If you're trying to decide between Starling Bank and Monzo Bank, you're not alone - these two digital-only banks have been gaining popularity in the UK in recent years. But which one is right for you?

To help you make a decision, we've compared the two banks on key factors like fees, features, and customer service.

Table of Contents

Starling and Monzo Bank Overview

Starling Bank is a digital-only bank that offers personal, joint, and business accounts. There are no monthly fees, and you can get instant notifications of your spending via the mobile app. You also get access to a network of fee-free ATMs.

Monzo Bank is also a digital-only bank, and offers personal, business and joint accounts. Similar to Starling Bank, there are no monthly fees, and you can get instant notifications of your spending via the mobile app. Monzo Bank also offers a network of fee-free ATMs.

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Starling vs Monzo Bank

Starling Bank
Monzo vs Starling

Monzo Bank
Account Options Personal, Business, Joint, Multi-Currency,
Teen/Child Accounts
Personal or Business Account
Fiat Currency Options GBP, EUR or USD GBP only
Fees £0 £5 per month
Year Founded 2014 2015
Available for USA No No
Lending Interest 0.05% Interest 0% Interest
Stock/Crypto Trading Image Image
Covered by FSCS UK Image Image
Overall Rating Image Image
Visit Website Visit Starling Bank Visit Monzo Bank

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Starling Bank vs Monzo Bank: Account Options

Starling Bank offers the widest variety of accounts including Personal, Joint, Euro, Child Debit Cards, Teen Accounts as current accounts. Their platform also supports Business Banking for companies and sole traders. You can also get access to USD, Euros and GBP through the Starling Business Banking accounts.

starling and monzo
Starling Bank - award winning UK digital bank.

Monzo Bank has two basic account options - Business and Personal. The Monzo Flex personal account is an easy way to earn up to 2% interest on GBP deposits with a top-tier Digital Bank account in the UK. Their Business Banking offering is also competitive, but costs 5 pounds via monthly subscriptions.

Winner: Starling Bank offers a wider variety of completely free account options, compared to Monzo which charges fees for fewer account types.


Monzo vs Starling Business Account

Starling Bank is the UK's largest digital business bank with over 450,000 companies & businesses leveraging their platform. Starling Business Bank Accounts are completely free, regulated by FSCS, and offer multi-currency support for GBP, EUR, and USD.

The Starling Bank customer service team for business banking was voted #1 in the UK for service quality on an independent survey.

Monzo Bank is the second-largest digital business bank account that offers a suite of regulated services for companies and small businesses. They charge a fee of £5 per month to give you access to business banks, free bank transfers, invoicing services, business debit cards, and much more.

5 million people have monzo
Key features of the Monzo Bank App.

Winner: Starling Bank is the superior Business Banking option on the basis that they offer lower fees, higher interest deposits and better customer service.


Digital Bank Regulation in the United Kingdom

Both Starling and Monzo offer fully regulated UK bank accounts. This is because both companies have acquired a UK banking license, which provides insurance to customers of up to £85,000 that is covered by the Financial Services Compensation Scheme (FSCS) in the United Kingdom.

Winner: Both platforms are covered by the same regulations and licensing in the UK. That said, both banks are equally safe and secure to deposit GBP and other fiat currencies.


Monzo and Starling Bank Features

Starling Bank offers the widest variety of features compared to other Digital Banks in the United Kingdom and Europe. With their platform, you can earn interest on GBP deposits, transfer money overseas, automatically round up transactions and deposit into a savings account and so much more. Starling charges 0 fees for accounts.

Starling Bank Features
Features of Starling Bank Business & Personal accounts.

Monzo Bank provides a similar suite of services, with a sleek and intuitive iOS/Android App that gives you visibility over your accounts, transaction and portfolio. The key difference is that Monzo offers 'Premium Services' that charge the customer monthly subscription fees - whereas Staling does not.

Winner: Starling Bank wins again because they offer the same services, but charge zero fees.


Does Starling or Monzo offer Crypto?

Both Starling Bank and Monzo Bank do not offer cryptocurrency services for their Personal or Business bank account holders. That said, you can safely deposit GBP into licensed cryptocurrency exchanges like eToro UK to buy cryptocurrencies and stocks.

We recommend that you stick to licensed platforms and avoid off-shore exchanges like Binance - because your bank may freeze your account.


Final Verdict: Is Starling better than Monzo Bank?

Starling is better than Monzo bank because they offer more banking services for fewer fees in the United Kingdom. Their customer support was also voted #1 in an independent survey that asked business accounts and institutional clients about the service of 50 different banks in the UK.

Visit Starling
Posted 
May 16, 2022
 in 
Crypto Banks
 category

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