Similar to other digital banking apps, Monzo, Starling, and Revolut all present themselves as comprehensive financial service providers. They claim to assist you in managing all aspects of your finances. In this post, we have carefully reviewed Monzo Vs Starling Vs Revolut to help you make the best mobile banking decision.
But as someone looking to get into the world of digital banking, the challenge lies in determining which one is the right fit for your needs. How do you distinguish between them to find the best offers, lowest fees, and favorable rates, both domestically and internationally?
This is where we come in. In this article, our goal is to provide you with a thorough comparison of Monzo vs Starling vs Revolut in order to help you make an informed decision about which option suits you best.[box title=”Key Takeaways” style=”soft” box_color=”#333333″ title_color=”#FFFFFF” radius=”3″]
- Monzo: Offers favorable exchange rates, £200 fee-free abroad withdrawals, and unique savings features.
- Starling Bank: Provides unlimited ATM withdrawals without fees but lacks some extra features.
- Revolut: Known for excellent exchange rates, diverse financial services, but lacks a UK banking license.
- Comparison: Monzo focuses on exchange rates, Starling on accessibility, Revolut on diverse services.
Monzo vs Starling vs Revolut
In order to help you understand which digital bank might be the best fit for you, let’s begin by looking at the advantages of each one. So, here’s our take on the Monzo vs Starling vs Revolut comparison.
Monzo is a great option for young people. It’s easy to use and helps you manage your money wisely. One feature is ‘Pots,’ which helps you save for specific goals.
Now, let’s look at the good things about Monzo:
Monzo offers the best exchange rates possible, based on Mastercard rates settled three days after transactions. Plus, you can withdraw up to £200 abroad without any fees, but a 3% fee applies if you go beyond that. You can also request an overdraft if you need one.
Monzo works seamlessly with Google Pay and Apple Pay, making payments convenient. If you misplace your card or want to temporarily pause it, you can easily freeze it. They even allow you to order a replacement card to over 100 countries, with a £30 fee for international shipping and free shipping within the UK.
Their savings ‘Pots’ come with various options based on your savings goals. Additionally, Monzo lets you sync up your salary and pays you the day before your usual payday. This feature can help you budget your money more effectively each month.
For couples traveling together, Monzo offers joint accounts, which can be very useful. They also introduce Monzo Flex, a unique credit card that helps you spread out the cost of your expenses. Furthermore, the option to split bills is a cool feature that simplifies group payments.
Monzo Plus Vs Monzo Premium
Now, if you’re looking to upgrade your Monzo account, you have two choices: Monzo Plus and Monzo Premium. These upgrades offer extra features beyond the basic account. Depending on your needs, one of these upgrades might be worth considering.
Monzo Plus £5 Per Month
- Up to £400 no fee ATM withdrawals.
- You can use virtual cards to protect against fraud.
- Credit Tracker to watch your credit score.
- 1 free cash deposit a month in the UK (otherwise £1 for cash deposits).
- You earn 1.00% AER interest on your balance and regular pots, up to £2,000.
- Custom categories for payments to track spending.
- Special offers with companies like HelloFresh, Naked Wines, Babylon Health, RAC, and more.
- You get a cool holographic card.
Monzo Premium £15 Per Month
- Includes everything from Monzo Plus:
- Up to £600 no fee ATM withdrawals.
- Worldwide travel insurance for you and your family.
- Phone insurance for loss, damage, theft, and scratches.
- Discounted access to airport lounges.
- 5 free cash deposits a month in the UK.
- You earn up to 1.50% AER interest on your balance and regular pots, up to £2,000.
- Exclusive metal card.
- There’s a 3% fee for cash withdrawals over £200 per month.
- The daily cash withdrawal limit is £400.
- You have a monthly limit of £5,500.
Starling Bank is a bank that you can use on your phone. They have accounts for just you, or you and someone else, and even for teenagers. Their app makes dealing with your money easier because you can see and manage it right away.
The cool thing is that you can take out money from ATMs without any limits, and you don’t have to pay for it. This is awesome if you need to take out a lot of money when you’re traveling. They also have people you can talk to if you need help, and they make sure your money is safe. You can sign up using your phone, and it’s really quick.
But, to be honest, Starling Bank doesn’t have many extra things to offer compared to other banks like Revolut and Monzo. One problem we noticed is that the rate they use when you change money might not be as good as what you’d get with Revolut and Monzo. And also the fact that while Starling is better for using abroad, it’s not good for savings.
Still, Starling Bank has some good things to offer.
- You can put money in and take it out at post offices.
- You can deposit small checks using your phone.
- They have other money-related stuff you can use.
- Your kid can have a special card to learn about money.
- You can get money back from friends quickly or share the cost.
- You don’t have to pay to use ATMs in other countries.
- They help you save money automatically.
- Starling Bank doesn’t have as many extra things as Revolut and Monzo.
- The rate they use when you change money might not be as good as Revolut and Monzo’s rates.
Revolut is all about making your money easy to access no matter where you are. This is super handy for people who travel a lot or have businesses that are always on the go.
But hold on, not everything with Revolut is free. Some of the cool stuff you might want to use comes with a fee. Here’s a rundown of the paid features:
- Getting a card with your own design.
- Having your card delivered for free.
- Getting customer support anytime, day or night.
- Earning interest on the money you save in US dollars.
- Being able to take out more cash from ATMs each month.
Now, let’s check out some of the positives that might make you consider Revolut for your digital banking needs:
- You get really good exchange rates.
- If you pay for a plan, you also get travel insurance.
- You can easily see where you’ve spent your money.
- You can use it with Google Pay and Apple Pay.
- It’s easy to split bills with friends.
- You can lock your card if you lose it.
- You can receive money from other countries.
- You can quickly change money to a different currency.
- With certain plans, you can access airport lounges and get help from a concierge.
- You don’t pay fees for using ATMs.
- You can trade cryptocurrencies.
- You can buy and sell stocks.
- You can donate to charity.
- You get some money back when you buy certain things.
Comparison of Revolut Personal Plans
Revolut has different plans, but let’s focus on two: Premium and Metal.
With Premium, for about £6.99 a month, you can exchange money without limits on weekdays. You can take out cash abroad without fees up to a point. There’s even travel insurance and cashback on places to stay.
Then there’s the Metal plan for £12.99 a month. You get everything from Premium, plus you can take out even more cash abroad without fees. You also get purchase protection and more cashback. There’s a fancy concierge service and you can chill out in airport lounges.
Revolut Business Accounts
If you’re into business, Revolut has you covered there too. They have business accounts with different plans, some with extra costs. And if you’re a business boss, you get more benefits, like getting paid in USD and EURO without extra charges.
But, like anything, there are downsides. Here’s a brief list of them.
- You can’t take out a lot of cash at once.
- You can’t use Revolut to borrow money.
- Sending money might take a while, unless you have a Premium or Metal account.
- Doesn’t have a proper UK banking license, but uses other banks’ FSCS cover.
How do they differ? Monzo Vs Starling Vs Revolut
Let’s take a closer look at Monzo, Starling, and Revolut. To make things simpler, we’ll start with a table that highlights the key differences. After that, we’ll discuss some important factors to consider when selecting a digital bank in today’s digital world.
Bank App Comparison
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What to Look Out for When Choosing a Digital Bank?
When it comes to picking a digital bank in the UK, there are a few important things you should keep in mind. As technology continues to reshape the way we handle our finances, finding the digital bank that suits your needs can make managing your money simpler and more convenient. Let’s go through what you should look out for when choosing a digital bank in the UK:
Firstly, you’ll want to see if the bank offers the type of account that suits your needs. Whether it’s a personal account, a joint account with your partner, or an account for your teenager, make sure they have the options that match your situation.
Mobile App and User Experience
Since you’ll be using their mobile app most of the time, it’s crucial that the app is easy to use and works smoothly. Look for an app that lets you quickly check your balance, transfer money, pay bills, and take care of your finances while you’re on the move.
Fees and Charges
It’s also a good idea to compare the fees and charges of different digital banks. Some banks might offer accounts with no fees, while others might charge for certain things. Pay attention to fees for using ATMs, making international transactions, and any monthly account charges.
If you’re planning to save money in your digital bank, take a look at the interest rates they offer on their savings accounts. Some banks provide better interest rates, which can help your savings grow over time.
Having reliable customer support is important. Check if the bank has 24/7 customer support through options like live chat, phone, or email. This can come in handy if you have questions or run into any issues.
Make sure the bank uses strong security measures, like encryption and two-factor authentication, to keep your account safe from any unauthorized access.
See if the digital bank offers any extra services, as some banks provide tools for budgeting, insights into your spending, savings goals, and even opportunities for investing.
Compatibility with Other Services
If you use other financial apps or services, it’s a good idea to check if the digital bank works well with them. Compatibility with platforms like Google Pay or Apple Pay can be really helpful.
Reviews and Reputation
Lastly, take some time to read reviews and consider the bank’s reputation. Hearing from other customers can give you a better understanding of the bank’s strengths and weaknesses.
What is Better Between Monzo Vs Starling Vs Revolut?
Digital banks aren’t reinventing the wheel; they’re simply improving and simplifying how things are done. They offer similar products to traditional banks but prioritize convenience through mobile apps.
In the U.K., Monzo, Starling, and Revolut are causing a stir. They’re setting new standards for efficiency, affordability, ease, openness, services, and customer assistance.
While we won’t boldly claim that one stands significantly taller than the others, we do encourage you to carefully examine each one. This way, you can determine which aligns best with your needs, as each has its own unique strengths and weaknesses.
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