Key takeaways
- Both are now safe. Monzo has been a UK bank since 2017, Revolut joined the club in September 2025 and shed its mobilisation restrictions in March 2026. Eligible deposits at each are protected by FSCS up to £120,000 per person (the new limit, up from £85,000 on 1 December 2025).
- Monzo wins for daily UK banking, overdrafts, joint accounts, phone support, and salary-linked features (get paid early, 5% AER on the Saving Challenge with paid tiers).
- Revolut wins if you spend abroad regularly, hold multiple currencies, want crypto or stocks in the same app, or value the Trustpilot service score (4.7 vs 4.6).
- The free tiers are close but not equal. Revolut Standard limits free FX to £1,000 a month and adds a 1% markup at weekends. Monzo Standard has no FX limit but charges 3% on overseas ATMs after £200 in 30 days.
- You do not have to pick. Both accounts are free to open and you can hold both alongside a high-street bank. Most cost-conscious UK users keep their salary with Monzo and use Revolut as a travel wallet.
At a glance: Monzo vs Revolut in 2026
The headline numbers, verified against each bank's published terms in May 2026. Pricing and tier names change roughly every nine months. Always check the live plan page before you upgrade.
Monzo
UK challenger bank
- Customers
- 15M+ personal and business worldwide
- Trustpilot score
- 4.6 / 5 (59,000+ reviews)
- FSCS protection
- £120,000 per person
- UK licence
- Bank since 2017
- Free overseas ATM
- £200 / 30 days
- Overdraft
- Up to £3,000
- Phone support
- Yes
- Multi-currency wallet
- No
Revolut
Multi-currency super-app
- Customers
- 70M+ worldwide
- Trustpilot score
- 4.7 / 5 (371,000+ reviews)
- FSCS protection
- £120,000 per person (now applies)
- UK licence
- Full bank since March 2026
- Free overseas ATM
- £200 / 30 days
- Overdraft
- No
- Phone support
- No (card block only)
- Multi-currency wallet
- Yes, 29+ currencies
Sources: monzo.com (Plans, Help), revolut.com/legal (Standard, Plus, Premium, Metal, Ultra fees), Trustpilot, FSCS, FCA. Last verified May 2026.
Which one suits your money habits?
Answer five quick questions about how you actually use a bank account. The verdict updates live as you click. There is no submit button and no email collection.
Tell us how you use a bank account
No data leaves your browser. No email, no signup.
How often do you spend in a foreign currency?
Do you want the option of an overdraft?
How much foreign currency do you swap per month?
Where will you keep £1,000+ in savings?
When something goes wrong, what is your first move?
Why most "Monzo vs Revolut" articles get it wrong
A typical comparison still lists the same headline features (free debit card, app notifications, in-app budgets) as if these are the differentiators. They were, in 2018. In 2026, every UK bank from Barclays to Chase has caught up. Picking between the two is no longer about features. It is about business model.
Monzo is a UK current-account-first bank. It makes money the way a high-street bank does: interchange (the small slice retailers pay every time you tap your card), lending (overdrafts, loans, mortgages), and an increasingly important subscription tier (Extra / Perks / Max). Its whole product is designed to make your Monzo account the one your salary lands in.
Revolut is a multi-currency wallet that became a UK bank to unlock cheaper deposits. It makes most of its money from FX spread (the gap between the price it pays for a currency and what it charges you), premium subscriptions across five tiers, and adjacent products like crypto, stocks and travel insurance. It does not want your salary, it wants your spending.
The practical implication: Monzo will push you toward Pots, overdrafts and Perks. Revolut will push you toward FX swaps, Plus / Premium / Metal, and weekend spending abroad. Once you understand that, the "winner" question becomes "winner at what?".
How each bank actually makes money
Knowing the revenue model tells you where each provider has every incentive to be best, and where it has every incentive to be just-good-enough. The hidden cost of a free account is always in the corner cases the provider does not advertise.
Monzo's money map
- Lending margin: Overdrafts at 19, 29 or 39% EAR. Personal loans and Monzo Flex (buy-now-pay-later).
- Interchange: Roughly 0.2% on every card tap. Worth more when your salary lands here.
- Subscriptions: Extra (£3), Perks (£7), Max (£17). Bundled insurance is the hook for Max.
- Interest spread: Pays you up to 3.25% AER on Instant Savings, lends at much more.
EAR (Equivalent Annual Rate): the all-in yearly cost of an overdraft, including compounding, before any fees.
Revolut's money map
- FX spread: 1% over £1,000 on Standard, weekend 1% markup on Standard / Plus, free on Premium and above.
- Subscriptions: Five tiers from £3.99 to £55. Most revenue comes from Premium and Metal.
- Crypto and stocks: Trading fees on equities, ETFs, crypto and commodities inside the app.
- Adjacent products: Travel insurance, eSIMs, phone insurance, eventually mortgages.
FX spread: the gap between the wholesale (interbank) rate and the rate you are quoted. Worth checking on a £500 swap.
Plans and pricing in 2026
Monzo runs four tiers. Revolut runs five. Both restructured their paid plans in 2025: Monzo retired Plus and Premium, Revolut updated fees in December 2025 (effective for existing customers from 13 February 2026).
Monzo plans
| Plan | Cost | Top benefit |
|---|---|---|
| Monzo Standard | £0 / month | Free UK current account, 24/7 in-app chat |
| Monzo Extra | £3 / month | Virtual cards, Billsback chance up to £150/month |
| Monzo Perks | £7 / month | Up to 3.25% AER on instant savings |
| Monzo Max | £17 / month | Worldwide travel, phone, breakdown insurance |
Revolut plans
| Plan | Cost | Top benefit |
|---|---|---|
| Revolut Standard | £0 / month | Free UK account, 5 free ATM withdrawals or £200/month |
| Revolut Plus | £3.99 / month | Purchase protection, ticket refund cover |
| Revolut Premium | £7.99 / month | Unlimited fee-free FX, no weekend markup |
| Revolut Metal | £14.99 / month | 1% cashback on spend, 3.40% AER on savings |
| Revolut Ultra | £55 / month | £2,000 fee-free ATM, full perks bundle |
All prices verified May 2026 against monzo.com/legal/plans/fee-information and revolut.com/legal (Standard / Plus / Premium / Metal / Ultra). Annual options: Revolut Plus £40 / year, Premium £80 / year, Metal £140 / year, Ultra £540 / year.
Travel, FX and ATMs: the real cost gap
This is where the comparison gets concrete. The interbank exchange rate (the rate banks trade with each other) is the benchmark. Anything else is a markup.
| Fee / limit | Monzo Standard | Revolut Standard |
|---|---|---|
| FX rate | Interbank rate, no markup, every day | Interbank weekday, 1% weekend markup (Friday 5pm to Sunday 6pm) |
| FX free allowance | No monthly limit | £1,000 per month, then 1% fair-usage fee |
| UK ATM | Free, no monthly cap | Free up to £200 or 5 withdrawals per 30 days, then 2% (£1 minimum) |
| Overseas ATM | £200 per 30 days free, then 3% | Same £200 / 30 days, then 2% (£1 minimum) |
| In-shop and online (any currency) | Free | Free (subject to FX rules above) |
| Hold multiple currencies | No | Yes (29+ currencies, free Euro IBAN) |
Worked example
You spend a week in Spain in August, paying €600 on card and pulling €200 from an ATM, all on a Saturday. With Monzo Standard you pay £0 in fees, just the interbank rate. With Revolut Standard the same trip costs roughly £6 (1% weekend FX markup) on the card spend and another £4 (2%) on the cash, even though both Saturdays sit within the £200 free ATM allowance. Monzo wins this corner. Now repeat the trip three weekends a year and the gap is roughly £30. For a £7.99 / month Revolut Premium customer the markup is zero on either day.
Savings and lending
This is the section where Monzo's UK bank licence pays off and Revolut catches up only on its paid tiers. AER (Annual Equivalent Rate) is the standard way to compare savings rates after compounding.
Savings
- Monzo Pots: separate balances inside your account. Up to 3.25% AER (variable) on Instant Access Savings for Perks and Max customers, up to 3.65% on Select Access. Free Standard customers get a lower rate.
- Monzo Saving Challenge: up to 5% AER (variable) on the challenge balance, paid monthly. Available to Extra, Perks and Max customers.
- Revolut Vaults: sub-accounts you can fund manually or by round-up. Up to 3.40% AER (variable) on Savings Vaults for Metal customers (lower on Standard / Plus / Premium).
- FSCS rule: both providers' eligible deposits sit under the same £120,000 ceiling per institution, including Pots and Vaults.
Lending
- Monzo overdraft: arranged limit up to £3,000, charged at 19, 29 or 39% EAR depending on your credit score. App-managed, can be switched off.
- Monzo Loans: £1,000 to £25,000 personal loans, pre-rate visible in the app.
- Monzo Flex: regulated split-the-bill credit, 3 months interest-free or longer terms at variable APR.
- Revolut: no overdraft, no UK personal loan as of May 2026. Pay Later (where available) is a separate buy-now-pay-later product.
Customer service: where the two diverge most
On Trustpilot Revolut edges Monzo (4.7 vs 4.6 in 2026). But that headline number hides a real structural difference: how you reach a human when something breaks.
| Support channel | Monzo | Revolut |
|---|---|---|
| In-app chat, 24/7 | Yes | Yes (priority for Premium and above) |
| Telephone support | Yes | No (card-block hotline only) |
| Trustpilot score | 4.6 / 5 (59,000+ reviews) | 4.7 / 5 (371,000+ reviews) |
| Community forum | Yes (very active) | Yes |
| Branch network | No | No |
Three insider details most articles miss
The headline tables make the two look closer than they are. These are the differences that change the answer.
The weekend FX trap lives on paid tiers too
Revolut promotes its real-time exchange rate, but Standard and Plus customers still pay a 1% surcharge on weekend FX (Friday 5pm UK to Sunday 6pm UK). Only Premium, Metal and Ultra waive it. If you spend abroad mostly on weekends and stay on free Standard, Monzo is structurally cheaper, not just simpler.
Pots and Vaults are not the same financial product
Monzo Pots are sub-balances inside your current account, FSCS-protected to £120k along with everything else. Most Revolut Vaults sit in a linked Money Market Fund or savings vehicle for higher rates, but the asset can be different. Read the small print before you treat a Revolut Vault like a savings account.
Switching incentives bypass both
The Current Account Switch Service (CASS) moves your salary, direct debits and standing orders in 7 working days and pays cash bonuses of £100 to £500 in May {{ $year }} (HSBC £500, NatWest up to £250, Barclays up to £200, First Direct £175). Neither Monzo nor Revolut actively runs CASS switching bonuses for new customers. If a switch bonus matters, look at a high-street CASS offer, then keep Monzo or Revolut on the side.
What you should actually do
After running both accounts in parallel for several years across the Selectra editorial team, here is the playbook that holds up in 2026.
-
1
Open Monzo first if your salary is paid in GBP. The bank-grade overdraft, joint accounts, Pots, Saving Challenge and phone support make it the safer "main account" choice. The free tier is enough for most people.
-
2
Open Revolut second as a travel wallet. Free Standard is fine for two or three trips a year. Upgrade to Premium (£7.99 / month) if you travel monthly, spend at weekends, or want to swap more than £1,000 a month.
-
3
Use CASS for a cash bonus elsewhere. If a £150 to £500 cash bonus appeals, open a third account at a CASS-incentivised high-street bank (HSBC, First Direct, Santander) and run the switch. Your Monzo or Revolut account is not affected.
-
4
Keep deposits within the £120,000 FSCS ceiling per institution. Both Monzo Bank Ltd and Revolut Bank UK Ltd count as separate institutions. If you hold more than £120k, splitting between them is a free safety upgrade.
-
5
Trial a paid tier for one month before committing. Monzo Max (£17) and Revolut Premium (£7.99) both let you cancel after the first month. Compare the bundled insurance against what you already have through your home cover or credit card.
The Selectra verdict
Pick Monzo if
- Your salary lands in GBP and Monzo would be your main account.
- You want an overdraft, joint account, or instant savings inside one app.
- You value being able to call a human when something breaks.
- You spend abroad less than once a month.
Pick Revolut if
- You spend in foreign currency at least monthly, or live cross-border.
- You hold multiple currencies and want a free Euro IBAN.
- You want crypto, stocks or commodities in the same app.
- You will use the Premium or Metal bundle (travel insurance, lounge access, cashback).
For most UK readers, the answer in 2026 is both, not one. The cost of holding two free accounts is zero, the FSCS protection stacks across institutions, and you stop having to compromise between deep UK banking and a multi-currency super-app. Pick one as the salary home and use the other for what it does best.
The Selectra expert answers your questions
Common follow-ups on Monzo, Revolut, FSCS protection and switching in 2026.
Yes, as of May 2026. Monzo Bank Ltd has held a UK banking licence since 2017, regulated by the FCA and PRA. Revolut Bank UK Ltd received its UK banking licence in September 2025 (after spending 14 months in mobilisation) and had its remaining restrictions lifted in March 2026. Both are now full UK banks.
Up to £120,000 per person, per institution. The FSCS limit rose from £85,000 to £120,000 on 1 December 2025. Monzo Bank Ltd and Revolut Bank UK Ltd are separate institutions, so if you hold a balance at each, you are protected up to £120k at each. Joint account holders get double cover (£240,000) on a joint balance.
For three or fewer trips a year, Monzo Standard is the cheapest option: no FX markup, no monthly cap, just the 3% overseas ATM fee after £200 in 30 days. For monthly travel or weekend spending abroad, Revolut Premium (£7.99 / month) wins because it removes the 1% weekend markup and the £1,000 monthly FX cap. If you only travel at weekends on Revolut Standard, the markup adds up fast.
Yes, and most cost-conscious UK users do. Both Standard tiers are free, both report to the same credit reference agencies for soft checks only, and holding two does not affect your credit score. The Selectra house view: use one as your salary home and one as a travel or savings wallet.
Not in the UK as of May 2026. Revolut Bank UK Ltd has the licence to lend, but its UK overdraft product is not live. Pay Later (where available) is a separate buy-now-pay-later product, regulated as consumer credit, not an arranged overdraft. Monzo is still the choice if you need overdraft cover.
Only if you ask it to. The Current Account Switch Service (CASS) takes 7 working days and closes the old account, redirecting payments for 3 years. You can also simply open the new account and leave the old one running. Most CASS switching bonuses (£100 to £500 in 2026) are paid by high-street banks, not by Monzo or Revolut directly.
On Trustpilot Revolut scores 4.7 / 5 (371,000+ reviews) versus Monzo at 4.6 / 5 (59,000+ reviews). But the channel mix differs: Monzo offers 24/7 in-app chat and a UK phone line, while Revolut is chat-only except for the card-block hotline. If you value being able to speak to a human, Monzo wins regardless of the Trustpilot delta.
More UK money guides
Keep exploring the Selectra UK money library.
Full Monzo review
In-depth review of Monzo: account types, fees, app, lending and the Saving Challenge.
Read the guideFull Revolut review
In-depth review of Revolut: tiers, FX, Vaults, stocks, crypto and Ultra plan.
Read the guideBest UK current accounts
Shortlist of the top current accounts by switching bonus, rewards and service.
Read the guideWhat is a digital bank?
How digital banks differ from a banking app, plus the FSCS protections that apply.
Read the guideSending money abroad
How to compare Wise, XE, WorldRemit and high-street banks on the total amount received.
Read the guideBest budgeting apps UK
Emma, Snoop, YNAB and bank-native tools compared by personality fit.
Read the guideSources, verified May 2026
- Monzo plan pricing: monzo.com/legal/plans/fee-information and monzo.com/current-account/plans.
- Revolut plan pricing: revolut.com/legal/standard-fees, .../plus-fees, .../premium-fees, .../metal-fees, .../ultra-fees. Fee schedule updated 11 December 2025, effective for existing customers 13 February 2026.
- Revolut UK banking licence: PRA announcement July 2024 (with restrictions); full licence from March 2026 (mobilisation exited).
- FSCS protection limit: raised from £85,000 to £120,000 on 1 December 2025 (PRA).
- Current Account Switch Service (CASS): currentaccountswitch.co.uk. 319,529 switches recorded January to March 2026.
- Trustpilot scores: trustpilot.com/review/www.monzo.com and trustpilot.com/review/www.revolut.com, May 2026.
Selectra UK is independent and earns a commission on some products mentioned. This does not affect our reviews. Confirm pricing on each provider's site before opening an account.