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Updated October 17, 2026 · VaultCue Editorial Team

Monzo vs Novo

Monzo scores 8.9 and Novo 9.2 out of 10. Compare their differences and shared features below.
Monzo

Monzo

8.9/10
Visit
Novo

Novo

Higher score in this comparison

9.2/10
Visit

Monzo vs Novo: the differences

Monzo vs Novo
CompareMonzoMonzoReviewVisitVisitNovoNovoReviewVisitVisit
Monthly fee£0$0
Deposit protectionFSCS up to GBP 85,000FDIC up to USD 250,000
Free ATM withdrawals£200$7
Transfer fee0 for UK transfers and foreign-currency card spend; international transfer up to GBP 9 fixed plus 0-1.80%Standard ACH $0; Express ACH and outgoing wire provider fees shown before sending
Currencies38Not confirmed
Local account detailsNot confirmedUs ACH

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Key differences

  • Novo scores higher overall: 9.2 vs 8.9.
  • Support channels: only Novo offers Chat, Email.
  • Audience: only Monzo offers Teen.
  • Audience: only Novo offers Freelancer.
  • Features: only Monzo offers Joint account.
  • Features: only Novo offers Free ATM.

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.

Read the full Monzo review

Novo

Novo is a US business-banking fintech. It sends a physical debit card to the primary owner when the account is opened, and a virtual card can be activated after approval.

Read the full Novo review

Score breakdown

Monzo vs Novo
AreaMonzoNovo
Cost9.3Current account monthly fee of £0 and a 0% exchange rate markup on foreign-currency card spend.9.3Monthly fee $0, minimum deposit $0 and transfer fee $0 on the business checking account.
Offer9.2HigherInstant-access savings paying 2.75% to 3.5% variable, instant withdrawals, a joint account, 38 currencies and a free cash machine allowance.9.1
Trust8.4Not confirmed

Licences and countries

Monzo vs Novo
CountryMonzoNovo
United KingdomNot confirmed
United StatesNot confirmed

Additional countries for Monzo: 1. Additional countries for Novo: 1.

Positions in our rankings

Monzo vs Novo
RankingMonzoNovo
Savings accounts29 of 142020 of 1420
Business bank accounts17 of 56310 of 563
Money transfer services15 of 156410 of 1564

What we checked

Monzo

  • monzo.com: 11 facts, checked September 26, 2026
  • en.wikipedia.org: 1 fact, checked September 26, 2026

Novo

  • novo.co: 11 facts, checked September 26, 2026

Every fact side by side

Monzo vs Novo
FactMonzoNovo
AudienceBusiness, TeenBusiness, Freelancer
Pricing modelNo monthly feeNo monthly fee
FeaturesJoint accountFree ATM
Legal entityMonzo Bank LimitedNovo Platform Inc.
HeadquartersUnited KingdomUnited States
Founded2015Not confirmed
Support channelsHelp centreChat, Email, Help centreCovers more

Savings

Monzo vs Novo
FactMonzoNovo
Headline rate2.75% to 3.5%Not confirmed
Rate typeVariableNot confirmed
Minimum deposit£0$0
Access termsInstant withdrawals any time, no limits, interest paid monthly, up to 20 Savings Pots, Monzo current account required, aged 16+On-demand access, no minimum balance requirement
Account kindEasy accessCash management

Money transfer

Monzo vs Novo
FactMonzoNovo
Exchange rate markup0%Not confirmed
Delivery timeSame day for 95% of customers, average 1 daySame-day with Express ACH; FedNow transfers in seconds
Payout methodsBank, CardCovers moreBank
Fee to send 1,000£0 to £9$0

Where each stands against the rest

Monzo vs Novo
FactMonzoNovoMedian
Currencies38highest quarterNot confirmed5

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

Novo

Pros

  • Both physical and virtual card access are described.

Cons

  • Virtual-card activation follows account approval.

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

Novo

Who it suits

  • US business owners who want physical and virtual debit-card access through Novo.

Who should look elsewhere

  • Applicants expecting virtual-card activation before account approval.

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

Novo

Current offer

  • Bonus

    Novo cashback on eligible purchases: 1% cashback with a Novo checking account balance under $5,000; 2% with a balance of $5,000 or more

    Requires a Novo checking account; rate depends on account balance; eligibility subject to final Novo determination

    Source, checked September 26, 2026

Country by country

Monzo vs Novo
CountryMonzoNovo
United KingdomYesNo
United StatesNoYes

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.

Novo

Which tools can connect with the banking setup?+

Accounting, payments and payroll tools can be connected so that information stays in step across the business. A change made in one place carries through to the others without retyping. Owners who already use established bookkeeping routines can keep those habits in place while adding more reach.

Can a business grow without changing banks?+

The platform is designed to handle more volume as a company grows, so owners can plan ahead without adding extra busywork. Its features are meant to scale with the operation rather than forcing a move to a larger bank. Keeping the same banking setup while the business expands can make transitions smoother for owners and the people they work with.

Other options to compare

Monzo

Visit

Novo

Visit