Monzo vs Starling Bank
A side-by-side look at how these two wallets stack up — and which one wins for which job.
| Feature | Monzo | Starling Bank |
|---|---|---|
| Score | 4.4 / 5 | 4.5 / 5 |
| Best for | Everyday UK banking and budgeting | Free UK personal and business banking |
| Monthly fee | Free → Plus/Premium plans | Free personal account |
| Exchange rate | Mastercard rate, no Monzo markup | Mastercard rate, no markup |
| Send / receive | Free UK transfers | Free UK transfers |
| Withdrawals | Free in UK; overseas cap then fee on free plan | Free in the UK and abroad |
| Card | Yes — debit Mastercard | Yes — debit Mastercard |
| Availability | UK (US in rollout) | United Kingdom |
| Currencies | GBP (spends abroad at Mastercard rate) | GBP (EUR/USD business accounts) |
| Regulation | UK PRA/FCA full banking licence (FSCS protected) | UK PRA/FCA full banking licence (FSCS protected) |
| Founded | 2015 | 2014 |
Monzo
Monzo is a fully licensed UK app bank with FSCS-protected deposits, best known for its budgeting tools (Pots, spending categories) and fee-free card spending abroad at the Mastercard rate. It is one of the most polished everyday banking apps in the UK, with overseas ATM limits and premium perks reserved for paid tiers.
Pros
- Full UK bank, FSCS-protected deposits
- Excellent budgeting with Pots and categories
- No FX markup on card spending
Cons
- GBP-only current account
- Overseas ATM limits on the free plan
- Best perks on paid tiers
Starling Bank
Starling Bank is a fully licensed UK app bank with FSCS-protected deposits, no fees on overseas spending or ATM withdrawals, interest on balances and highly regarded free business accounts. It is one of the strongest all-round UK options, especially for freelancers and small businesses, though it is UK-only and GBP-focused.
Pros
- Full UK bank, FSCS-protected deposits
- No fees on overseas spending or ATM withdrawals
- Excellent free business accounts
Cons
- UK-only
- GBP-focused for personal accounts
- Fewer lifestyle perks than some rivals
The bottom line
Overall, Starling Bank edges ahead with a score of 4.5 versus 4.4 — but the right choice depends on your priorities. Check both against your own country and use case before deciding.