Compare UK Digital Banks
Independent reviews of digital & app based banking
Monzo Review
Monzo is one of the UK's leading digital banks, recognized for its intuitive mobile app, real-time transaction notifications, and comprehensive budgeting features. With a focus on transparency and user experience, Monzo offers a full current account, savings options, overdraft facilities, and fee-free international spending, all protected by UK banking regulations.
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 — Free personal current account; Plus (£5/month) and Premium (£15/month) plans available |
| Current Accounts | Yes — Personal current account with instant notifications, Pots for budgeting, and a contactless Mastercard debit card |
| Savings Accounts | Yes — Easy Access Savings Pots (up to 4.60% AER) and Fixed Term Savings Pots |
| Credit Card | Not offered — Monzo provides Mastercard Debit cards only |
| Spending Abroad | Free — Monzo does not charge fees for using your card abroad. Mastercard's exchange rate applies |
| App Features | Instant notifications, Pots for saving, budgeting tools, bill splitting, Salary Sorter |
| Loans | Yes — Personal loans available (subject to eligibility) |
| Top Savings Rate | 4.60% AER (variable) — On the Easy Access Savings Pot |
Monzo at a Glance
- Monzo provides a fully-featured digital current account with instant spending alerts, goal-based savings Pots, budgeting analytics, salary sorting, and fee-free international spending up to £200/month, with full FSCS protection up to £85,000.
Monzo Services
Monzo offers personal banking services including a current account, Easy Access and Fixed Savings Pots, overdrafts up to £2,000, personal loans, fee-free international spending (with limits), bill splitting, salary sorter, budgeting tools, and mobile cheque deposits.
✅ Pros
- Real-time spending notifications and instant transaction updates
- Comprehensive budgeting tools with automatic categorization
- Savings Pots with competitive interest rates
- Salary Sorter feature and early salary access
- Fee-free international spending up to £200/month
- Easy bill splitting and shared tab features
- Full FSCS protection up to £85,000
- User-friendly app with clean, intuitive design
- Mobile cheque deposit via app
- Overdraft available up to £2,000 (subject to eligibility)
⚠️ Cons
- Overdraft APR can be high (up to 39% EAR)
- Cash deposits cost £1 per deposit (via PayPoint)
- International spending fees apply beyond £200/month limit
- International money transfers not as competitive as Wise/Revolut
- Some premium features require Plus or Premium subscription
- No physical branches for in-person banking
- No credit card offering (debit card only)
- Savings rates may not always match best-in-market
Why We Like Monzo
We like Monzo because it delivers an exceptionally polished and user-friendly digital banking experience, combining powerful budgeting tools with real-time financial visibility. Its intuitive app design, helpful features like Pots and salary sorting, and transparent fee structure make it ideal for everyday money management and financial organization.
How We Compare Digital Banks
Compared with other UK digital banks, Monzo excels particularly in budgeting features and user experience design. While Starling offers stronger business banking and Revolut provides better international features, Monzo remains a top choice for users who prioritize clarity, control, and seamless day-to-day banking with excellent financial insights.
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.
Ready to Choose Your Digital Bank?
Compare all features, rates, and benefits side-by-side to find your perfect match.