Challenger banking and e-money brands Revolut, Monzo and Starling all launched in the UK within a few years of one another, they all operate digital-only accounts and they all have a free version of the account on offer. To help you decide which one of this trio might work best for you, we compare their apps and features, plus whether they’re any good for spending abroad and saving.
Revolut: It costs £4.99 to receive your Revolut card. It’s free to spend up to £1,000 a month abroad using the card (weekdays only), after which a 0.5% fee applies. At ATMs, the first £200 withdrawn per month is free, then there’s a 2% charge after that.
Monzo: It’s free to receive your Monzo card, and it’s always free to pay using your Monzo card abroad. For ATM withdrawals, you get a combined UK and EEA fee-free allowance of £400 every 30 days, and after that there’s a 3% charge. For the rest of the world, you can withdraw up to £200 every 30 days, then the 3% fee kicks in.
Starling: Starling’s bank card is sent to you for free. There are no charges from Starling for spending on your card or withdrawing cash with it at an ATM, anywhere in the world.
Verdict: Starling, as the card is free and Starling has no charges at all for using your card abroad.
Revolut: You get spending categorisation and analysis, a daily spending limit option and spare change “round-ups”. Revolut also operates a “Pockets” system (previously called Vaults) where you can allocate different funds into different pots to save up for certain things. You can also open Revolut Savings to earn interest, with the amount of interest depending on what account plan you’re on. You don’t get any interest offered on your main account balance.
Monzo: There are spending categorisation tools and monthly summaries, plus spare change “round-ups”. You can also create “Pots” in which you put money aside to save up for a specific goal. There is no interest offered on regular Pots or on your main account balance. But you can open interest-paying savings pots or cash ISAs, and you can then manage these through your Monzo app.
Starling: You get spending categorisation and insights, as well as spare change “round-ups”. You’re able to open one interest-paying Easy Saver, which has no restrictions on when you can deposit or withdraw into it. You can also create “Goals” where you set money to save up for something, but you won’t earn interest on these pots or on your main account balance.
Verdict: All 3 have budgeting tools and allow you to siphon off money into separate buckets to help you save up for something.
Revolut: With Revolut, you can set up direct debits and make bank transfers for free in the UK. You can’t pay cash or cheques into the account, and UK ATM withdrawals are only free up to the first £200 each month (after which there is a 2% fee, and a minimum charge of £1). You can freeze and unfreeze your card via the app.
Monzo: You can set up all your usual direct debits and make bank transfers for free in the UK. You’re able to pay in cash at PayPoints (£1 charge) and pay in cheques of £500 or less through the app, or send higher value cheques to Monzo in the post. Cash withdrawals in the UK are free up to the first £400 every 30 days (then a 3% fee applies), but they are unlimited if Monzo is your main bank account. You’re able to freeze and unfreeze your card via the app.
Starling: With a Starling account, you can set up all direct debits and make bank transfers for free in the UK. You can also pay in cash at Post Office branches for free and deposit cheques into your account by taking a picture of them on your app. You can freeze and unfreeze your card via the app too.
Verdict: Starling. All 3 have similar features but Starling’s free ATM withdrawals, as well as free cash and cheque deposits, win out here.
Paid-for accounts
This guide focuses on the free standard current and e-money accounts offered by these 3 banking rivals – Revolut, Monzo and Starling.
But Revolut and Monzo also have paid-for account tiers available. Depending on which one you sign up for, these come with differing monthly subscription costs and a variety of extra features, such as travel insurance, airport lounge access and retail discounts.
Revolut: Free international money transfers to accounts in the Single Euro Payments Area (SEPA); hold multiple currencies in your account; one under 18 child account; “Group Bills” feature to split joint purchases; earn RevPoints as you spend; option to buy gold, silver, cryptocurrencies or shares through its trading platform.
Monzo: Savings accounts, investments, pensions, credit cards, loans and overdrafts; international money transfers; bill splitting feature; joint accounts and kids’ accounts.
Starling: Insurance, pension, mortgage and investing products (through partners in its “Marketplace”); international money transfers; bill splitting feature; “Connected” card for someone to make purchases on your behalf; joint accounts, overdrafts and personal loans; option to open a Starling Kite child account.
Verdict: This will depend on which individual features you value the most. All 3 have linked children’s accounts, Monzo and Starling both offer overdrafts, while Revolut has the option of buying cryptocurrencies or shares.
Round 5: Deposit protection
Revolut: Revolut was granted authorisation to become a UK bank in 2024, but it isn’t operating as one yet, which means that money in its accounts is not specifically protected by the Financial Services Compensation Scheme (FSCS). But in order to operate in the UK, Revolut must safeguard customer money in a separate account at a licensed UK bank, which means these funds are ring-fenced should Revolut go bankrupt.
Monzo: Monzo is a fully licensed UK bank, which means that individual customer funds of up to £85,000 are protected by the Financial Services Compensation Scheme.
Starling: Starling is also a fully licensed UK bank, which means that individual customer funds of up to £85,000 are protected by the Financial Services Compensation Scheme.
Verdict: Monzo and Starling for their FSCS protection. Although customer money in Revolut accounts will be subject to safeguarding rules, so it does also have a legal level of protection.
Our overall verdict: Revolut vs Monzo vs Starling
With their comprehensive apps and money management features, Revolut, Monzo and Starling are all solid day-to-day banking solutions, particularly if you’re looking to make the move to digital-only banking. Depending on what features you need or how often you go abroad, you may be better off with one or another of the 3. Revolut also runs a number of promotional invitation codes for new customers for the app.
Revolut doesn’t offer FSCS protection, overdrafts, or cash and cheque deposits, but it has a plethora of extra features on offer, such as the Revolut under 18 child account, free SEPA money transfers, and RevPoints that can be redeemed on travel perks like airmiles and holiday stays.
Monzo does have FSCS protection, and it offers a bit of everything. There’s all the usual digital banking stuff, including spending categorisations and summaries, spare change “round-ups” and the option to apply for an overdraft. It also offers a linked kids’ account and comes with the ability to deposit cash and cheques, plus offers additional products such as investments and pensions.
And Starling is a great all rounder, being the only one to offer totally fee-free spending and cash withdrawals both at home and abroad, as well as cash and cheque deposits, on top of FSCS protection. There’s also the spending insight tools, linked Starling Kite child account, overdraft option, and the potential to sign up to products from other financial providers in its “Marketplace”.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. 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. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Michelle Stevens is a deputy editor at Finder, specialising in banking, credit, loans and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio
Michelle's expertise
Michelle has written 108 Finder guides across topics including:
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