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Independent reviews of digital & app based banking
Monese Review
Monese is a UK-based digital financial platform offering accessible mobile banking services without traditional credit checks or lengthy approval processes. Designed with immigrants, travelers, and freelancers in mind, Monese provides multi-currency accounts, international money management, and straightforward banking through tiered subscription plans.
FSCS Protection — If you want to understand how the £120,000 FSCS guarantee protects your savings, click here to read our helpful guide →
Key Features
| FSCS Protection | Yes — up to £120,000 per person |
| Monthly Fee | £0 — No monthly fee for the Simple personal current account |
| Current Accounts | Yes — Monese Simple Account: UK GBP current account with Visa debit card, available to UK residents |
| Savings Accounts | Not offered — Interest of 2.90% AER is paid on qualifying current account balances |
| Credit Card | Not offered — Uses Visa Debit card only |
| Spending Abroad | Fee-free — No Monese fees on card purchases abroad. Standard Visa exchange rate applies |
| App Features | Spending insights, real-time notifications, Pots for saving, virtual cards, carbon tracking |
| Loans | Not offered — An arranged overdraft facility is available (subject to eligibility) |
| Top Savings Rate | 2.90% AER (variable) — Paid on eligible current account balances up to £5,000 |
Monese at a Glance
- Monese offers easy-to-open mobile accounts with multi-currency support (GBP, EUR, RON), international spending features, and flexible subscription tiers, operating as an e-money institution with safeguarded funds rather than FSCS-protected banking.
Monese Services
Monese provides personal and joint accounts in GBP, EUR, and RON, international money transfers, budgeting tools, instant spending notifications, bill payments, direct debits, standing orders, PayPal integration, and virtual cards. Business accounts are also available for freelancers and small businesses.
✅ Pros
- No monthly account fees
- Fee-free spending abroad on card purchases
- Clean, modern mobile app with real-time spending insights
- Competitive arranged overdraft rate (24.9% EAR)
- Sustainability focus including tree-planting commitment
- FSCS protected up to £85,000
⚠️ Cons
- No cashback or rewards programme
- Very limited product range (current account only, no savings accounts)
- No cash or cheque deposit facilities
- Not part of the Current Account Switch Service (CASS)
- ATM withdrawals abroad incur 3% fee after £200/month
- Overdraft is currently by invitation only
- No joint accounts (currently)
Why We Like Monese
We like Monese for its exceptional accessibility and practical approach to international banking. By removing traditional banking barriers like credit checks and residency requirements, Monese provides a valuable service for expatriates, frequent travelers, freelancers, and anyone needing straightforward multi-currency management without complex banking products.
How We Compare Digital Banks
Compared with FSCS-protected UK banks like Monzo and Starling, Monese offers easier account opening and better multi-currency support but lacks deposit protection and comprehensive banking services. It competes more directly with Revolut in international features but with a stronger focus on accessibility for newcomers to the UK rather than investment tools.
Financial Information Disclaimer
The information on this website is provided for general guidance only and may not always reflect the latest fees, rates, or terms offered by each bank. While we do our best to keep content accurate and up-to-date, you should always check the bank’s official website or app before applying for an account. Nothing on this site constitutes financial advice.
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