We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Monzo vs Revolut

Dfarkas0
Posts: 34 Forumite

Just curios as to peoples opinions as to which one they use (if they do) or is the most popular ?
Both just as big as each other?
Both just as big as each other?
0
Comments
-
Monzo has FSCS protection and a much better reputation. That's based on using the accounts as a current account.What's best for you depends on you requirements and preferences. Maybe the best option is neither of these two1
-
I find the Revolut app very faffy, personally.0
-
I don't know anything about Revolut but a couple of years ago I set up a Monzo account as a 'cash spending' account and since then have made it my main account. The app is really easy to use, I like that you can have different 'pots' of ready cash and there's a decent easy access savings rate ( not the very best available but no hoops to jump through to be eligible for it). Customer service are easy to get hold of and very helpful. The app is quite interactive and 'friendly' looking. I rate it very highly. They don't offer a swap incentive though0
-
If you want the protection of a bank such as money back (up to £85k) if they go bust, money back for fraud you have to use Monzo. In the UK Revolut is just a money transfer system so not one to be recommended.0
-
I would also recommend against Revolut. They are not a bank, are not covered by FSCS, and they also have a reputation for poor customer service. You will regret using them if you ever have the misfortune to interact with their customer service.
Haven't used Monzo for years but they were alright from memory. They have a proper banking license so your money is safe with them. They are also app only (same as Revolut) if that matters to you.0 -
Another one for avoid Revolut.
Know people who worked their for short periods over the years and all left very quickly seeing the internal ethics of the organisation.
Also know customers who have had accounts frozen for anything from days to months. I know any bank can do that but they are particularly bad with bad customer service.
I believe they are still under investigation and have failed their application for a banking license at least twice.
Finally, it is the platform of choice for scammers. Why would anyone support funding such a platform.0 -
Can I vote for none of the above?
Revolut were great when they first launched as a card which can be used abroad. However, over time so many restrictions have been placed on the free account (eg max £200 ATM withdrawals a month) that I would no longer recommend it. Further, I would never use it as my main bank account in the UK as it has no FSCS protection.
As for Monzo, I don't know what the hype is around them? What do they offer that other banks don't? Again, they were good when they first launched for spending abroad, but now they've again restricted free ATM withdrawals abroad to a low level.
I do quite a lot of travelling to countries where cash is still king, so free ATM withdrawals abroad are important. For me, I would choose Starling, Chase, and First Direct above the two you mention. I use First Direct as my main account, but also use the other two for cashback and spending abroad.0 -
I once wanted Revolut for the metal card but have since grown up. Unclear what either offer over and above other banks. Monzo has some reputation for being an intolerantly woke company if that matters to you.0
-
Have both Monzo and Revolut cards, but I haven't really used them for a while!
They both had pros/cons!
I think one was Mastercard and the other Visa!
I used them both for travelling and buying records from a U.S based site!
Never had any issues, with either to be fair!
I did like the way, Revolut showed you the real time currency rates, when you were loading the card!
Last few years, I've just used my Chase debit card abroad, good app, speedy transfers and a little cashback!0 -
Go to Starling. I think they're better than both Monzo & Revolut2
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.3K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.8K Work, Benefits & Business
- 617.1K Mortgages, Homes & Bills
- 175.6K Life & Family
- 254K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards