Neobank comparison
Compare Monzo and Varo Bank side by side: fees, regulation, platforms.
Best for budgeting
Monzo turned budgeting into the headline feature of a current account. For UK users who want to see and shape…
Best US high-yield neobank
Varo is the rare US neobank that holds its own national bank charter, so deposits are directly FDIC insured w…
| Feature | Monzo | Varo Bank |
|---|---|---|
| Monthly fee | Free | Free |
| FX markup | 0% | 0% |
| Savings APY | 3.50% | 5% |
| Currencies | 1 | 1 |
| Card network | Mastercard | Visa |
| Deposit protection | FSCS up to 85,000 GBP | FDIC up to 250,000 USD (Varo Bank, N.A.) |
| Regulators | - | - |
| Best for | Best for budgeting | Best US high-yield neobank |
| Markets & account | ||
Monzo
Monzo turned budgeting into the headline feature of a current account. For UK users who want to see and shape their spending, nothing else comes close on usability.
Confirm current fees and rates on the provider's site. T&Cs apply.
Varo Bank
Varo is the rare US neobank that holds its own national bank charter, so deposits are directly FDIC insured while the savings rate stays at the top of the table.
Confirm current fees and rates on the provider's site. T&Cs apply.
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