Competitors
50
Summary
Monzo is a digital bank offering personal and business current accounts, joint accounts, and accounts for under 18s. It provides features such as spending insights, savings pots with interest, early salary access, and robust security measures, all managed through its mobile app.
Feature Matches9/12
See all9/12
Must Have
3 of 5
Prepaid Debit Card (Cash App Card)
Early Direct Deposit
Commission-Free Stock Trading
Instant P2P Transfers
Bitcoin Trading
Other
6 of 7
Fraud Monitoring & Security
High-Yield Savings
Round-Up Savings
Pay Over Time (Afterpay)
Instant Discounts & Offers
ATM Access & Fee Reimbursement
Customizable Card Designs
PricingFreemium
See allFreemium
Free
£0.00 monthly
- UK current account
- FSCS protection up to £85,000 per person
- All Monzo features
- 3.25% AER (variable) interest on Instant Access Savings Pots
- Fee-free withdrawals up to £200 abroad
- TransUnion Credit Score
- Hot coral card
- £200 fee-free withdrawal limit abroad
- Only 1 credit score (TransUnion)
- Monthly credit score updates
Extra
£3.00 monthly
- All Free tier features
- Connected banks and credit cards
- Virtual cards
- Advanced roundups
- Custom categories
- Auto-spreadsheet
- 3 Credit Scores (TransUnion, Experian, Equifax)
- Weekly credit score updates
Perks
£7.00 monthly
- All Free and Extra tier features
- 3.75% AER (variable) interest on Instant Access Savings Pots
- Fee-free withdrawals up to £600 abroad
- 3 fee-free cash deposits
- Discounted investment fees
- Annual Railcard
- Weekly Greggs treat
- Monthly cinema ticket at Vue
- Annual Uber One Membership
- Bold coral card
Max
£17.00 monthly
- All Free, Extra, and Perks tier features
- Personal worldwide travel insurance (provided by Zurich, powered by Qover)
- Personal worldwide phone insurance (provided by Assurant)
- Personal UK & Europe breakdown cover (provided by RAC)
- Burnt coral card
- Aged 18-69
- 3 months minimum commitment
Rationale
Monzo offers a mobile-first banking experience with features like a debit card, early direct deposit, and various savings options. While it provides many financial services, it does not explicitly offer commission-free stock trading or bitcoin trading, which are key 'must-have' features for the Cash App concept. It does, however, offer investments and pensions, which are different from direct stock/bitcoin trading as described for Cash App. The P2P transfer functionality is present but not highlighted as a core, fee-free, instant transfer method in the same way as Cash App's $Cashtag system.
Found via SearchPaid
See allbest alternatives to competitor product 2024
competitor vs alternative comparison honest review
GossipPaid
See allBest alternatives to [Product] in 2024?
Reddit·tech_enthusiast·2d ago·+142
I've been using Alternative A for 6 months now and it's been fantastic. The pricing is much better and the features are actually more robust than what [Product] offers.
Show HN: We built a better [Product]
Hacker News·startup_founder·5d ago·+89
After struggling with [Product]'s limitations, we decided to build our own solution.
It handles edge cases much better and the API is actually documented properly.
Check it out at our site.
[Product] vs Competitor B - which one should I choose?
Reddit·confused_buyer·Oct 14·+67
Honestly, after trying both, Competitor B wins hands down. Better customer support, cleaner interface, and they don't nickel and dime you for every feature.
Why we migrated away from [Product]
Hacker News·cto_mike·Oct 11·+234
The breaking point was when they changed their API without notice. We lost 3 days of productivity. Solution C has been rock solid for us since we switched.