Generally speaking, Monzo and Starling have focused more on offering other kinds of financial and banking products, while Revolut has gone all in with techy features that you can’t find anywhere else. Thanks. Maybe Starling or Monzo aren’t right for you? As a result, many challenger banks raised millions of dollars from VCs to take on bank incumbents. Finder.com Comparison UK Limited (company number: 10482489) is Both are popular UK-based banks for both personal and business users, but when it comes to business accounts, they are not equal. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Hopefully, these digital banks will look into the possibilities of adding these features in the future. The financial industry has been going through significant changes over the last decade. Revolut is best suitable for travelers and businessmen, who are always on the go. Felix Thompson is a freelance writer at Finder. If you are As we have seen, there are not very big differences between these 3 challengers. All in all, Revolut, Monzo and Starling are all solid banking solutions and none of them is exponentially better than the others. Starling leads here, pulling in £999 per user at the last count; largely due to its headstart in business banking, where deposits tend to be larger. Its application allows users to send money to their friends, save together for trips, and have total control at their fingertips. Starling and Monzo both offer overdrafts. This post contains references to products from one or more of our advertisers. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. All three offer slick apps with essentially the same features. More specifically, these are the main extra features/products they each offer: This guide focuses on the free standard accounts offered by these three banking rivals. Main features of Monzo and Starling Bank. The Starling bank only holds GBP, but as it says on our page, Charges for spending abroad or withdrawing cash at an ATM aren’t an issue since using your Starling Bank card overseas doesn’t incur extra fees. However, if we had to pick one for your average banking needs, it would probably be Starling. Monzo and Starling do not support investment activities. What do you say? Revolut vs Monzo vs N26: The verdict. You will be charged the Mastercard exchange rate for purchases. Starling Bank. Revolut doesn't accept cheques or cash deposits but you can top it up by bank transfer, debit or credit card, as well as Apple or Google Pay. It supports both Google Pay and Apple Pay as well. These are then fed back to you in weekly or monthly insights, showing you where you’re spending most. Whatever you look for in a bank, check out Martin Lewis’ MoneySavingExpert page that has loads of information about what banks in … May 5, 2019. that aims to provide you with the tools you need to make better Source: Official annual reports and media interviews. Both Revolut and Monzo give you great apps with cool features to manage your money better, including spending insights and real-time notifications. Furthermore, it also allows the user to earn cashback with any purchase made on their metal card. Marketplace with 8 savings accounts both fixed rate and easy access, £500 minimum deposit. Depending on what you need and how often you go abroad, you may be better off with one or another. Advice from our experts on everything you need to know about raising funding, whether you are trying to secure investment from a bank, an Angel or a VC. We’ve put together a list of the best banking apps available in the UK. Travelling. Starling and Revolut give real-time info and payment alerts. But Revolut and Monzo also each have another two paid-for account tiers available. Monese . Discover which of the digital start up banks is best for currency services. Staff Reporter. We endeavour to ensure that the information on this site is current and Starling Bank does money transfers, but its rates are not as good as Revolut or TransferWise. Optional, only if you want us to follow up with you. For our top picks, we've evaluated a number of digital bank accounts against a range of metrics to select accounts for specific needs. Can I set up direct debits in France from a UK Stalting or Monzo account? accurate but you should confirm any information with the product or 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. Challenger banking brands Revolut, Monzo and Starling all launched in the UK within a few years of one another, they all operate digital-only current currents and they all have a free version of the account on offer. We may also receive compensation if you click on certain links posted on our site. So be wary of this. In case of loss, freezing them is easy and fast, just access the app … and press a button. They have developed Marketplace, which makes the customer access financial products from partner companies. Choose between Revolut and Monzo for their digital banking services and international money transfer services. Monzo is best suited for the younger crowd, thanks to its intuitive interface and options to easily save, budget, and manage money. The core theme of Revolut is to make access to money easier no matter which part of the world you are in. decisions. Monzo is now in second place, increasing its average user deposit rate to £357 from £142 in 2018. An investment account allows an individual to buy, hold, and sell financial securities, for example, stocks. Here you see how Monzo and Revolut break your spending down by category and shop. Read our interviews with inspiring tech company founders. our partners for featured placement of their products or services. Meanwhile, Revolut has a Lithuanian bank license, meaning it is not a UK bank yet and cannot offer loans there like competitors Monzo and Starling. Insurance A tale of two banks: Monzo vs Starling. Meanwhile, Revolut has dropped from having an average deposit of £252 per user in 2018, to £236. A matter of taste. Monzo pots let you put money aside, protected from your daily spending, Create different spending goals and protect money from daily spending, Supported with both the UK account and the Euro IBAN account, Easy UK payments and can transfer money between 23 countries, Pay via bank transfer or send instantly to other Monzo account, Yes - future Direct Debits shown as alerts, Pay via bank transfer or using PayPal or Google Nearby, Tandem bank set to help people save “little and often” with automatic new feature, Money Dashboard app hits a one million account milestone, finder.com is a financial comparison and information service, not a bank or We update our data regularly, but information can change between updates. Starling is the only one that pays an interest on current account balances. When you make major financial decisions, consider getting independent financial advice. Revolut is much more focused on the international side of banking and on offering you … Available in 36 countries, the London-based company currently serves around 2 million customers. As well as Monzo and Revolut, there are 3 other travel cards that we have tried abroad. You are about to post a question on finder.com: Will I be able to receive payments into my Starling current account from a European bank account? Using smart technology, they break your transactions down by category or by shop. It also supports Google Pay and Apple Pay. Level 2, 20 St Thomas St, But you should be able to open a new one to at least meet your basic banking needs. Unfortunately, you won’t be able to setup SEPA direct debits with UK Starling and Monzo accounts. In recent months, Monzo and Starling have made it possible for customers across the UK to make cash deposits while Revolut has simplified its customer contract to make itself more accessible. He covers everything from digital banking to car insurance and, whatever the topic, he aims to make it easy for consumers to get straight to the best deal. Revolut is the cheapest option since it’s mostly free. Revolut vs Starling vs Monzo vs Any other similar ones? The verdict: Revolut vs Monzo. reference number: 786446). finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. We If yes, are there any fees an limits on how much I can receive? Various fintechs and challenger banks have embraced the digital world, offering an alternative to traditional financial infrastructures. If you are looking for something hybrid (traditional bank + mobile-only access), then Starling is a perfect option. regularly, Alternatives to N26: A list of alternative banks and apps, The best bill-splitting apps to use with friends, Alternatives to Starling: A list of alternative banks and apps, Revolut alternatives including banks, apps and competitors, Winner 2020 - Best Current Account, British Bank Awards. TransferWise is a favourite money transfer service and Starling offers one of the most competitive current account options around. Just did a quick comparison by making 2*EUR purchases at … Monzo has more than 2.2 million customers, and it’s now planning to … If you click on them we may earn a … Although Starling Bank, Monzo (both accredited and regulated by the FCA as banks) and Revolut (known in industry terminology as an electronic money institutino, but not a bank), do not use Wirecard – all fintechs suffered from the reputational fallout. 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