Revolut vs Monzo for Students UK 2024 — Which Is Better?
Revolut and Monzo are the two most popular app-based banks among UK students. Both are free, both have great apps, and both offer features that traditional banks don’t. But they’re quite different in what they do best.
Here’s a straight comparison to help you decide which is right for you.
Overview
| Feature | Revolut | Monzo |
|---|---|---|
| Monthly fee (free plan) | £0 | £0 |
| UK bank account | ✅ | ✅ |
| FSCS protection | ✅ (since 2024) | ✅ |
| Overseas spending | Excellent | Good |
| Savings pots | ✅ | ✅ |
| Budgeting tools | ✅ | ✅ |
| Crypto | ✅ | ❌ |
| Stock investing | ✅ | ❌ |
| Overdraft | ❌ (free plan) | ✅ |
| Customer support | App/chat | App/chat + phone |
Revolut — Best For Travel and Investing
Revolut started as a travel card and still leads the market for overseas spending. On the free plan, you get:
- Interbank exchange rates on currency conversion (up to a monthly limit)
- Spend in 150+ currencies with no fees
- Instant currency exchange in the app
- Access to crypto and stock investing
- Disposable virtual cards for safer online shopping
- Savings vaults with competitive rates
Where Revolut falls short: Customer support can be slow on the free plan, and some features (like unlimited currency exchange) require a paid subscription.
Monzo — Best For Everyday Banking
Monzo is built more like a traditional bank, but with a better app. It’s ideal as your main current account. On the free plan, you get:
- UK sort code and account number
- Instant spending notifications
- Budgeting categories
- Savings pots (with interest)
- Overdraft facility (subject to approval)
- Bill splitting with friends
- Salary sorter feature
Where Monzo falls short: Overseas fees apply once you exceed the free allowance, and there’s no crypto or investing functionality.
Which Should You Choose?
Choose Revolut if:
- You travel frequently or study abroad
- You want to dabble in crypto or stocks
- You want the best exchange rates overseas
Choose Monzo if:
- You want a reliable everyday bank account
- You want an overdraft option
- You want better budgeting and bill-splitting tools
The best answer for most students: use both. Monzo as your main bank account for salary/student loan and day-to-day spending. Revolut as your travel card whenever you go abroad. Both are free.
Final Verdict
There’s no clear winner because they serve slightly different purposes. Monzo wins for everyday UK banking. Revolut wins for travel and extra features. Most students end up using both — and since they’re free, there’s no reason not to.