Monzo vs Vivid
A side-by-side look at how these two wallets stack up — and which one wins for which job.
| Feature | Monzo | Vivid |
|---|---|---|
| Score | 4.4 / 5 | 3.8 / 5 |
| Best for | Everyday UK banking and budgeting | Cashback, saving and investing in one app |
| Monthly fee | Free → Plus/Premium plans | Free plan → paid Prime |
| Exchange rate | Mastercard rate, no Monzo markup | Interbank on weekdays (limits apply) |
| Send / receive | Free UK transfers | Free SEPA transfers |
| Withdrawals | Free in UK; overseas cap then fee on free plan | Free ATM up to a cap, then fee |
| Card | Yes — debit Mastercard | Yes — Visa debit (metal on premium) |
| Availability | UK (US in rollout) | Several EU markets |
| Currencies | GBP (spends abroad at Mastercard rate) | EUR + multi-currency pockets |
| Regulation | UK PRA/FCA full banking licence (FSCS protected) | BaFin via partner bank (Solaris); EEA |
| Founded | 2015 | 2020 |
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
Vivid
Vivid is a Berlin-based money app combining a multi-currency account, cashback, budgeting pockets and in-app investing in stocks, ETFs and crypto. It is feature-rich and well-designed, though the strongest perks sit behind its Prime plan and it operates through partner bank Solaris across a limited set of EU markets.
Pros
- Cashback and rewards on spending
- Invest in stocks, ETFs and crypto in-app
- Sub-accounts (pockets) for budgeting
Cons
- Best features on the paid Prime plan
- Relies on a partner bank (Solaris)
- Available only in some EU markets
The bottom line
Overall, Monzo edges ahead with a score of 4.4 versus 3.8 — but the right choice depends on your priorities. Check both against your own country and use case before deciding.