Updated September 28, 2026 · VaultCue Editorial Team
Monzo vs N26
Monzo
N26
Higher score in this comparison
Where Monzo and N26 differ
| Compare | MonzoReviewVisitVisit | N26ReviewVisitVisit |
|---|---|---|
| Monthly fee | £0 | €0 |
| Deposit protection | FSCS up to GBP 85,000 | EU DGS up to EUR 100,000 |
| Currencies | 38 | from 35 |
| Free ATM withdrawals | £200 | €2 |
| Transfer fee | 0 for UK transfers and foreign-currency card spend; international transfer up to GBP 9 fixed plus 0-1.80% | Free: no extra charge for Wise-powered international transfers; MoneyBeam domestic transfers free |
| Currency conversion fee | Not confirmed | 0% |
| Local account details | Not confirmed | IBAN |
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Key differences
- N26 scores higher overall: 9.1 vs 8.9.
- Founded is lower at N26: 2013 vs 2015.
- N26 is available in 20 more countries.
- Support channels: only N26 offers Email, Chat, Phone.
- Audience: only Monzo offers Business.
- Audience: only N26 offers Expats, Travelers, Student.
- Pricing model: only N26 offers Low FX.
- Features: only N26 offers Free ATM, Digital only.
Our verdict on each
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.
N26
N26 suits people who want banking costs to stay flat and who move money across currencies often: the monthly fee is €0 and the currency conversion fee is 0%. It is aimed at expats, travelers, students and teens, and savings sit alongside the everyday account.
Score breakdown
| Area | Monzo | N26 |
|---|---|---|
| Cost | 9.3Current account monthly fee of £0 and a 0% exchange rate markup on foreign-currency card spend. | 9.4HigherFees of €0 monthly and 0% to convert sit at position 1 of 500 and 1 of 312. |
| Offer | 9.2Instant-access savings paying 2.75% to 3.5% variable, instant withdrawals, a joint account, 38 currencies and a free cash machine allowance. | 9.5HigherAimed at expats, travelers and student, holding from 35 currencies, with a joint account, digital-only service and easy-access savings. |
| Trust | 8.4 | 8.5Higher |
Availability and regulation
| Country | Monzo | N26 |
|---|---|---|
| Germany | Not confirmed | |
| United Kingdom | Financial Conduct Authority 730427 | Not confirmed |
Additional countries for Monzo: 1. Additional countries for N26: 21.
Spending 1,000 abroad
Monzo
0
0% of 1,000
N26
0
0% of 1,000
Both come to the same total.
Worked out from the stated prices and rates; your own total depends on how you use it. Facts checked September 26, 2026.
How they place
| Ranking | Monzo | N26 |
|---|---|---|
| Savings accounts | 29 of 1420 | 22 of 1420 |
| Money transfer services | 15 of 1564 | 11 of 1564 |
| Student, teen and kids accounts | 8 of 273 | 6 of 273 |
Where these facts come from
Monzo
- monzo.com: 11 facts, checked September 26, 2026
- en.wikipedia.org: 1 fact, checked September 26, 2026
N26
- n26.com: 14 facts, checked September 26, 2026
Every fact side by side
| Fact | Monzo | N26 |
|---|---|---|
| Audience | Business, Teen | Expats, Travelers, Student, Teen |
| Pricing model | No monthly fee | No monthly fee, Low FXCovers more |
| Features | Joint account | Free ATM, Joint account, Digital onlyCovers more |
| Legal entity | Monzo Bank Limited | N26 Bank SE |
| Headquarters | United Kingdom | Germany |
| Founded | 2015 | 2013Lower |
| Support channels | Help centre | Email, Chat, Phone, Help centreCovers more |
Savings
| Fact | Monzo | N26 |
|---|---|---|
| Headline rate | 2.75% to 3.5%Higher | 0.3% to 1.5% |
| Rate type | Variable | Variable |
| Minimum deposit | £0 | Not confirmed |
| Access terms | Instant withdrawals any time, no limits, interest paid monthly, up to 20 Savings Pots, Monzo current account required, aged 16+ | 100% flexible: deposit and withdraw any amount, whenever you want |
| Account kind | Easy access | Easy access |
Money transfer
| Fact | Monzo | N26 |
|---|---|---|
| Exchange rate markup | 0% | 0% |
| Delivery time | Same day for 95% of customers, average 1 day | Instant to 1 business day |
| Payout methods | Bank, Card | Bank, Card |
| Fee to send 1,000 | £0 to £9 | €0 |
Where each stands against the rest
| Fact | Monzo | N26 | Median |
|---|---|---|---|
| Currency conversion fee | Not confirmed | 0%below the median | 0.5% |
| Currencies | 38highest quarter | from 35highest quarter | 5 |
Median across 536 listed accounts.
Pros and cons
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
N26
Pros
- Deposits are protected through EU DGS up to EUR 100,000, with N26 Bank SE supervised by BaFin in Germany.
- The savings pot is easy access and fully flexible, so deposits and withdrawals happen in any amount, whenever you want.
- Support is broad for an app-based bank, running on email, chat and phone.
Cons
- The savings rate is variable and sits at 0.3% to 1.5%, below the 3% median across savings accounts on the site.
- Local payment details run on iban, so UK sort codes and US ACH numbers are not part of the standard setup.
Who each suits
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
N26
Who it suits
- Expats, travelers, students and teens who want spending and savings in the same app, with from 35 currencies to hold.
- Readers who move money across borders, since transfers arrive in Instant to 1 business day and pay out to a bank account or a card.
Who should look elsewhere
- Pixpay FR, because its monthly fee of €3.99 suits readers who will put regular use through the account rather than those who want a fee-free everyday account.
- bunq Spain Bank Account, because a currency conversion fee of 3% suits readers banking mainly in euros and converting rarely.
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
N26
Current offer
Bonus
1% travel cashback: 1% cashback for up to 12 months on qualifying Mastercard transactions outside the EEA, Switzerland and the UK
N26 Go and Metal customers only; enrolment required via in-app message, email or push notification; up to 12 months
Source, checked September 26, 2026
Country by country
| Country | Monzo | N26 |
|---|---|---|
| Austria | No | Yes |
| Belgium | No | Yes |
| Denmark | No | Yes |
| Estonia | No | Yes |
| Finland | No | Yes |
| France | No | Yes |
| Germany | No | Yes |
| Greece | No | Yes |
8 of 22 countries where either is available.
Questions about each
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.
N26
What does N26 cost to keep open each month?+
The everyday account is free to run: the monthly fee is €0, and N26 sits at position 1 of 500 brands on that column. Spending, savings and support all sit in the same app, so holding the account costs nothing to maintain.
How much does it cost to convert or send money abroad?+
Foreign currency conversion costs 0%, and the exchange rate margin is 0%. The transfer fee is free: no extra charge is added to Wise-powered international transfers, and MoneyBeam domestic transfers are free. That keeps the cost of moving money abroad close to nothing.
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