You can hold, transfer and spend in different currencies, without being charged any fees. 3% fee on foreign ATM withdrawals after the first £200 each month. This means it costs more to borrow money using a credit card. Popular with young people especially, this new wave of banking apps offer features like fee-free spending abroad, smart tools to keep tabs on spending, and instant interaction with your account – allowing you to view transactions in real time or cancel your debit card in an instant. Plum doesn’t offer a current account like Monzo, but rather links to your existing current account so it can analyse your spending and start saving for you automatically. Drawbacks include the fact you have to pay for a debit card – it’s only £5 – and no support for Direct Debits. 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I have both cards and generally find Monzo has the better exchange rate, but Revolut is great for holding currency and saving for holidays as you know what the rate will be as soon as you exchange. App-based banking. Your exact rate will depend on your credit score, and you can see what rate you’re on in your Monzo app. When you make major financial decisions, consider getting independent financial advice. product or commit to any plan. As you’d expect, you get a timeline of your spending on all your cards, and the app also splits your purchases into categories so you can see where your money is going. Level 2, 20 St Thomas St, reference number: 786446). Charlie Barton is a publisher at Finder. Learn how we maintain accuracy on our site. As a representative example, if you use an arranged overdraft of £1,000 for 30 days, with 39.0% EAR/APR (variable), it would cost you £27.45. Premium bank accounts offer additional perks for people who hold significant sums with the bank providing them, and can be good value for money. You can buy, hold and exchange cryptocurrencies. shopping, … See your last 50 transactions or up to three months of transactions. Monzo Plus was then relaunched in July this year, with features such as interest on credit balances, virtual cards and custom budgeting categories. – Annual policy (received with Revolut Premium) – for those who would rather be insured for multiple trips over the course of one year at one flat rate, you can buy an annual policy with exactly the same coverage, or upgrade to Revolut Premium now and receive this annual policy for free. Explore Monzo Premium Monzo Plus. I would like to switch to a credit card with more modern features that are in line with something like Monzo. Like all card providers, Monzo enforces a range of limits on ATM withdrawals, top-up amounts, single payments and the overall balance on the card. The bank also supports Apple Pay, Android Pay and Samsung Pay, so you can make contactless payments from practically any phone or smartwatch. I use a Monzo (over a credit card) because: I like having a fixed sum to spend. Opening a business bank account can seem like a stressful process, but in fact there are now a number of banks and providers that will let you do it quickly and easily online. Monzo's new premium account comes with all the features of Monzo Plus, but adds worldwide travel insurance and mobile phone cover. Deposit cash into the account at all PayPoints. Opening a current account for your club, community organisation, sporting society or charity can take a bit of time, but is a fundamental step in setting up your organisation. Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees. Copyright © Dennis Publishing Limited 2021. finder.com is an independent comparison platform and information service Like some other high-street banks, you also get £100 simply for joining and its “1st Account” comes with a £250 interest-free overdraft and no fees (providing you pay in £1,000 every month). At present, Revolut is classed as an E-Money Institution rather than a bank, so your money isn’t protected under the Financial Services Compensation Scheme (FSCS), as it would be with Monzo. With both Revolut and Starling's standard accounts, users can choose to either round up to the nearest pound or, like Monzo Plus, 2x, 5x or 10x the amount. It’s app-based, very easy to set up and use and is also expanding to offer more products, such as savings accounts. Monzo is more about replacing your traditional current account with an app-based one that basically does the same things, but much better and without charging any fees. Monzo offers a Mastercard debit card with its current account Credit: PA:Press Association How do you get a Monzo card? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. A range of interest-paying savings accounts is available through Monzo’s partners. Formed in 1989, First Direct is another branchless phone- and internet-only bank, but it feels much more like a real bank than Monzo. Confirm details with the provider you're interested in before making a decision. Lastly, Curve offers 1% cashback for three months on purchases from a selection of UK retailers. As with most things, it depends. Revolut is much more focused on the international side of banking and on offering you innovative, techie features at a convenient price. 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