Updated October 13, 2026 · VaultCue Editorial Team
Chime vs Monzo
Monzo
Higher score in this comparison
Chime
Chime vs Monzo: the differences
| Compare | ChimeReviewSee alternativesSee alternatives | MonzoReviewVisitVisit |
|---|---|---|
| Deposit protection | FDIC up to USD 250,000 | FSCS up to GBP 85,000 |
| Monthly fee | $0 | £0 |
| Headline rate | Not confirmed | 2.75% to 3.5% |
| Rate type | Not confirmed | Variable |
| Minimum deposit | Not confirmed | £0 |
| Access terms | Not confirmed | Instant withdrawals any time, no limits, interest paid monthly, up to 20 Savings Pots, Monzo current account required, aged 16+ |
| Account kind | Not confirmed | Easy access |
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Key differences
- Founded is lower at Chime: 2012 vs 2015.
- Support channels: only Chime offers Phone, Community.
Our verdict on each
Chime
Chime differs from branch based savings because access happens through connected tools for everyday control. Chime is a savings option that suits people who prefer managing balances through digital access with clear organisation alongside everyday money needs and simple transfer visibility.
Monzo
Monzo suits UK residents who want a fee-free current account, a linked instant-access savings pot and card spending abroad without a markup. The current account runs a monthly fee of £0, savings pay 2.75% to 3.5% variable, and deposits are covered by the FSCS: FSCS up to GBP 85,000.
Score breakdown
| Area | Chime | Monzo |
|---|---|---|
| Cost | 9.1 | 9.3HigherCurrent account monthly fee of £0 and a 0% exchange rate markup on foreign-currency card spend. |
| Offer | 9.1 | 9.2HigherInstant-access savings paying 2.75% to 3.5% variable, instant withdrawals, a joint account, 38 currencies and a free cash machine allowance. |
| Trust | 8.7Higher | 8.4 |
How they place
| Ranking | Chime | Monzo |
|---|---|---|
| Savings accounts | 781 of 1420 | 29 of 1420 |
Every fact side by side
| Fact | Chime | Monzo |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | Chime Financial, Inc. | Monzo Bank Limited |
| Headquarters | United States | United Kingdom |
| Founded | 2012Lower | 2015 |
| Support channels | Phone, Help centre, CommunityCovers more | Help centre |
Everyday accounts
| Fact | Chime | Monzo |
|---|---|---|
| Currencies | Not confirmed | 38 |
| Audience | Not confirmed | Business, Teen |
| Features | Digital only | Joint account |
| Local account details | Us ACH | Not confirmed |
| Free ATM withdrawals | Not confirmed | £200 |
| Transfer fee | Not confirmed | 0 for UK transfers and foreign-currency card spend; international transfer up to GBP 9 fixed plus 0-1.80% |
Money transfer
| Fact | Chime | Monzo |
|---|---|---|
| Exchange rate markup | Not confirmed | 0% |
| Delivery time | Not confirmed | Same day for 95% of customers, average 1 day |
| Payout methods | Not confirmed | Bank, Card |
| Fee to send 1,000 | Not confirmed | £0 to £9 |
Where each stands against the rest
| Fact | Chime | Monzo | Median |
|---|---|---|---|
| Headline rate | Not confirmed | 2.75% to 3.5%above the median | 3.25 |
| Minimum deposit | Not confirmed | £0below the median | £1 |
Median across 658 listed accounts.
Pros and cons
Chime
Pros
- Provides savings that customers manage through digital channels for everyday organisation
- Supports ACH transfers that sit beside savings for everyday money movement
- Keeps balances and transfers visible together in one digital place
Monzo
Pros
- No monthly fee on the current account: £0
- No exchange rate markup on foreign-currency card spend: 0%
- Savings pay a variable rate of 2.75% to 3.5% with instant withdrawals and interest paid monthly
Cons
- Support runs on help centre only
- Savings need a Monzo current account first, and the pot sits in an easy access product
- International transfers charge £0 to £9 plus a percentage, unlike UK transfers and foreign-currency card spend, which cost nothing
Who each suits
Chime
Who it suits
- People who prefer handling savings with connected tools
- Customers who value simple transfers beside savings
Monzo
Who it suits
- UK adults and teens who want everyday spending with no monthly cost
- Savers who want instant access to their money without a notice period
- Travellers who spend abroad often, given the 0% markup and 38 currencies
Who should look elsewhere
- Anyone chasing a fixed-term rate, since the savings rate is variable and money comes out instantly
- People who want phone or email help, because support runs on help centre only
- Shoppers who only need a wallet for online payments can look at PayPal Colombia instead, where the monthly fee is $0
Current offers
Monzo
Current offer
Free trial
3 month free trial of YouTube Premium Lite included with the Max plan: 3 months free YouTube Premium Lite
Max plan subscribers, aged 18-69, 3 month minimum term, UK residents, Ts&Cs apply
Source, checked September 26, 2026
Country by country
| Country | Chime | Monzo |
|---|---|---|
| United Kingdom | No | Yes |
Questions about each
Chime
What does Chime offer for savers?+
Chime offers savings that customers organise through digital access. Balances stay visible alongside transfer options for everyday planning. Customers review how savings fit daily needs before choosing this careful approach.
How does moving money work with Chime?+
Chime supports ACH transfers alongside savings for straightforward organisation. Customers arrange transfers through digital routes and track balances in the same place. Customers review transfer needs and savings habits before choosing this setup.
Monzo
What does Monzo charge each month?+
The current account has a monthly fee of £0, and the pricing model it runs on is no monthly fee. The savings side carries no monthly charge either, with a minimum deposit of £0. The legal entity behind both is Monzo Bank Limited.
Is my money protected?+
Deposits are covered by the FSCS: FSCS up to GBP 85,000. In the UK the account is regulated by the Financial Conduct Authority and the Prudential Regulation Authority, so it is a bank rather than an e-money wallet. The legal entity is Monzo Bank Limited, based in the United Kingdom.
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