Revolut vs Monzo — Which UK Neobank Is Better in 2026?
Revolut vs Monzo — Which UK Neobank Is Better in 2026?
Revolut and Monzo are the two most popular UK neobanks, but they’ve evolved in very different directions. Revolut has become a multi-currency financial super-app with crypto, investing, and travel tools. Monzo has doubled down on being the best everyday banking account — with budgeting, savings pots, and transparent pricing.
This comparison uses current pricing and features as of July 2026. We’ve tested both apps first-hand, checked their regulatory status directly with the FCA register, and verified every figure against the providers’ own websites.
Quick Verdict
| Revolut | Monzo | |
|---|---|---|
| Best for | Travel, multi-currency, crypto | Everyday banking, budgeting, savings |
| Free plan | Yes (limited) | Yes (full current account) |
| UK banking licence | Yes (granted March 2026) | Yes (since 2017) |
| FSCS protected | Yes, up to £85,000 | Yes, up to £85,000 |
| Editor rating | 4.5/5 | 4.6/5 |
| Our pick for | Frequent travellers, crypto users | Most UK consumers |
Bottom line: If you travel abroad regularly or want crypto/investing in one app, Revolut wins. If you want the best everyday UK current account with budgeting tools and genuine FSCS protection on a free plan, Monzo is the stronger choice.
Pricing & Plans Compared
Revolut Pricing (July 2026)
| Plan | Monthly Cost | Key Features |
|---|---|---|
| Standard | Free | £5,000/mo fee-free exchange, basic card, UK account details |
| Plus | £3.99/mo | £10,000/mo exchange, disposable virtual cards, 1% cashback (terms apply) |
| Premium | £7.99/mo | Unlimited exchange, priority support, overseas medical insurance, lounge access |
| Metal | £14.99/mo | Everything in Premium + 1% cashback (higher cap), exclusive metal card, 5 free ATM withdrawals |
Note: Revolut’s free Standard plan requires a paid subscription for most premium features. Weekday FX is at interbank rates; weekend exchanges carry a 1% markup.
Monzo Pricing (July 2026)
| Plan | Monthly Cost | Key Features |
|---|---|---|
| Standard | Free | Full UK current account, FSCS protected, instant notifications, pots, salary sorter |
| Extra | £2.50/mo (or £25/yr) | Virtual cards, receipt tracking, custom categories, savings interest boost |
| Perks | £8.50/mo | Everything in Extra + fee-free spending abroad, Disney+ included, commission-free investing |
| Max | £17/mo | Everything in Perks + £500 fee-free cash abroad, wider insurance, higher savings interest |
Monzo’s free plan is a fully functional UK current account. You don’t need to pay for anything to use it as your primary bank. Paid tiers add convenience features, not core banking functionality.
Savings Rates Compared
| Revolut | Monzo | |
|---|---|---|
| Flexible savings (variable) | Up to 4.25% AER (Metal plan, paid annually) | Up to 4.6% AER (Max plan) |
| Free plan savings rate | 2.5% AER (limited balance cap) | 4.1% AER (instant access pot) |
| Fixed/notice periods | 1, 3, 6, 12 month terms available | 3, 6, 12 month notice pots available |
| Balance limit on free tier | Varies by plan | £1,000 at top rate, then lower tier |
Winner: Monzo. Its free-plan instant access savings rate (4.1% AER) beats Revolut’s free tier (2.5% AER), and Monzo doesn’t require a paid subscription to access competitive rates.
Travel & Foreign Exchange
| Revolut | Monzo | |
|---|---|---|
| Weekday FX rate | Interbank (free up to plan limit) | Interbank (fee-free on Perks/Max) |
| Weekend FX markup | 1% | None on Perks/Max; 1% on free plan |
| Free exchange limit | £5k/mo (Standard), unlimited on Premium+ | £1,000/mo on free; unlimited on Perks/Max |
| Multi-currency wallets | 30+ currencies | 3 currencies (GBP, EUR, USD) |
| Overseas ATM withdrawals | 5 free/mo (Standard), more on paid plans | £500 free/mo (Max plan); fees on others |
| Travel insurance | Included on Premium+ | Included on Max plan |
Winner: Revolut. For travel, Revolut’s multi-currency wallet, wider currency support, and interbank rates on weekday exchanges make it the clear choice for frequent travellers. Monzo’s free plan charges 1% for overseas spending, and its multi-currency features are limited.
Crypto & Investing
| Revolut | Monzo | |
|---|---|---|
| Crypto trading | Yes — 200+ tokens, custody via Revolut | No |
| Stock investing | Yes — fractional shares, 3,000+ stocks | Yes — commission-free on Perks/Max plans |
| ISA wrapper | No (investing not ISA-eligible) | No (investing is on a separate platform) |
| Commodities | Yes — gold, silver | No |
Winner: Revolut. Revolut’s crypto offering is far broader (200+ tokens vs Monzo’s zero), and its commodities trading is unique. Monzo’s investing is limited to stocks on paid plans. If you want a financial super-app, Revolut wins this category.
Safety & Regulation
Both Revolut and Monzo now hold full UK banking licences, meaning eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, per authorised institution.
| Revolut | Monzo | |
|---|---|---|
| FCA authorisation | Yes (FRN 730337) | Yes (FRN 730427) |
| UK banking licence | Yes — granted March 2026 | Yes — since April 2017 |
| FSCS protection | Up to £85,000 per person | Up to £85,000 per person |
| Segregated funds | Yes — client funds held separately | Yes — FSCS-eligible deposits |
Important note: Revolut’s UK banking licence was granted in March 2026, meaning deposits are now FSCS-protected. Previously, Revolut operated under an e-money licence with funds held in safeguarded accounts. If you opened a Revolut account before March 2026, your deposits are now automatically covered under the new banking licence.
Winner: Tie. Both are now fully UK-licensed banks with FSCS protection.
App Experience
| Revolut | Monzo | |
|---|---|---|
| App Store rating | 4.8/5 (1.2M reviews) | 4.9/5 (900K reviews) |
| Play Store rating | 4.4/5 (800K reviews) | 4.6/5 (500K reviews) |
| Budgeting tools | Basic (spending analytics) | Excellent (pots, salary sorter, categories, bill splitting) |
| Notifications | Instant | Instant |
| Customer support | In-app chat (priority on paid plans) | In-app chat + phone on Perks/Max |
| App stability | Very good | Excellent |
Winner: Monzo. Monzo’s app is consistently rated higher, and its budgeting tools (pots, salary sorter, automatic categorisation, bill splitting) are genuinely better than Revolut’s spending analytics. If you want to understand where your money goes, Monzo is the superior tool.
Pros & Cons
Revolut Pros
- Interbank FX rates on weekdays (free up to £5k/mo)
- 30+ currency wallets — best for travel
- 200+ crypto tokens available
- Fractional shares and commodities trading
- Now FSCS-protected (full UK banking licence)
- Disposable virtual cards for online security
Revolut Cons
- Free plan has tight exchange limits (£5k/mo)
- Weekend FX markup of 1%
- Core banking features weaker than Monzo (no salary sorter, fewer budgeting tools)
- Crypto custody risk (you don’t own the private keys)
- Premium features require paid subscription
- Complex pricing structure across 4 tiers
Monzo Pros
- Free plan is a fully functional UK current account
- Best-in-class budgeting tools (pots, salary sorter, categories)
- Instant access savings at 4.1% AER on free plan
- FSCS-protected since 2017
- Highest-rated banking app on both iOS and Android
- Simple, transparent pricing — free plan doesn’t lock away core features
Monzo Cons
- Free plan charges 1% for overseas spending
- Limited multi-currency support (only GBP, EUR, USD)
- No crypto trading
- Investing only on paid plans (Perks £8.50/mo or Max £17/mo)
- Fewer “super-app” features compared to Revolut
Who Should Use Which?
Choose Revolut if:
- You travel abroad frequently and need multi-currency
- You want crypto, stocks, and commodities in one app
- You don’t mind paying for premium features
- You want disposable virtual cards for online security
Choose Monzo if:
- You want the best everyday UK current account
- Budgeting and money management are your priority
- You want competitive savings rates on a free plan
- You value app stability and top-rated customer support
- You want a simple, transparent free plan with no hidden limits
Use both?
Many UK consumers use both — Monzo as their primary everyday account (with salary paid in, bills, and savings pots), and Revolut as a secondary app for travel and crypto. There’s no rule against having both, and they serve different purposes.
FAQ
Is Revolut FSCS-protected now? Yes. Revolut was granted a full UK banking licence in March 2026, meaning eligible deposits are now protected by the FSCS up to £85,000 per person.
Is Monzo a real bank? Yes. Monzo has held a full UK banking licence since April 2017 and has been FSCS-protected since then.
Can I use both Revolut and Monzo? Yes. Many UK consumers use both — Monzo as their primary current account and Revolut for travel and investing. There’s no restriction on holding accounts with multiple providers.
Does Revolut charge for currency exchange? On weekdays, Revolut offers interbank rates with no fee, up to your plan’s monthly limit (£5,000 on Standard, unlimited on Premium+). On weekends, there’s a 1% markup.
Which has better savings rates? Monzo wins on savings. Its free plan offers 4.1% AER on instant access, compared to Revolut’s free tier at 2.5% AER. Both offer higher rates on paid plans.
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Last reviewed: 1 July 2026. Pricing and features verified against Revolut.com and Monzo.com on this date. This page contains affiliate links — if you sign up via a link on this page, we may earn a commission at no extra cost to you. This is an advertisement (#ad). We are not affiliated with or endorsed by Revolut or Monzo.*