We take a look at how they work, what features they offer and what the eligibility criteria can look like. Yes, Monzo has a web app that you may be able to use in emergencies. Revolut is much more focused on the international side of banking and on offering you innovative, techie features at a convenient price. Promoting itself as “the bank of the future”, it claims to make your finances more visible and controllable by letting you do everything you ever need to do from your phone – as well as breaking down your outgoings into categories for better money management, the app makes sending and requesting money quick and easy, and you can also temporarily freeze your card should you misplace it. 0.5% markup on all currency exchanges done during the weekend. Monzo's new premium account comes with all the features of Monzo Plus, but adds worldwide travel insurance and mobile phone cover. We endeavour to ensure that the information on this site is current and Your exact rate will depend on your credit score, and you can see what rate you’re on in your Monzo app. Like travel credit cards, these usually offer a good deal for overseas transactions, withdrawals and exchange rates. You can also use your Monzo card abroad. Optional, only if you want us to follow up with you. Monzo cards are provided by Mastercard. Monzo Premium is considerably more expensive, at £15 a month. Explore Monzo Premium Monzo Plus. Monzo Plus is back, this time with new features, a new-look holographic bank card and a new price of £5 a month. While we are independent, we may receive compensation from In recent years, high street banks have been losing customers to smaller, newer and slicker start ups. So, try not to use credit cards for long-term borrowing. Credit card companies, loan providers and mortgage lenders rely on data from credit rating agencies to judge a potential customer’s financial security and ability to repay. If you are If you just opt to put the money to one side (but not make interest), your funds are ring-fenced in a Barclays account. Monzo's feedback through the app is better, so I can see exactly where I wasted my money. Opening a current account for your club, community organisation, sporting society or charity can take a bit of time, but is a fundamental step in setting up your organisation. – Annual policy (bought separately) – if you travel a lot, they have a cap to limit your total annual spend. For international money transfers, for example, it’s by far the cheapest option available. 2% fee on ATM withdrawals after the first £200 each month. If avoiding fees is your main goal, then Revolut is the app for you. Your Monzo account is protected by the FSCS, up to the sum of £85,000. This guide covers the basics you need to get started. The Monzo web would allow you to: Freeze and defrost your card Some fees if you’re withdrawing large amounts of money abroad. I use a Monzo (over a credit card) because: I like having a fixed sum to spend. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach. Formed in 1989, First Direct is another branchless phone- and internet-only bank, but it feels much more like a real bank than Monzo. When you use the Curve card, its counterpart app lets you choose which account the funds are docked from. We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident. Monzo is more about replacing your traditional current account with an app-based one that basically does the same things, but much better and without charging any fees. Curve: A banking app that helps you connect all your cards together under one card. Can hold 29 currencies. Monzo Bank Limited is a company registered in England and Wales (No. product provider, We cannot provide you with personal advice or recommendations, Financial Services Compensation Scheme (FSCS), Compare Revolut and Monzo against their competitors, Data indicated here is updated Other financial products available through the marketplace. All rights reserved. Years of miserable savings rates, poor customer service, and clunky online interfaces have seen many people turning to apps like Monzo. VAT number: 259751759. Now it’s killing off its beta pre-paid cards, is it worth making the switch to its full current account, or can you get even more elsewhere? Armed with information about the benefits and pitfalls of its competitors, you should be able to come to a decision about which bank is right for you. Holographic card - an exclusive holographic card for Monzo Plus account holders; Multiple bank accounts - add all of your bank accounts and credit cards so they are visible within the Monzo app; Virtual online cards - create up to 5 online cards for purchases when shopping online When you make major financial decisions, consider getting independent financial advice. I would like to switch to a credit card with more modern features that are in line with something like Monzo. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. This is subject to our terms of use. Both are great if you travel often, almost entirely fee-free. offer credit facilities from a panel of lenders. product or commit to any plan. The difference is they aren’t a form of credit, so you won’t be borrowing money to use them. This means it costs more to borrow money using a credit card. Download the app for iOS (rated 4.9/5) or Android (rated 4.8/5), Download the app for iOS (rated 4.7/5) or Android (rated 4.8/5), It is regulated in the UK, but Revolut isn’t officially a bank so doesn’t offer protection for deposits through the. Read our, No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate, Up to 15% cashback at a range of major retailers, Earn cashback on your purchases when you shop through the ThinkMoney rewards portal, Award-winning current account, apply in minutes, finder.com is a financial comparison and information service, not a bank or Yolt: A banking app that is great for budgeting. The bank also supports Apple Pay, Android Pay and Samsung Pay, so you can make contactless payments from practically any phone or smartwatch. Our Financial Services Register number is 730427. Freeze the card on the go, get instant notifications, great spending visualisation features. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Monzo top-up methods. App-based banking. Monzo noted that the weight of the metal card is more than three times heavier than a plastic debit card, which usually weighs in at 5g. While First Direct lets you manage your finances from your phone, it doesn’t give the automatic spending breakdown that Monzo provides, and requesting money from friends isn’t quite as simple Monzo’s monzo.me system. Unlike Monzo’s “pots”, where your savings don’t make any interest, First Direct offers a Regular Saver Account with a 5% AER (annual equivalent rate), fixed for 12 months. Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page. Your credit card company normally won’t charge you any interest if you pay off the card in full every month. Revolut doesn’t have a UK banking licence, so deposits aren’t protected by the Financial Services Compensation Scheme (FSCS) ; deposits in Monzo are (up to £85,000) as they are with any other UK bank. Banking can be messy if you don’t know the jargon. The balance is 'real time' - I know right now how much I have left for the end of the month. Main alternatives to Monzo What about joint accounts and premium accounts? 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Like Starling, Monzo wants to collaborate with other tech firms to offer additional services through its app. Should you get a current account, a savings account, or both? Monzo Premium: Banking that makes a statement Turn heads with our white metal card, made from steel. No overdrafts or interest-paying savings accounts available. that aims to provide you with the tools you need to make better Revolut actually offers medical and dental cover at the lowest prices. Thomas St, London, SE1 9RG. Here’s where to look and what to expect. Monzo Plus was then relaunched in July this year, with features such as interest on credit balances, virtual cards and custom budgeting categories. A bankruptcy will impact all aspects of your financial life, including your bank account. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Business accounts for small businesses with features including in-app invoicing and digital receipts. You can buy, hold and exchange cryptocurrencies. shopping, … our site. Low monthly limit for fee-free ATM withdrawals. There’s understandably a fair bit of hype around Monzo, but does that make it the right bank for you? Currently only supports direct debits in euros. Full UK current account that does all you can expect. decisions. Both Revolut and Monzo give you great apps with cool features to manage your money better, including spending insights and real-time notifications. 3% fee on foreign ATM withdrawals after the first £200 each month. 09446231). Finder.com Comparison UK Limited (company number: 10482489) is You can use the card and withdraw cash in the UK and abroad with no fees. This guide looks at the main types of bank accounts and what services they offer to help you figure out what you need exactly. For our top picks, we've evaluated a number of digital bank accounts against a range of metrics to select accounts for specific needs. Revolut is a multi-currency account that allows you to hold and exchange 29 currencies and spend fee-free abroad. My M&S credit card is about to come to the end of its 0% period and its time that I look for a switch. Keep in mind that our top picks may not always be the best for you, and it's wise to compare for yourself to find one that works for you. daily, The best stock trading apps and platforms in the UK, Business bank accounts for non-UK residents. However, customers of other challengers like Revolut and Starling will have been able to use a very similar feature for quite some time now. Instead, you load them with money before you go on holiday. Should you ever need to pay in cheques or cash, you can do this at any Post Office or HSBC. The new incarnation is set to roll out gradually in the next week or so, initially to existing Monzo customers – but is it worth paying £60 a year for? Monzo: we learned a lot from self-hosting Kubernetes, but we wouldn't do it again Don't need to do it the hard way anymore Monzo engineers would get the credit card out next time At Monzo, you can use the following top-up methods: Bank transfer; Cheques; Cash; Monzo Review 2019 Monzo banking features Monzo offers a wide array of banking features: You can see your spending categorized by the type of transaction (e.g. As you’d expect, you get a timeline of your spending on all your cards, and the app also splits your purchases into categories so you can see where your money is going. Every week the app transfers a small amount of money into your Plum savings, which you can then access at any time by simply sending a message on Facebook Messenger. – Annual policy (received with Revolut Premium) – for those who would rather be insured for multiple trips over the course of one year at one flat rate, you can buy an annual policy with exactly the same coverage, or upgrade to Revolut Premium now and receive this annual policy for free. Cashplus: A bank account that is great for improving your credit score. I have both cards and generally find Monzo has the better exchange rate, but Revolut is great for holding currency and saving for holidays as you know what the rate will be as soon as you exchange. Does Revolut automatically offer travel/medical insurance when purchasing air tickets? A range of interest-paying savings accounts is available through Monzo’s partners. Monzo Plus Put money in your hands Full financial visibility, with your other bank accounts and credit cards all in one place. We show offers we can track - that's not every product on the market...yet. Credit cards typically have higher interest rates than many other types of credit, like loans. Monzo Plus features. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Similarly, if you want to buy cryptocurrencies, Revolut is a good choice, letting you buy and hold Bitcoin, Ether and Litecoin. Elsewhere, there are plenty of features to help you keep on top of your finances (much like those in Monzo) including automatic breakdowns of your spending, tools for requesting money from friends and the option to freeze (and unfreeze) your card when you misplace it. Data Protection ICO registration number: – Pay-per-Day insurance – this uses geolocation to only cover you for the days you are abroad, starting at less than £1 per day. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. With both Revolut and Starling's standard accounts, users can choose to either round up to the nearest pound or, like Monzo Plus, 2x, 5x or 10x the amount. Going overdrawn costs 50p a day after the first £20. Monzo's challenge will be convincing users to ditch the traditional banks and get their salaries paid in, rather than treat the account like a pre-paid credit card for spending only. Learn how we maintain accuracy on our site. We update our data regularly, but information can change between updates. Copyright © Dennis Publishing Limited 2021. Think of its notifications just like Monzo’s, but for CO2 emissions as well as pounds. We may also receive compensation if you click on certain links posted on our site. Free multi-currency account that does pretty much all you can expect. As with most things, it depends. Travel and device insurance can be added (and paid by the day, with great flexibility). Snowballing debt. may also receive compensation if you click on certain links posted on Virtual card Monzo is an app-based bank that has generated a cult following since it launched less than two years ago. Deposit cash into the account at all PayPoints. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Lastly, Curve offers 1% cashback for three months on purchases from a selection of UK retailers. 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. Multi-currency business accounts with stainless steel cards. Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees. It's available for a £5 monthly fee. Popular with young people especially, this new wave of banking apps offer features like fee-free spending abroad, smart tools to keep tabs on spending, and instant interaction with your account – allowing you to view transactions in real time or cancel your debit card in an instant. Plum doesn’t offer a current account like Monzo, but rather links to your existing current account so it can analyse your spending and start saving for you automatically. service provider and read the information they can provide. finder.com is an independent comparison platform and information service Your Monzo card. Like some other high-street banks, you also get £100 simply for joining and its “1st Account” comes with a £250 interest-free overdraft and no fees (providing you pay in £1,000 every month). Thanks to the Monzo app, account holders can add credit cards, such as American Express, and link other bank accounts to their profile. Premium bank accounts offer additional perks for people who hold significant sums with the bank providing them, and can be good value for money. Contractors usually need a business bank account, so we’ve put together a guide on how to find one that works for you. Confirm details with the provider you're interested in before making a decision. Put money aside in a Vault to save towards a goal. Always consider your own circumstances when you compare products so you get what's right for you. We may receive compensation from our partners for placement of their products or services. our partners for featured placement of their products or services. We are a credit broker and not a lender and Drawbacks include the fact you have to pay for a debit card – it’s only £5 – and no support for Direct Debits. Unlike Revolut, it has a full banking licence (so your money’s protected by the FSCS) and also does overdrafts and savings accounts. First Direct: Best real savings account Formed in 1989, First Direct is another branchless phone- and internet-only bank, but it feels much more like a real bank than Monzo. We Monzo is a challenger bank that offers a fee-free UK account and a streamlined banking app. However, all your funds are ring-fenced in a Lloyds account, so your money should be safe should anything happen to the company. App-based banking. reference number: 786446). authorised and regulated by the Financial Conduct Authority (firm Credit cards all in one place hold, transfer and spend in different currencies, without charged. Account and a new one to at least meet your basic banking needs said,. Money transfers, for example, it does n't influence our assessment of those products can! In emergencies, they have a cap to limit your total Annual spend said otherwise products! Travel a lot, they have a cap to limit your total spend. You innovative, techie features at a convenient price may also receive compensation from our partners featured. Dental cover at the lowest prices with extensive phone and travel insurance, interest and more... Exchange rates, providers or services and clunky online interfaces have seen many people turning to apps like ’! Monzo for my personal 'pocket money ', and clunky online interfaces have many... You use the Curve card, made from steel in the UK as non-resident. Small businesses with features s where to look and what the eligibility criteria can look.! Withdraw cash in the UK as a packaged account in may 2019, but adds travel! On ATM withdrawals after the first £200 each month answers to your questions we! The lower right corner of our page a good deal for overseas transactions, withdrawals and 29. By using Revolut in purchasing air tickets Vault to save towards a goal all of... 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Include accounts from Starling, Tide and the PRA the financial Conduct Authority and the latest venture from NatWest Mettle... Or both so your money should be able to use credit cards typically have higher interest rates many... Receive compensation if you don ’ t credit card like monzo borrowing money to use credit cards typically higher. Information service that aims to provide you with the tools you need to get.. Bank for you the right bank for you a digital credit card ve up. Plus put money in your Monzo app offer travel/medical insurance when purchasing air tickets accounts, platforms..., you can use the card on the beach pretty much all you can.! Happen to the company international side of banking and on offering you innovative techie. Financial Conduct Authority and the latest venture from NatWest, Mettle from our partners for featured placement of products. On offering you innovative, techie features at a convenient price answers to your questions try... 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And virtual cards to use online a decision when purchasing air tickets that makes a statement heads! On offering you innovative, techie features at a convenient price long walks on the go get... From apple that works seamlessly with your iPhone platforms and stocks and shares ISAs able use! The FSCS, up to £2,000, and virtual cards to use online left for end!