The ultimate digital bank comparison to help you choose between the UK’s leading challenger banks
The battle between digital banks is intensifying, and two names consistently dominate the conversation: Revolut and Monzo. Both launched in 2015, these challenger banks have revolutionized mobile banking with innovative features and user-friendly apps.
But which one deserves your trust and money in 2025? After extensive research including user reviews, Reddit discussions, and expert analysis, here’s your comprehensive guide to making the right choice.
Digital Bank Comparison Overview: What Makes Revolut and Monzo Different
While both are app-based financial services, they serve distinctly different purposes:
Revolut positions itself as a global financial super-app, offering multi-currency accounts, cryptocurrency trading, and investment features alongside traditional banking. It’s designed for international users who need seamless currency exchanges and diverse financial products.
Monzo focuses on being the perfect everyday bank for UK users, emphasizing budgeting tools, financial wellness features, and transparent banking practices. It’s built for those who want a modern alternative to traditional high-street banks.
The Banking License Difference
This is crucial: Monzo is a fully licensed UK bank regulated by the Financial Conduct Authority (FCA), providing FSCS protection up to £85,000 per person.
Revolut received its UK banking license in July 2024 but remains in a 12-month “mobilization period.” During this time, it operates as an e-money institution with safeguarding (not FSCS protection) and can only hold £50,000 total across all customers.
Revolut Review: Features That Set It Apart
Multi-Currency Mastery
Revolut supports 30+ currencies with competitive exchange rates. Users praise its real-time currency conversion and the ability to hold multiple currencies simultaneously.
Reddit user feedback: “Revolut is my wildcard account. I use it to buy anything not in GBP. Mainly in euros and USD or wherever I travel.”
Investment and Crypto Features
- Commission-free stock trading (on premium plans)
- Cryptocurrency trading
- Commodities trading (gold, silver)
- Investment analytics and insights
Global Travel Benefits
- Fee-free overseas spending worldwide
- ATM withdrawals: Free up to £200/month (Standard), higher limits on premium plans
- Weekend exchanges incur 1% fee (waived on Premium+ plans)
- Temporary virtual cards for security
Account Tiers
- Standard (Free): Basic features, £200 ATM limit
- Plus (£3.99/month): Higher limits, basic insurance
- Premium (£7.99/month): Airport lounge access, comprehensive insurance
- Metal (£14.99/month): Metal card, premium perks
- Ultra (£45/month): Concierge service, exclusive benefits
Over 40 million customers worldwide — As of 2024, Revolut announced it had surpassed 40 million personal customers globally.
The Downsides
Based on user reviews, Revolut’s main weaknesses include:
- Poor customer service: Multiple Reddit users report “awful, unresponsive, scripted responses”
- Account freezes: Frequent freezing of accounts for security reviews without clear explanations
- App complexity: Users describe the app as “bloated” with too many features
Monzo Review: The UK-Focused Banking Experience
Full Banking Services
As a licensed bank, Monzo offers:
- Current accounts with sort codes and account numbers
- Overdrafts up to £3,000 (19-39% interest rates based on credit score)
- Direct debits, standing orders, and salary payments
- Cheque deposits via photo
Budgeting and Financial Wellness
Monzo excels at helping users manage money:
- Spending categories: Automatic transaction categorization
- Savings pots: Ring-fence money for specific goals (3.35-3.85% AER)
- Real-time notifications: Instant spending alerts
- Budget tracking: Weekly/monthly spending summaries
Account Options
- Monzo Current Account (Free): Essential banking with savings pots
- Monzo Extra (£3/month): Higher savings rates, additional features
- Monzo Perks (£7/month): Lifestyle benefits, airport lounges
- Monzo Max (£17/month): Premium features, enhanced savings rates
Recent Innovation: Monzo Pension
Launched in July 2024, this consolidation tool combines workplace pension pots into a single BlackRock-managed fund, viewable through the Monzo app (0.63% annual fee, reduced to 0.35% for Extra/Max customers).
Over 9 million customers — Monzo reported having over 9 million customers as of early 2024.
User Experience Highlights
Reddit feedback: “Moved from Santander to Monzo and never looked back. Easy, great app and great benefits. Also, I travel to Europe often and use it there as the exchange rate is great.”
Mobile Banking App Experience: User Interface Battle
Revolut App
- Pros: Feature-rich, comprehensive financial dashboard, extensive customization
- Cons: Complex navigation, information overload, steep learning curve
- Best for: Power users who want multiple financial services in one app
Monzo App
- Pros: Clean design, intuitive navigation, excellent spending insights
- Cons: Fewer features than Revolut, limited investment options
- Best for: Users seeking simplicity and clear financial management
User verdict: “I do prefer the Monzo app” – consistent feedback across reviews points to Monzo’s superior user experience.
Revolut Card vs Monzo Card: Which Offers Better Value
Fee Structure Comparison
| Feature | Revolut (Standard) | Monzo (Free Account) |
|---|---|---|
| Monthly fee | £0 | £0 |
| Overseas spending | Fee-free | Fee-free |
| ATM withdrawals (UK/EEA) | £200/month free | Unlimited (if main account) |
| ATM withdrawals (worldwide) | £200/month free, 2% after | £200/month free, 3% after |
| Weekend exchange markup | 1% | None |
| Account maintenance | Free | Free |
Security Features
Both offer:
- Real-time spending notifications
- Instant card freezing/unfreezing
- Contactless and chip+PIN payments
- Apple Pay and Google Pay integration
Monzo advantage: Temporary virtual cards, better fraud protection (as regulated bank) Revolut advantage: Disposable virtual cards, cryptocurrency debit card functionality
Challenger Bank Fees: Hidden Costs Revealed
Revolut Hidden Costs
- Weekend markups: 1% on currency exchanges (Friday 6 PM – Monday 6 AM)
- Premium features: Stock trading requires Plus plan (£3.99/month minimum)
- Card replacement: £5 fee
- ATM fees: 2% after monthly limit
Monzo Transparency
- No weekend markups: Consistent exchange rates 24/7
- Clear fee structure: All costs disclosed upfront
- No hidden charges: What you see is what you pay
- Overdraft clarity: Fixed rates based on credit assessment
Real User Reviews: What G2 and Reddit Say
Trustpilot Ratings (March 2025)
- Monzo: 4.5/5 stars (45,000 reviews)
- Revolut: 4.4/5 stars (185,000 reviews)
Fairer Finance Scores
- Monzo: 66% customer experience rating
- Revolut: 65% customer experience rating
Reddit Community Insights
Common Revolut complaints:
- “Revolut support is truly awful, unresponsive, scripted responses”
- “They’ve frozen my incoming funds multiple times, with no explanations”
- “Definitely not as a main account”
Monzo praise:
- “Been with Monzo for 8 years and never looked back”
- “Great at tracking expenses, and I have no complaints”
- “I feel safer with Monzo [as it’s regulated]”
Popular strategy: “Get both, use the benefits from both which is what I do”
Which Neobank Features Matter Most?
Essential Banking Functions
Winner: Monzo
- Full current account functionality
- Reliable direct debits and standing orders
- FSCS protection for peace of mind
- Overdraft facility for emergencies
International Features
Winner: Revolut
- Superior multi-currency support
- Better exchange rates (weekdays)
- More international transfer options
- Global ATM network access
Investment and Wealth
Winner: Revolut
- Stock trading capabilities
- Cryptocurrency access
- Commodities trading
- Investment insights and analytics
Budgeting and Money Management
Winner: Monzo
- Superior spending categorization
- Savings pots functionality
- Better financial wellness tools
- Clearer spending insights
The Verdict: Revolut or Monzo for Your Banking Needs
Choose Monzo if you:
- Want a reliable primary bank account
- Value FSCS protection and full banking regulation
- Need budgeting tools and financial wellness features
- Prefer simple, intuitive app design
- Primarily spend in GBP within the UK/Europe
- Want access to overdraft facilities
- Value transparent fee structures
Choose Revolut if you:
- Travel frequently or work internationally
- Need multi-currency accounts and exchanges
- Want investment and cryptocurrency features
- Don’t mind complex app interfaces
- Can accept safeguarding vs. FSCS protection
- Primarily need a secondary travel/international account
- Want access to lifestyle perks and benefits
The Hybrid Approach
Many users successfully operate both accounts:
- Monzo for daily UK banking, salary, bills, and budgeting
- Revolut for international travel, currency exchanges, and investments
As one Reddit user perfectly summarized: “Monzo if the bulk of spends are in the UK and in GBP. Revolut for anything non-GBP.”
FAQ
Final Recommendation
For primary banking in 2025, Monzo takes the crown with its full banking license, FSCS protection, superior customer service, and excellent budgeting tools.
For international finance and travel, Revolut remains unmatched with its multi-currency features and global focus.
The smart money move? Open both. There’s no cost to try either service, and you can close accounts easily if they don’t meet your needs. This dual approach gives you the best of both worlds: reliable everyday banking with Monzo and powerful international features with Revolut.
Ready to make the switch? Both banks offer quick online sign-ups and digital-only account opening. Start with the one that matches your primary use case, then consider adding the other as your needs evolve.
