Revolut vs Monzo: Which Should Be Your Main Account?

The Revolut vs Monzo question usually comes down to one decision: do you want a full UK bank that happens to have a great app, or a multi-currency money app that now happens to be a bank? Both are strong, both are now fully licensed UK banks, and plenty of people use both at once. This guide compares them the way you would actually use them, so you can pick the one to make your main account and, if you want, keep the other for travel.

The short answer

If you are paid in pounds, keep an emergency fund, and mostly spend in the UK, Monzo is the easier main account. It handles salary, joint accounts, overdrafts, bills and phone support like a bank because it is one, and has been since 2017.

If you travel often, hold or send money in several currencies, or want the sharpest exchange rates, Revolut is the stronger everyday spending tool. It became a fully licensed UK bank in September 2025, so your money is now protected in the same way, but its DNA is still the multi-currency super-app.

FSCS protection: both are covered now

This used to be the biggest difference and it no longer is. Money held in either bank is protected by the Financial Services Compensation Scheme (FSCS), the UK government-backed safety net that pays out if a bank fails. That limit rose from £85,000 to £120,000 per person, per banking licence, on 1 December 2025.

Before September 2025, Revolut held customer money as an e-money firm, which is safeguarded but not FSCS-protected. Now that it holds a full UK banking licence, balances in your Revolut account carry the same FSCS cover as Monzo. If you are sitting on a large sum, remember the limit is per licence, so splitting cash across two banks doubles your protected total. You can check the details on the FSCS website.

Everyday UK banking

Monzo is built around being the account your salary lands in. You get paid up to a day early, can split bills, set up pots for savings and bills, and reach a human on the phone. It offers arranged overdrafts, personal loans, joint accounts and a growing set of savings options, so for most people it can genuinely replace a high-street current account.

Revolut does current account basics well and its app is slick, but some features UK customers expect from a main bank, joint accounts and cheque handling among them, have historically been thinner or absent. It is catching up fast now that it is a licensed bank, but if “main account” means salary, bills and overdrafts in one place, Monzo is the more complete fit today.

Spending abroad and multiple currencies

This is where Revolut pulls ahead. It lets you hold and exchange dozens of currencies in-app, send money to many countries, and spend abroad at strong rates. On the free plan there is a small markup at weekends and a monthly cap on fee-free exchange, above which a fair-usage fee applies; the paid tiers lift those limits. If you spend abroad most months, a Revolut paid plan usually pays for itself.

Monzo is also good abroad by high-street standards: no markup on the exchange rate it uses, and a monthly allowance of fee-free overseas cash withdrawals before a percentage fee kicks in. For a few trips a year, Monzo Standard is often the cheaper option because it has no monthly cap on the exchange itself. For frequent travel, Revolut’s paid plans win.

Because the two split so neatly, a common setup is Monzo as the main account for salary and bills, with Revolut topped up for travel and currency exchange. If Monzo is your shortlist, it is also worth reading our Monzo vs Starling and Chase vs Monzo comparisons before you decide.

Paid plans

Both offer a free account that covers most needs, plus paid tiers that add perks like travel insurance, higher limits, metal cards and better exchange allowances. Monzo’s paid tiers add budgeting extras, insurance and savings boosts. Revolut’s paid tiers focus on travel, higher fee-free allowances and lifestyle perks, up to a premium metal tier.

Fees and perks on these plans change regularly, so check the current pricing on each provider’s own site before you commit. As a rule, only pay for a tier if you will actually use the specific perk, usually travel insurance or higher foreign-exchange limits, that justifies it.

Which should be your main account?

• Choose Monzo if you want one account for salary, bills, overdraft, joint spending and phone support, and you spend mostly in pounds.
• Choose Revolut if you travel often, deal in multiple currencies, or want the best exchange rates and are happy managing UK basics elsewhere.
• Use both if you like: Monzo for the salary and bills, Revolut topped up for trips. Opening either is free and takes minutes.

Whichever you pick, moving your salary and direct debits is simple with the Current Account Switch Service, which most banks support. For a step-by-step on that, see our guide to switching bank accounts, and if protecting a large balance is your worry, read up on how FSCS cover works across digital banks.

Frequently asked questions

Is Revolut a real bank now? Yes. Revolut received a full UK banking licence in September 2025 and completed its transition, so money in your Revolut account is now protected by the FSCS up to £120,000, the same as Monzo and any high-street bank.

Is my money safe in Monzo and Revolut? Both are FSCS-protected up to £120,000 per person, per banking licence. That protection is government-backed and pays out if the bank fails. Because the limit is per licence, spreading money across both effectively doubles your protected total.

Which is cheaper for spending abroad? For a handful of trips a year, Monzo Standard is usually cheapest because it applies no markup to the exchange rate and has no monthly cap on it. For frequent travel, a Revolut paid plan tends to work out better by removing weekend markups and lifting fee-free exchange limits.

Can I use both Revolut and Monzo? Yes, and many people do. A popular setup is Monzo as the main account for salary, bills and overdrafts, with Revolut kept topped up for travel and currency exchange. Both free accounts cost nothing to hold.

Does Monzo or Revolut let you get paid early? Monzo offers get-paid-early, releasing your salary up to a day before payday when your employer submits it in time. This is one reason it works well as a main salary account.

Can I switch my main account to Monzo or Revolut? Yes. Both support the Current Account Switch Service, which moves your balance, direct debits and standing orders from your old bank within seven working days and redirects any payments that still go to the old account.