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Monzo vs Revolut

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?
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Comments

  • Mark_d
    Mark_d Posts: 1,942 Forumite
    1,000 Posts First Anniversary Name Dropper
    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 two
  • la531983
    la531983 Posts: 2,540 Forumite
    1,000 Posts First Anniversary Name Dropper
    I find the Revolut app very faffy, personally.
  • FlorayG
    FlorayG Posts: 1,567 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    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 though
  • daveyjp
    daveyjp Posts: 13,155 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,502 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    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.
  • 400ixl
    400ixl Posts: 4,129 Forumite
    1,000 Posts Third Anniversary Name Dropper
    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.
  • jbrassy
    jbrassy Posts: 934 Forumite
    Seventh Anniversary 500 Posts Name Dropper
    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. 
  • gravel_2
    gravel_2 Posts: 594 Forumite
    Seventh Anniversary 500 Posts Name Dropper Combo Breaker
    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.
  • 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!  
  • penners324
    penners324 Posts: 3,361 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    Go to Starling. I think they're better than both Monzo & Revolut
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