\/a> (FSCS) should a bank go under.<\/p>

You can apply for an overdraft with Monzo \u2013 the interest rate you\u2019re offered will depend on your personal circumstances and credit score \u2013 but Chase doesn\u2019t offer any overdrafts yet.<\/p>

Chase was the winner in Finder\u2019s 2025 Customer Satisfaction Awards<\/a>, with 100% of customers saying they would recommend the current account. Monzo was not far behind, with a \u201cwould recommend\u201d score of 90%. <\/p>

They both have different cashback offerings. Chase has 1% cashback on grocery, transport and fuel card spend (up to \u00a315 per month) for the first 12 months. After that, customers will have to deposit a minimum of \u00a31,500 a month in order to earn cashback. By contrast, Monzo provides different cashback rates for different retailers and it\u2019s a bit of a lottery as to whether you\u2019ll get something you\u2019ll actually use.<\/p>

Round 1: App features<\/h3>
\n \n
<\/th>\"Chase<\/a><\/td>\"Monzo<\/a><\/td><\/tr>
Visual breakdown of spending<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Spending categories<\/th>Customisable<\/td>17<\/td><\/tr>
Set spending budgets<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Set up direct debits in the app<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Top up via bank transfer<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Have salary paid in<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Separate savings accounts<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Round-ups<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Customer service via the app<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Customer service via a telephone line<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Cheque scanning<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Freeze\/unfreeze card in app<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Send money abroad<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Fee for sending money abroad<\/th>International payments unavailable<\/td>When sending through Monzo, a fixed fee of between 50p and \u00a32.68, plus a variable amount between 0% and 1.30%. For currencies Monzo can't support, Wise sets the fee.<\/td><\/tr>
Find out more<\/th>
See account<\/a>
Read review<\/a><\/div><\/td>
Go to site<\/a>
Read review<\/a><\/div><\/td><\/tr>\n <\/tbody>\n <\/table><\/div>

With both the app-managed Chase and Monzo accounts, you can set up direct debits, receive your salary and make bank transfers (although with Chase, noticeably not<\/em> international payments). You can also freeze and unfreeze your debit card and reach the customer service teams through an in-app chat.<\/p>

Both offer \u201cround-ups\u201d, where you can round up your card transactions to the nearest pound and put that money to one side. Chase keeps this round-up balance separate from your main current account balance and will pay 5% AER on it. After 12 months, your money will be transferred to your current account and you can start rounding up again. With Monzo, this spare change will go into a \u201csavings pot\u201d with no interest earned on it.<\/p>

Unlike Monzo, Chase has no spending categories, specific budgeting tools or saving pots available.<\/p>

Monzo also lets you scan in and deposit cheques of up to \u00a3500 through the app, while those of greater value can be sent in by post. You can also pay in cash at PayPoints or a Post Office branch for a fee of \u00a31. Chase doesn\u2019t accept cash or cheques into its current accounts.<\/p>

Winner:<\/strong> Monzo. While Chase has launched its account with a decent range of app features, Monzo\u2019s more established app shines through, particularly when it comes to spending insights and budgeting.<\/p>

Round 2: Spending in the UK<\/h3>
\n \n
<\/th>\"Chase<\/a><\/td>\"Monzo<\/a><\/td><\/tr>
Free card transactions in the UK<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Contactless card limit<\/th>\u00a3100<\/td>\u00a3100<\/td><\/tr>
Apple Pay<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Google Pay<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Samsung Pay<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Free ATM withdrawals<\/th>Up to \u00a3500 per day<\/td>Up to \u00a3400 per month<\/td><\/tr>
Find out more<\/th>
See account<\/a>
Read review<\/a><\/div><\/td>
Go to site<\/a>
Read review<\/a><\/div><\/td><\/tr>\n <\/tbody>\n <\/table><\/div>

Spending on your Chase or Monzo card is free in the UK, and both cards currently have the standard contactless limit of \u00a3100.<\/p>

You can also add your Chase card or Monzo card to Apple Pay, Samsung Pay and Google Pay.<\/p>

As mentioned, Chase customers can also earn 1% cashback on certain spending (up to \u00a315 per month). In theory, you could earn more cashback than that with Monzo, but it really depends on whatever cashback deals it is offering at any given time.<\/p>

Chase offers unlimited free ATM withdrawals in the UK, while Monzo lets you withdraw up to \u00a3400 for free every 30 days in either the UK or EEA (it\u2019s a combined limit), then there\u2019s a 3% charge. However, if you use Monzo as your main bank account, you can make unlimited fee-free withdrawals in the UK and EEA.<\/p>

Winner:<\/strong> Chase. The bank edges it with its free UK ATM withdrawals, plus its cashback offer is simpler.<\/p>

Round 3: Using the card abroad<\/h3>
\n \n
<\/th>\"Chase<\/a><\/td>\"Monzo<\/a><\/td><\/tr>
Free foreign transactions<\/th>Unlimited<\/td>Unlimited<\/td><\/tr>
Free foreign ATM withdrawals<\/th>Up to \u00a31,500 per month<\/td>Up to \u00a3400 in EEA and \u00a3200
elsewhere every 30 days<\/td><\/tr>
Find out more<\/th>
See account<\/a>
Read review<\/a><\/div><\/td>
Go to site<\/a>
Read review<\/a><\/div><\/td><\/tr>\n <\/tbody>\n <\/table><\/div>

Chase and Monzo are the same when it comes to using their respective cards to make purchases abroad \u2013 neither charges a fee. Plus they both use the competitive Mastercard exchange rate for foreign transactions.<\/p>

When travelling with your Monzo card, there\u2019s a \u00a3200 limit on free cash withdrawals overseas every 30 days \u2013 after which there\u2019s a 3% charge. And if you\u2019re in Europe, then the combined UK and EEA monthly free limit of \u00a3400 applies, before the 3% fee kicks in \u2013 unless you use Monzo as your main bank account, in which case there\u2019s no limit. <\/p>

Chase doesn\u2019t have fees for making ATM withdrawals anywhere overseas, but it does have a monthly withdrawal limit of \u00a31,500 (and that\u2019s a total cut-off point, rather than a fee applying to amounts over that). The daily withdrawal limit within that \u00a31,500 monthly limit is an industry-generous \u00a3500 per day.<\/p>

Winner:<\/strong> Chase. For its fee-free card purchases and ATM withdrawals overseas (although the \u00a31,500 per month cut-off limit may prove troublesome for some account holders on longer trips abroad).<\/p>

Round 4: Account types<\/h3>
\n \n
<\/th>\"Chase<\/a><\/td>\"Monzo<\/a><\/td><\/tr>
Free account<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Premium account<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Joint account<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Teen account (for 16- and 17-year olds)<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Kids' account or card<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Business account<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Find out more<\/th>
See account<\/a>
Read review<\/a><\/div><\/td>
Go to site<\/a>
Read review<\/a><\/div><\/td><\/tr>\n <\/tbody>\n <\/table><\/div>

Both Chase and Monzo offer free current accounts (which are the subjects of this guide), but that\u2019s where it ends for new entrant Chase (apart from the linked saver account mentioned above).<\/p>

Monzo also has joint accounts, business accounts and teen accounts (for 16- and 17-year-olds) on its roster. It also launched a kids\u2019 account in 2025.<\/p>

Winner:<\/strong> Monzo. No contest on this front.<\/p>

Round 5: Signing up<\/h3>
\n \n
<\/th>\"Chase<\/a><\/td>\"Monzo<\/a><\/td><\/tr>
Apply through the app<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Quick application<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Credit check<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Card delivery fee<\/th>Free<\/td>Free<\/td><\/tr>
Card delivery timescale<\/th>5-7 working days<\/td>2-7 working days<\/td><\/tr>
Find out more<\/th>
See account<\/a>
Read review<\/a><\/div><\/td>
Go to site<\/a>
Read review<\/a><\/div><\/td><\/tr>\n <\/tbody>\n <\/table><\/div>

You can apply for either a Chase or Monzo account through their respective mobile apps in a matter of minutes, with no hard credit checks.<\/p>

The banks\u2019 cards are free to receive, and they should arrive within 7 working days.<\/p>

Winner:<\/strong> A tie. The sign-up process is similarly easy for both.<\/p>

Round 6: Customer reviews<\/h3>

On reviews site Trustpilot, Chase has a score of 3.7 out of 5 from over 13,900 reviews. Monzo has a score of 4.6 out of 5 from more than 57,000 reviews. These were checked in September 2025.<\/p>

Reviews praised Chase for its ease of use, but some complained that the deposit required to earn ongoing cashback is too high. Monzo customers also liked its ease of use but some voiced frustration with customer service.<\/p>

In our 2025 Customer Satisfaction Awards, Chase was recommended by 100% of those surveyed, with a score of 4.3 out of 5. Monzo also scored 4.4 out of 5 and was recommended by 90% of those surveyed.<\/p>

Winner:<\/strong> Tie. There\u2019s not much to separate the pair here.<\/p>

Overall winner: Is Chase better than Monzo?<\/h3>

New entrant Chase is certainly gaining a lot of attention. Although the bank is a massive player in the American banking market, it hasn\u2019t quite brought all of its account features to the UK yet. For that reason, if you want a fully rounded current account with a well-designed and engaging app, then you\u2019d probably be better off going for Monzo. But what is tempting from Chase are some of the financial offers with its current account \u2013 namely the linked 4.5% AER saver account, 1% on current account balances, 1% cashback on card spend and interest on round-up balances. If any of those catch your eye, and they outweigh the more advanced features of Monzo for you, then maybe Chase is the way to go.<\/p>\n\n\n

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<\/a>. 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. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article>

Sources<\/h3>\n
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