That’s right – you only need to take one card with you. 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. our partners for featured placement of their products or services. Main alternatives to Monzo Similarly, if you want to buy cryptocurrencies, Revolut is a good choice, letting you buy and hold Bitcoin, Ether and Litecoin. Perhaps Monzo’s best perk, though (if you’re the sort of person who travels a lot), is that you don’t pay any fees when making purchases abroad, and the Monzo app will tell you what you’ve spent right away. 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. However, customers of other challengers like Revolut and Starling will have been able to use a very similar feature for quite some time now. App-based banking. The bank also supports Apple Pay, Android Pay and Samsung Pay, so you can make contactless payments from practically any phone or smartwatch. may also receive compensation if you click on certain links posted on A bankruptcy will impact all aspects of your financial life, including your bank account. Monzo Plus was then relaunched in July this year, with features such as interest on credit balances, virtual cards and custom budgeting categories. App-based banking. But you should be able to open a new one to at least meet your basic banking needs. What’s more, transactions abroad aren’t free – you’ll pay an extra 2.75% on top of the Sterling conversion. Put money aside in a Vault to save towards a goal. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Monzo offers a full UK account that is almost entirely fee-free. 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. Monzo Plus Put money in your hands Full financial visibility, with your other bank accounts and credit cards all in one place. shopping, … I would like to switch to a credit card with more modern features that are in line with something like Monzo. What about Monzo? 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 We show offers we can track - that's not every product on the market...yet. 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. 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. I use a Monzo (over a credit card) because: I like having a fixed sum to spend. Multi-currency business accounts with stainless steel cards. Like all card providers, Monzo enforces a range of limits on ATM withdrawals, top-up amounts, single payments and the overall balance on the card. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. We’ve taken a look at some of the best trading apps in the UK and explained who they’re best suited to. This is subject to our terms of use. Options similar to the Monzo Business Lite account include accounts from Starling, Tide and the latest venture from NatWest, Mettle. Monzo has no premium accounts. Best mid-range phone: Great, affordable smartphones, Best Samsung phone 2021: Galaxy bargains this Boxing Day, HDMI vs DisplayPort vs DVI vs VGA vs USB-C, The best pay as you go SIM deals including January deals, Best Android phone: The best budget, mid-range and high-end, The best budget smartphones: The best cheap phones in the UK, Samsung Galaxy A21s review: The ‘s’ stands for sensational, The best wireless routers to buy right now, Best laptop: The finest Windows, Apple and Chrome OS laptops, Best tablet: Top tablets from Apple, Amazon and Samsung, GeForce Now review: An increasingly tentative thumbs-up, Kaspersky Internet Security 2018 review: An excellent suite, Loupedeck+ review: A big improvement on its predecessor, Plusnet Broadband: Reliable, fuss-free internet, The best photo editing apps for iOS and Android. Contractors usually need a business bank account, so we’ve put together a guide on how to find one that works for you. VAT number: 259751759. If you just opt to put the money to one side (but not make interest), your funds are ring-fenced in a Barclays account. that aims to provide you with the tools you need to make better Unless we've said otherwise, products are in no particular order. As with most things, it depends. Tred: like a sustainable Monzo that tracks your carbon footprint as you spend. Lastly, Curve offers 1% cashback for three months on purchases from a selection of UK retailers. I put money in my Monzo for my personal 'pocket money', and when it's gone, it's gone. This guide looks at the main types of bank accounts and what services they offer to help you figure out what you need exactly. 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. You can hold, transfer and spend in different currencies, without being charged any fees. – Pay-per-Day insurance – this uses geolocation to only cover you for the days you are abroad, starting at less than £1 per day. No overdrafts or interest-paying savings accounts available. 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? Should you get a current account, a savings account, or both? Monzo Plus is back, this time with new features, a new-look holographic bank card and a new price of £5 a month. When you use the Curve card, its counterpart app lets you choose which account the funds are docked from. unsure you should get independent advice before you apply for any Our Financial Services Register number is 730427. We may receive compensation from our partners for placement of their products or services. Formed in 1989, First Direct is another branchless phone- and internet-only bank, but it feels much more like a real bank than Monzo. decisions. Curve: A banking app that helps you connect all your cards together under one card. Can hold 29 currencies. Years of miserable savings rates, poor customer service, and clunky online interfaces have seen many people turning to apps like Monzo. Purchases abroad aren’t totally free like on Monzo, but Curve keeps fees down to 1% and you’ll be notified how much you’ve spent in your home currency right away. For international money transfers, for example, it’s by far the cheapest option available. Revolut is much more focused on the international side of banking and on offering you innovative, techie features at a convenient price. Monese: A digital banking app that lets you open an account really easily. Credit cards typically have higher interest rates than many other types of credit, like loans. We are a credit broker and not a lender and Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Expert Reviews™ is a registered trade mark. The difference is they aren’t a form of credit, so you won’t be borrowing money to use them. This guide covers the basics you need to get started. 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. Your exact rate will depend on your credit score, and you can see what rate you’re on in your Monzo app. Other financial products available through the marketplace. Revolut actually offers medical and dental cover at the lowest prices. Monzo Bank Limited is a company registered in England and Wales (No. Enjoy peace of mind with extensive phone and travel insurance, interest and much more. ZA227007. 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. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. It’s app-based, very easy to set up and use and is also expanding to offer more products, such as savings accounts. See your last 50 transactions or up to three months of transactions. Going overdrawn costs 50p a day after the first £20. Drawbacks include the fact you have to pay for a debit card – it’s only £5 – and no support for Direct Debits. You can use the card and withdraw cash in the UK and abroad with no fees. To answer these questions, we’ve rounded up the best alternatives to Monzo. Freeze the card on the go, get instant notifications, categorise and visualise your spending. The bank began issuing cards in … Should you ever need to pay in cheques or cash, you can do this at any Post Office or HSBC. Monzo alternatives: Our pick of the best banking apps in the UK. London, SE1 9RS. 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. daily, The best stock trading apps and platforms in the UK, Business bank accounts for non-UK residents. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. UK and EU accounts. Opening a business bank account can seem like a stressful process, but in fact there are now a number of banks and providers that will let you do it quickly and easily online. We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident. Both are great if you travel often, almost entirely fee-free. 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. 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. Monzo Premium is considerably more expensive, at £15 a month. 2% fee on ATM withdrawals after the first £200 each month. Your Monzo account is protected by the FSCS, up to the sum of £85,000. Does Revolut automatically offer travel/medical insurance when purchasing air tickets? Revolut has a few features no other banking app offers: namely, a multi-currency account, fee-free international money transfers, cryptocurrencies and an insurance option that can be added on the go. Our table compares fees and services too. While we are independent, we may receive compensation from Not only does it not charge you when using your card abroad, but you can also transfer funds to bank accounts in 130 other countries for free. Monzo's feedback through the app is better, so I can see exactly where I wasted my money. Freeze the card on the go, get instant notifications, great spending visualisation features. 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. ... 1% interest on credit balances up to £2,000, and virtual cards to use online. We Always consider your own circumstances when you compare products so you get what's right for you. Optional, only if you want us to follow up with you. Snowballing debt. Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page. A screenshot of the Android app, showing recent transactions. It means if you loose your mobile you are in deep trouble. The balance is 'real time' - I know right now how much I have left for the end of the month. Thomas St, London, SE1 9RG. 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. We take a look at how they work, what features they offer and what the eligibility criteria can look like. Like Starling, Monzo wants to collaborate with other tech firms to offer additional services through its app. Travel and device insurance can be added (and paid by the day, with great flexibility). Some fees if you’re withdrawing large amounts of money abroad. This means it costs more to borrow money using a credit card. 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 If you want to make interest on your savings, you need to opt in to investing them with RateSetter, but bear in mind that doing this means you might not be able to access your funds instantly, and your money technically becomes “at risk” with no FSCS protection. 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. There are three kinds of insurances they can offer. At one time or another, we’ve all lamented having too many cards in our pocket, and Curve aims to solve this problem without you needing to give up any of your accounts. 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). All rights reserved. Think of its notifications just like Monzo’s, but for CO2 emissions as well as pounds. 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. If avoiding fees is your main goal, then Revolut is the app for you. Charlie Barton is a publisher at Finder. 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 It's available for a £5 monthly fee. We update our data regularly, but information can change between updates. 3% fee on foreign ATM withdrawals after the first £200 each month. Monzo offers a Mastercard debit card with its current account Credit: PA:Press Association How do you get a Monzo card? Virtual card At present, Revolut is classed as an E-Money Institution rather than a bank, so your money isn’t protected under the Financial Services Compensation Scheme (FSCS), as it would be with Monzo. Data Protection ICO registration number: 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. Your credit card company normally won’t charge you any interest if you pay off the card in full every month. Premium bank accounts offer additional perks for people who hold significant sums with the bank providing them, and can be good value for money. You can buy, hold and exchange cryptocurrencies. Monzo has released mobile apps for both iOS and Android phones. Monzo is an app-based bank that has generated a cult following since it launched less than two years ago. 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. Instead, you load them with money before you go on holiday. 09446231). Here’s where to look and what to expect. Finder.com Comparison UK Limited (company number: 10482489) is Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees. Monzo cards are provided by Mastercard. A slick and user-friendly app that is packed with features. Monzo's new premium account comes with all the features of Monzo Plus, but adds worldwide travel insurance and mobile phone cover. 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. Monzo's new metal card Credit: Monzo Digital banking business Monzo has launched a new £180-a-year metal card as it hopes to raise revenues and eventually attain profitability. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Full UK current account that does all you can expect. Monzo is a challenger bank that offers a fee-free UK account and a streamlined banking app. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach. The Monzo web would allow you to: Freeze and defrost your card Yes, Monzo has a web app that you may be able to use in emergencies. Our address is Level 2, 20 St Business accounts for small businesses with features including in-app invoicing and digital receipts. Both Revolut and Monzo give you great apps with cool features to manage your money better, including spending insights and real-time notifications. Mobile apps. Yolt: A banking app that is great for budgeting. You are about to post a question on finder.com: Revoulut does not have web app. Apple Card is a digital credit card from Apple that works seamlessly with your iPhone. If you are In recent years, high street banks have been losing customers to smaller, newer and slicker start ups. Monzo initially launched Monzo Plus as a packaged account in May 2019, but it was scrapped just a few months later in September.. For starters, it sells itself as the “bank that never closes”, boasting “real people” answering its phones 24 hours a day, seven days a week. We endeavour to ensure that the information on this site is current and – Annual policy (bought separately) – if you travel a lot, they have a cap to limit your total annual spend. Learn how we maintain accuracy on our site. A range of interest-paying savings accounts is available through Monzo’s partners. 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. The sad news is that it's only available in the US (so far), but Low monthly limit for fee-free ATM withdrawals. 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. reference number: 786446). Your Monzo card. What about joint accounts and premium accounts? Revolut is a multi-currency account that allows you to hold and exchange 29 currencies and spend fee-free abroad. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. 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. authorised and regulated by the Financial Conduct Authority (firm Thanks to the Monzo app, account holders can add credit cards, such as American Express, and link other bank accounts to their profile. However, all your funds are ring-fenced in a Lloyds account, so your money should be safe should anything happen to the company. For our top picks, we've evaluated a number of digital bank accounts against a range of metrics to select accounts for specific needs. We may also receive compensation if you click on certain links posted on our site. Level 2, 20 St Thomas St, Banking can be messy if you don’t know the jargon. Copyright © Dennis Publishing Limited 2021. As a representative example, if you use an arranged overdraft of £1,000 for 30 days, with 39.0% EAR/APR (variable), it would cost you £27.45. 0.5% markup on all currency exchanges done during the weekend. service provider and read the information they can provide. 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. You are not automatically insured by using Revolut in purchasing air tickets. Confirm details with the provider you're interested in before making a decision. Monzo top-up methods. If you happen to leave your phone at home, it will default to the last card you used, but you can change this for up to 14 days after the purchase thanks to the app’s “Go back in time” feature. Like travel credit cards, these usually offer a good deal for overseas transactions, withdrawals and exchange rates. Monzo Premium: Banking that makes a statement Turn heads with our white metal card, made from steel. accurate but you should confirm any information with the product or You can also use your Monzo card abroad. Deposit cash into the account at all PayPoints. offer credit facilities from a panel of lenders. Cashplus: A bank account that is great for improving your credit score. In recent years, high street banks have been losing customers to smaller, newer and slicker start ups. Free multi-currency account that does pretty much all you can expect. 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. product or commit to any plan. – 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. 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? Monzo Premium account benefits. 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 Monzo Plus features. Explore Monzo Premium Monzo Plus. 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. Unlike Revolut, it has a full banking licence (so your money’s protected by the FSCS) and also does overdrafts and savings accounts. our site. When you make major financial decisions, consider getting independent financial advice. 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. So, try not to use credit cards for long-term borrowing. finder.com is an independent comparison platform and information service The difference is they aren ’ t a form of credit, loans... Panel of lenders without being charged any fees and real-time notifications do this at Post! Compensation from our partners for featured placement of their products or services interest... Its counterpart app lets you open an account really easily its counterpart app you! Is packed with features are credit card like monzo companies from which finder.com receives compensation Annual spend switch. Financial Conduct Authority and the latest venture from NatWest, Mettle unless we 've said otherwise products... Of hype around Monzo, but it was scrapped just a few months later in September much have... Innovative, techie features at a convenient price that does pretty much all you can do this at Post..., interest and much more focused on the go, get instant notifications, great visualisation., like loans Plus, but adds worldwide travel insurance and mobile cover! Ve rounded up the best banking apps, current accounts, share-dealing platforms and stocks and shares.. For you insurance when purchasing air tickets poor customer service, and it... Interested in before making a decision Curve offers 1 % cashback for months! Our service an account really easily what the eligibility criteria can look like you should get advice! That works seamlessly with your iPhone we take a look at how they work, what features they and. Many people turning to apps like Monzo ’ s, but does that it. % cashback for three months on purchases from a panel of lenders from companies from finder.com! Get what 's right for you money aside in a Vault to save towards goal! Interest rates than many other types of bank accounts and credit cards typically have higher interest rates than other! Like Starling, Monzo wants to collaborate with other tech firms to offer additional services through its app rate... And what to expect offer credit facilities from a panel of lenders,. But does that make it the right bank for you the offers that appear on this site are from from! Without being charged any fees packed with features including in-app invoicing and digital receipts current account credit::..., Tide and the PRA to apps like Monzo 3 % fee on ATM withdrawals the., great spending visualisation features Monzo ’ s, but adds worldwide travel insurance and phone! A goal to a credit card Premium is considerably more expensive, at £15 a month pay cheques! Is 'real time ' - I know right now how much I left... Can change between updates a Mastercard debit card with its current account that all! Account that is packed with features: I like having a fixed sum to spend on offering innovative. 3 % fee on ATM withdrawals after the first £20 credit, so your money should be to! To provide you with the tools you need to get started while we are independent, the offers that on. Panel of lenders the first £200 each month account that is great for budgeting virtual cards to use them bought. You than the products, including your bank account on all currency exchanges done the. Bank for you borrow money using a credit card ) because: I like having a fixed sum to.! Is much more focused on the go, get instant notifications, great spending visualisation features than the products providers... Feedback through the app is better, so I can see what rate you ’ re in., at £15 a month offers medical and dental cover at the lowest prices, consider independent! To look and what the eligibility criteria can look like product or commit to any plan streamlined banking that..., Tide and the PRA your questions, we may receive compensation if you want to! Under one card NatWest, Mettle an independent comparison platform and information service that aims to provide you the... - I know right now how much I have left for the end of the best alternatives to.! Know the jargon a slick and user-friendly app that is packed with features including in-app and. Recent years, high street banks have been losing customers to smaller, and! % fee on foreign ATM withdrawals after the first £200 each month borrow money using a card! 0.5 % markup on all currency exchanges done during the weekend both iOS and Android phones rates, poor service. Apple card is a challenger bank that offers a full UK account that does all you can.... Accounts for small businesses with features enjoy peace of mind with extensive phone and travel insurance and mobile cover. % markup on all currency exchanges done during the weekend to offer additional through! Fee on foreign ATM withdrawals after the first £200 each month for small businesses with features including in-app invoicing digital... Is much more focused on the beach firms to offer additional services through its app, then is. Tech firms to offer additional services through its app for three months on purchases from a selection UK! Deal for overseas transactions, withdrawals and exchange rates and travel insurance, interest and much.... Customers to smaller, newer and slicker start ups your funds are docked from that allows you hold. Monzo offers a full UK current account credit: PA: Press Association how do you get a (... Features that are in no particular order day, with your iPhone fair... How much I have left for the end of the month Plus is back, this time new... Automatically offer travel/medical insurance when purchasing air tickets expensive, at £15 a month a range of interest-paying accounts! A first-class degree from the London School of Economics, and in his spare time long! Travel credit card like monzo and mobile phone cover personal 'pocket money ', and in his spare time long... Of mind with extensive phone and travel insurance, interest and much more focused on the lower right of... That aims to provide you with the provider you 're interested in before making decision... Yes, Monzo has released mobile apps for both iOS and Android phones guide the... To £2,000, and virtual cards to use in emergencies it costs more to borrow money using a credit.! Banking app that you may be able to open a business bank account in may,... Also receive compensation if you click on certain links posted on credit card like monzo site a web.. Offer to help you figure out what you need to make better decisions in-app invoicing digital! And regulated by the financial Conduct Authority and the latest venture from NatWest, Mettle Revolut... To the sum of £85,000 UK as a non-resident choose which account the funds are docked.... Other tech firms to offer additional services through its app, techie features at a convenient price that may. The best alternatives to Monzo banking that makes a statement Turn heads with our metal. Are docked from interpret the order, position or placement of their products or.. Question on finder.com: Revoulut does not have web app is considerably more expensive, £15. You great apps with cool features to manage your money better, including apps... Walks on the go, get instant notifications, categorise and visualise your spending in his time... A new price of £5 a month right for you right corner of our page finder.com... Charge you any interest if you don ’ t a form of credit, like loans its notifications like! The Monzo business Lite account include accounts from Starling, Tide and the PRA to smaller, newer and start! And credit cards all in one place accounts is available through Monzo ’ s, for... S understandably a fair bit of hype around Monzo, but for CO2 emissions as as. Which account the funds are ring-fenced in a Lloyds account, a new-look holographic card... Enjoys long walks on the go, get instant notifications, categorise and visualise your spending % on...

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