Updated September 28, 2026 · VaultCue Editorial Team
Lunar vs Monzo
Monzo
Higher score in this comparison
Lunar
Where Lunar and Monzo differ
| Compare | LunarReviewSee alternativesSee alternatives | MonzoReviewVisitVisit |
|---|---|---|
| Headline rate | 0.25% to 1% | 2.75% to 3.5%Higher |
| Deposit protection | EU DGS up to EUR 100,000 | FSCS up to GBP 85,000 |
| Access terms | Withdraw anytime; interest paid monthly on all current accounts | Instant withdrawals any time, no limits, interest paid monthly, up to 20 Savings Pots, Monzo current account required, aged 16+ |
| Monthly fee | DKK 0 | £0 |
| Minimum deposit | Not confirmed | £0 |
Same on both: Rate type (Variable), Account kind (Easy access).
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Key differences
- Monzo scores higher overall: 8.9 vs 8.7.
- Lunar is available in 1 more country.
- Headline rate is higher at Monzo: 2.75% to 3.5% vs 0.25% to 1%.
- Support channels: only Lunar offers Email, Chat.
Our verdict on each
Lunar
Lunar suits people living in Denmark who want a current account that pays interest every month and can be held jointly, with a rate of 0.25% to 1% credited monthly and withdrawals left open. Students, teens and expats get a simple app-led account, though the rate is modest next to the alternatives here.
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 | Lunar | Monzo |
|---|---|---|
| Cost | 9.1Monthly fee of DKK 0, but a free ATM allowance of DKK 0 and currency conversion at 0% to 1%. | 9.3HigherCurrent account monthly fee of £0 and a 0% exchange rate markup on foreign-currency card spend. |
| Offer | 8.7 | 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 | 8.5Higher | 8.4 |
How they place
| Ranking | Lunar | Monzo |
|---|---|---|
| Savings accounts | 519 of 1420 | 29 of 1420 |
| Student, teen and kids accounts | 158 of 273 | 8 of 273 |
From lowest to highest
| Fact | Lunar | Monzo |
|---|---|---|
| Headline rate | 0.25% to 1% | 2.75% to 3.5% |
Where each is licensed and available
| Country | Lunar | Monzo |
|---|---|---|
| Denmark | Not confirmed | |
| United Kingdom | Not confirmed | Financial Conduct Authority 730427 |
Additional countries for Lunar: 2. Additional countries for Monzo: 1.
Also worth a look
eToro has headline rate at 3.8%, against 0.25% to 1% for Lunar and 2.75% to 3.5% for Monzo.
eToro reviewWhere these facts come from
Lunar
- lunar.app: 11 facts, checked September 26, 2026
Monzo
- monzo.com: 11 facts, checked September 26, 2026
- en.wikipedia.org: 1 fact, checked September 26, 2026
Every fact side by side
| Fact | Lunar | Monzo |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | Lunar Bank A/S | Monzo Bank Limited |
| Headquarters | Denmark | United Kingdom |
| Founded | 2015 | 2015 |
| Support channels | Email, Chat, Help centreCovers more | Help centre |
Everyday accounts
| Fact | Lunar | Monzo |
|---|---|---|
| Currency conversion fee | 0% to 1% | Not confirmed |
| Currencies | Not confirmed | 38 |
| Audience | Expats, Student, Teen | Business, Teen |
| Features | Free ATM, Joint account, Digital onlyCovers more | Joint account |
| Local account details | IBAN | Not confirmed |
| Free ATM withdrawals | DKK 0 | £200 |
| Transfer fee | Outgoing transfer 3 DKK (Light); 0 DKK per transfer in SEK, NOK or EUR, 50 DKK per transfer in other currencies; 0.5% exchange fee on non-DKK transfers | 0 for UK transfers and foreign-currency card spend; international transfer up to GBP 9 fixed plus 0-1.80% |
Money transfer
| Fact | Lunar | 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 | Lunar | Monzo | Median |
|---|---|---|---|
| Headline rate | 0.25% to 1%lowest quarter | 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
Lunar
Pros
- Interest is paid monthly on all current accounts, and the account is easy access, so the balance stays spendable.
- The monthly fee is DKK 0, so nothing is deducted for keeping the account open.
- Balances are covered by the EU deposit guarantee scheme, with protection of EU DGS up to EUR 100,000.
Cons
- Currency conversion costs 0% to 1%, and an exchange fee applies on non-DKK transfers, so spending abroad is where the cost sits.
- Support runs on email, chat and help centre only, with no phone line listed for problems the app cannot answer.
- The free cash machine allowance is DKK 0, so ATM withdrawals are not part of what the account gives you.
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
Lunar
Who it suits
- Students and teens opening a first account, since Lunar lists expats, student and teen as its core groups.
- Expats living in Denmark who want local payment details, since transfers use your own IBAN (iban).
- Couples sharing a balance, since a joint account sits in the feature list (free atm, joint account and digital only).
Who should look elsewhere
- Shoppers chasing the top rate: Plazo ES advertises 24.19% and AXI Card Tarjeta y Credito 21.59%, both far above the 0.25% to 1% paid here.
- Anyone who wants included cash machine use or a phone support line, given the free ATM allowance is DKK 0 and support runs on email, chat and help centre.
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
Lunar
Current offer
Bonus
SAS EuroBonus welcome bonus for new Lunar customers: 3,000 points
Open a Lunar account after June 17, 2024, order the SAS EuroBonus Lunar card within 2 weeks, keep it active at least 3 months with at least 4 subscription payments, spend at least 15,000 kr (DKK/SEK/NOK) on points-accruing transactions, and have had no Lunar account in the past 2 years.
Source, checked September 26, 2026
Bonus
Lendo loan sign-up fee discount: 500 DKK off the sign-up fee
Compare loans via Lendo for free and receive offers based on your needs; discount applies when you have Lunar.
Source, checked September 26, 2026
Bonus
Wolt+ included with Lunar Unlimited: Wolt+ membership included; 3, 6 or 9-month voucher on lower tiers
Included in Lunar Unlimited and Lunar Business Limitless; lower tiers receive a voucher for a time-limited offer.
Source, checked September 26, 2026
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 | Lunar | Monzo |
|---|---|---|
| Denmark | Yes | No |
| Sweden | Yes | No |
| United Kingdom | No | Yes |
Questions about each
Lunar
How much does it cost to keep a Lunar account?+
The monthly fee is DKK 0, so there is no charge for keeping the account open. The costs sit on money moving: currency conversion costs 0% to 1%, outgoing transfers carry a small fixed fee, and transfers in SEK, NOK and EUR are free while other currencies cost more. Non-DKK transfers also attract an exchange fee.
Is my money safe and who regulates the bank?+
Deposits are covered by the EU deposit guarantee scheme, with protection of EU DGS up to EUR 100,000. The account comes from Lunar Bank A/S, a bank based in Denmark that is supervised by the Danish Financial Supervisory Authority. The scheme behind it is the same one that backs deposits at other European banks.
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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