Banks Like Monzo. Monzo online bank was launched in London in 2015 and licensed by the UK digital bank. Since its launch, this bank has been providing financial services to customers. Using the Monzo app and cards, you can carry out all your money transactions locally and internationally comfortably using your smartphone.
The bank also accepts cryptocurrency apart from fiat payment. Monzo has excellent features as an online bank, but other banks like Monzo offer better options. So if you feel Monzo doesn’t do it for you, we have better options. This article will talk about other online banks like Monzo that you can choose as alternatives.
Other Online Banks Like Monzo
One of the popular online banks in the UK is Starling, with over 3 million customers. Starling Bank does not charge a monthly maintenance fee for personal and business accounts, unlike Monzo, which does. This will make people want to choose starling because you don’t have to pay maintenance fees every month.
However, Monzo reciprocates by offering customers a free personal account, but if you want to upgrade, you will pay a fee.
Even though Starling is an online bank without a physical location, you can still make cash deposits at any post office. Cheque deposits of less than £500 can also be made on the app using the cheque imaging feature.
If your cheque amount is more than that, you can deposit it at the nearest post office at no fee.
Revolut is also one of the best online banks like Monzo and was also founded in the UK. As one of the popular neobanks, Revolt has more varieties of products that help you increase your earnings than Monzo.
Monzo works as a traditional bank, although its services are online. Revolut, on the other hand, is only an electronic money service. If you are looking for another account to add to your traditional bank account, Revolut is highly recommended.
Amongst many products Revolut offers is their crypto and stock trading marketplace where you can do your trading. Also, on Revolut, you can trade with up to 30 currencies. Other products include 10% cashback on all accommodation bookings and VIP access to airport lounges in any country of choice.
How does it sound to carry out your mobile banking in Europe without having to pay outrageous banking fees? N26 is what you want. N26 was founded in Europe and licensed in Europe, and for most people, N26 makes mobile baking more straightforward and fun. It gives you the option of a free sign-up or paid sign-up. You can set up your direct debits, bill spitting, and how you spend money.
Your N26 virtual cards can be used to do online shopping, and it’s safe to use, while the physical card can be used in making withdrawals from ATMs anywhere in the world. N26 also offers services like personal loans, overdrafts, buy-now-pay-later, insurance, and money protection of up to £100,000.
Monese and Monzo share some similarities, like the charges and services offered. Opening an account on more is relatively easy, and it supports International transfer at a cheaper rate.
Even though it’s an e-money bank, it provides the same service as traditional banks, like direct debits for bill payment, online shopping, split bills, and joint accounts.
With Monese, you can store money in Pounds, Euros, and other currencies in your account. Monese and Monzo give Mastercards, and withdrawals come with a fee. But most importantly, international transfers are possible with Monese. Plus, you can earn money on your savings, and customer support is also available in multiple languages.
5. Atom Bank
Atom was founded in 2014 not only as an online bank but also as a challenger bank. And just like Munzo, it doesn’t have a physical location, but with the app, there is so much you can do.
The bank was finally licensed in 2015 and started operations fully in 2016. It had more than 5000 people sign up in the second year of its launch.
With your app, you can carry out mobile banking transactions, and one thing that makes it better than Monzo is the fixed saver account, where you can save from as little as £50 up to £100,000.
Atom is also great at giving mortgages to customers, and as a customer seeking mortgages, the bank will assign a broker to provide advice and connect you with one.
Smartphones and other mobile devices support Atom, and you can log in to your account on different devices. Other services that would make you love Atom are that they offer business loans, voice and face recognition software war, and you get a personalized logo.
Monzo is one of the first online banks to be launched in the UK, and opening an account on the app has many benefits and features. And as far as you want to do transactions worldwide, Monzo have you covered.
But if you are unsatisfied with what Monzo offers and want other online banks like Monzo, then you should take advantage of them as we have compiled the five best online banks like Monzo, which are great alternatives for you. Hopefully, you will pick from one of them.