Monese and Revolut are both digital banking services offering a variety of benefits designed for business and personal banking. With their instant currency exchange and payment protection, they also make travel a breeze, and it is easy to transfer and manage payments from the convenience of their mobile app, available on both Android and iOS.
What has changed since we first compared them is the thing that now matters most. Revolut is a fully licensed UK bank, and Monese is not. Revolut Bank UK launched in March 2026 after the Prudential Regulation Authority lifted the restrictions on its licence, so eligible deposits are covered by the Financial Services Compensation Scheme. Monese still operates as an e-money business, and it is now owned by fellow UK fintech Pockit.
So where do these services differ in 2026, and what is the best option if you are looking for a business or personal account? We are covering everything you need to know to help you decide which (if either) is the best choice for you.
Let’s dive in!
What Has Changed Since Our Last Update
If you read an older version of this comparison, three things have moved:
- Revolut became a bank. The PRA lifted the restrictions on its UK banking licence and Revolut Bank UK launched on 11 March 2026, with around 13 million UK customers being migrated across in phases. Eligible deposits are protected by the FSCS up to £120,000, the limit having risen from £85,000 in December 2025.
- Monese was acquired by Pockit in 2024, in a deal worth about £15m. Both brands still run separately, but Monese’s roadmap now sits with its new owner.
- Both re-tiered their plans. Monese’s Starter, Essential and Classic accounts are gone, replaced by four levels, and Revolut has added an Ultra tier above Metal and raised prices on Plus, Premium and Metal.
Monese vs Revolut: Deposit Protection and Regulation
This is the section that did not exist when we first wrote this comparison, and it is now the first thing worth checking.
Revolut holds a full UK banking licence. Money held in a Revolut bank account is covered by the FSCS up to £120,000 per person, the same protection you get from a high street bank. Migration is happening in stages, and Revolut has said it will give customers notice before their account moves to the bank entity, so check which entity holds your money before you rely on that cover.
Monese is an e-money institution, not a bank. Your balance is safeguarded under the Electronic Money Regulations, which means it is held separately from the company’s own funds and should be returned to you if the business fails. It is real protection, but it is not the FSCS, there is no compensation limit backing it, and returning safeguarded funds can take time.
One caveat worth repeating for Revolut: crypto sits outside the safety net. Balances in stocks, commodities and cryptocurrency are not covered by FSCS deposit protection, whichever entity holds your account.
Monese vs Revolut: Products and Fees
Monese and Revolut both still offer free personal accounts that include a range of convenient digital banking services. Both free tiers give you transfers to other app users, a virtual card, and the basics of day-to-day spending.
With Revolut, you also get a finance tracker to help you set budgets, and it notifies you when you are close to reaching your spending limit. You can manage subscriptions directly from the app, and there are rewards and cashback with selected brands. Similarly, Monese comes with an easy-to-use budgeting tool. You can create savings goals, set notifications for when you spend, and set up Money Pots, where you can put money aside and round up spare change.
The fee structures are where they separate. Monese charges per action on its free plan and buys those fees down as you move up the tiers. Revolut bundles allowances into each plan instead.
| Fees | Monese (Pay as you go) | Revolut (Standard) |
| Opening and maintenance fee | Free | Free |
| Deposit protection | Safeguarded e-money, no FSCS | FSCS up to £120,000 on eligible bank deposits |
| Debit card | £4.95 delivery, or free with a £100 first deposit. Replacements £4.95 | Delivery fee varies by plan and delivery speed |
| ATM withdrawals | 2% on domestic withdrawals, plus 2% more in a foreign currency | Free up to a monthly plan allowance, then a percentage fee |
| Bank transfers | In £0.99, out £1.29 on the free plan. Free incoming and two free outgoing a month from Everyday up | Free within the UK |
| International transfers | 2% outgoing, with 1% more at weekends. Incoming free for the first £10 a year, then 2% (£3 minimum) | Free up to a plan allowance, then a percentage fee. See Revolut’s transfer calculator |
| Currency exchange | 1% on the free plan, 0.5% on Everyday and Cashback, free on Premium | Free up to a monthly plan limit, then a percentage fee |
| Cash top-ups | Paysafecash at 3.5% (£3 minimum), with fee-free allowances on higher tiers | Not supported directly |
The pattern is easy to summarise. On Monese, the free plan is genuinely free to hold but expensive to use. On Revolut, more of the everyday actions are free at the entry level, and the paid tiers buy you bigger allowances rather than cheaper individual actions.
Monese vs Revolut: Account Options and Pricing
Starting a digital banking account with either Monese or Revolut is simple. With Monese, you can open an account within minutes. You do not need proof of address, income documents, and you are not subjected to a credit check. Just download the app and provide your name, number and ID.
Likewise, Revolut’s sign-up process is relatively simple. Once you download the app, it asks for your name, address and contact information, and you provide a passport or ID document for verification. Once done, you can start making deposits. If you need a more exhaustive banking plan, you may be asked for more details.
Monese
Monese has overhauled its personal plans. The old Starter, Essential, Classic and Premium line-up is gone, replaced with four levels:
- Pay as you go: £0 a month
- Everyday: £2.95 a month
- Cashback: £7.95 a month
- Premium: £14.95 a month
Paying for a year up front saves up to 30%, so Everyday works out at £29.95 a year, Cashback at £79.95 and Premium at £124.95. Moving up the tiers cuts the fees rather than adding lifestyle perks: Everyday brings free incoming transfers and a lower exchange fee, Cashback adds 0.5% back on the first £500 you spend each month plus £300 of fee-free ATM withdrawals, and Premium removes foreign currency and exchange fees altogether.
Monese also still offers a joint account at no extra cost. You keep your individual account while connecting it with another Monese user, each with a debit card, and you can create joint pots. Newer additions include Cash Advance, a short-term advance of up to £50, £100 or £200 for a fixed fee, cash top-ups through Paysafecash, a travel money card, and Open Banking so you can see your other accounts alongside your Monese balance.
Revolut
Revolut’s paid accounts come with the option of monthly or yearly payments, and it is worth noting you can save by paying annually. The line-up now runs to five tiers rather than four:
- Standard: £0 a month
- Plus: £3.99 a month
- Premium: £7.99 a month
- Metal: £14.99 a month
- Ultra: around £45 a month, the tier that did not exist when we first ran this comparison
Paid plans give you free card delivery, fee-free ATM withdrawals up to a limit, and priority customer support. The higher tiers add larger fee-free allowances for exchange and international transfers, travel cover, and airport lounge access, with Ultra bundling partner subscriptions worth far more than the subscription itself if you actually use them.
Revolut also offers accounts for under-18s that parents open and control, aimed at helping younger users build spending and saving habits, with the number of child accounts you can open depending on your own plan.
Monese vs Revolut: Savings and Interest
This is the comparison that has moved furthest since 2022. Back then, Revolut’s vaults paid well under 1% and the difference barely mattered. Today Revolut pays interest that tracks the plan you are on, in the region of 2.9% to 4% AER, with promotional rates running higher for new customers for a limited period. Interest is paid on savings balances, and money can be moved in and out instantly.
Monese pays no interest. Money Pots are a budgeting tool, not a savings account: they help you set money aside and round up spare change, but the balance does not earn anything. If you keep a meaningful balance in your account, that gap costs more than the difference in monthly subscription fees between the two providers.
Monese vs Revolut: Investment Options
Monese and Revolut take very different approaches to investing and trading.
In the case of Monese, you still cannot use your account for quasi-cash services such as gambling or cryptocurrency, and you will not be eligible for a business account if your company falls into categories including crypto trading, foreign exchange, stock exchange trading, insurance broking, loan providing or money remittance.
Revolut, by contrast, keeps investing inside the same app:
- Cryptocurrencies. You can buy, sell and hold a wide range of coins, with the fee depending on your plan. Crypto is not covered by FSCS deposit protection, and the consumer protections that apply to your bank balance do not apply here.
- Stocks and ETFs. You can trade shares with a number of commission-free trades each month that depends on your plan, with real-time pricing and fractional shares.
- Commodities. You can invest in gold and silver, set price alerts, and move gains into savings.
Check the current fee schedule before you act on any of this. Revolut has repriced trading more than once since this article first ran, and the allowances that come with each plan change with it.
Monese vs Revolut: Top-up
There are several ways to top up your account balance with both. Monese allows you to top up by UK or EU bank transfer or debit card, and cash top-ups run through Paysafecash, charged at 3.5% with a £3 minimum on the free plan and with fee-free allowances on the higher tiers.
In the case of Revolut, you can top up via bank transfer, set up one-time and recurring transfers, and round up your spare change, with the difference saved for you. You can also top up by debit or credit card, although a fee may apply for cards issued outside the EEA or for commercial cards.
Monese vs Revolut: Business Accounts
This used to be a close call. It is not anymore.
Monese is not onboarding new business customers. The company paused new business account applications while it works through changes in the background, and you can register interest in the app to be notified when that reopens. Existing holders can still run a UK-registered business account alongside a personal one, but the old £9.95 a month bundle was priced against personal tiers that no longer exist, so treat any figure you see quoted for it with caution.
Revolut Business, meanwhile, has re-tiered too. Plans now run Basic at £10 a month, Grow at £30, Scale at £90, and Enterprise on a custom quote, with annual billing cutting the cost meaningfully. Each step up buys larger fee-free allowances for transfers and currency exchange rather than a different feature set, and there is still a free entry point for very small volumes.
If a business account is what you came for, Revolut is the only one of the two you can actually open today.
Monese vs Revolut: Which is Better?
Both Monese and Revolut still offer a comprehensive set of features, and for anyone wanting to forgo a traditional bank, both are worth considering. But the answer is less balanced than it was.
Revolut is the stronger account for most people in 2026. It is a licensed bank with FSCS cover, it pays real interest on savings, it has an investment side Monese does not attempt, and it is the only one of the two currently open to new business customers. The trade-off is a fee structure with more moving parts, and a set of plan allowances you need to understand to avoid paying for things you do not use.
Monese still has a specific job it does well. It remains one of the easiest UK accounts to open if you have just arrived in the country, because there is no proof of address requirement and no credit check, and it offers GBP, EUR and RON balances in one place. The Cashback plan is straightforward value if you spend on the card, and Money Pots are a genuinely nice budgeting tool. Just go in knowing the balance earns nothing and is not FSCS-protected.
In the case of customer support, Monese offers help through in-app chat and email, while Revolut offers live in-app chat, an online community, and phone support on higher tiers.
So: Revolut if you want a bank account with protection, interest and room to grow. Monese if you need an account opened quickly, in multiple currencies, without the paperwork. If you want the detail on either, our Monese review and Revolut review go deeper on each.
Comments 0 Responses