Is Monzo or Revolut better?

Monzo and Revolut are both FCA-regulated UK banks as of 2024, but they serve different needs. Monzo excels as an everyday UK current account with strong consumer protections and a UK-first focus. Revolut is better suited to international use, multi-currency accounts, and users who want a broader financial super-app. Both offer FSCS protection up to £85,000 on eligible accounts.

How do Monzo and Revolut compare on features?

Monzo offers a fee-free UK current account with spending insights, saving pots, overdrafts, and personal loans. Its open banking Marketplace connects to savings and investment products. Revolut offers multi-currency accounts, cryptocurrency trading, stock investing, and travel insurance — most premium features require a paid plan (Revolut Plus, Premium, or Ultra). Monzo’s free tier is more generous for UK-based everyday banking.

Which is safer — Monzo or Revolut?

Both Monzo and Revolut are now fully licensed UK banks regulated by the FCA and PRA, with FSCS protection up to £85,000. Monzo received its UK banking licence in 2017; Revolut received its in 2024. Both use Strong Customer Authentication and real-time fraud alerts. Historically, Monzo has had a stronger UK regulatory track record, but Revolut’s banking licence approval signals a significant improvement in its compliance posture.

Open Banking in Practice: Both Monzo and Revolut support open banking API access, allowing FCA-regulated third-party apps to connect to your accounts with your consent. Monzo’s Marketplace integrates open banking-style connections directly within the app. For UK users focused purely on current account banking, Monzo is typically the simpler and more consumer-focused choice. Read our full comparison on openfuture.world.

FAQ

Does Monzo or Revolut have better customer service?

Monzo generally receives higher customer service ratings; both offer in-app chat support but response times can vary for free tier users.

Can I have both a Monzo and a Revolut account?

Yes — there is no restriction on holding accounts with both; many users maintain both for different purposes such as travel and everyday spending.

Which has better savings rates — Monzo or Revolut?

Both offer competitive savings rates that change regularly; always compare current rates on their websites as these are not guaranteed.