Monzo vs. Revolut vs. Starling vs. Chase: Which Is the Ultimate Digital Bank?

Digital banks - internet-only with no brick-and-mortar outlets - have gained significant popularity in the UK over recent years. According to research from Finder , approximately 40 percent of British adults already possess a digital copy. bank account -drawn to lower charges and more favorable saving percentages compared to conventional brick-and-mortar banks.

Nevertheless, all digital banks do not provide identical advantages.

Some focus mainly on individual banking needs, whereas others are designed specifically for businesses or travel enthusiasts. Given the wide range of features, price options, customer service levels, and reward systems available, choosing the appropriate digital bank account might seem challenging.

To assist you in choosing the right option, we've examined four of the UK’s leading digital banking service providers: Monzo , Revolut Starling Bank, and Chase UK.

Here’s how they compare for personal banking - rates or fees mentioned are correct at time of publication but are subject to change.

Monzo: Good for budgeting and everyday banking

Monzo is well-known for its budgeting tools and fee-free spending within the UK. Its app provides real-time spending insights, savings pots, and early salary access. You can also create separate pots for saving, which can be automated based on your spending habits. Additionally, Monzo’s split-bill feature allows you to split expenses so you only pay for what you order - after all, who likes the old-fashioned way of splitting the bill 'equally' when you order Bucks Fizz but your friends always get Dom Perignon?!

Key features:

• Budgeting tools with spending categories
• Get your salary paid a day early
• 24/7 chat support
• FSCS protection (up to £85,000)
• Overdrafts and loans available
• Free UK bank transfers
• Automate your saving to save time
• Divide the cost for shared expenditures
• Receive 3.35 percent* annually on cash in a basic account, or get an interest rate of 3.85 percent* with a Plus, Premium, Perks, or Max account.

International payments fees:

• 1 per cent currency conversion fee for receiving payments from another currency to GBP (capped at £1,000)
• Fixed fee of £0.50 to £2.68, or a variable fee of 0 per cent to 1.3 per cent, for sending payments in a foreign currency

Drawbacks:

• Limited free international cash withdrawals
• Some features, like travel insurance, require a paid plan

Best for: Everyday banking, budgeting, and saving in the UK.

*Annual Equivalent Rate (AER), variable, up to £500,000

Revolut: Excellent for trips and foreign money transactions

Revolut is a good pick for frequent travellers. The UK’s largest digital banking provider (by customer base) offers multi-currency accounts and access to stock investing or crypto trading from just £1. Revolut’s wide choice of currencies make it a popular option for those who frequently make or receive international payments. With the paid plan, you benefit from more features like disposable virtual cards, travel insurance and even discounted airport lounge access.

Key features:

• Store and swap funds in more than 30 different currencies.
• Interest-free currency exchanges from Monday to Friday (subject to monthly caps), with a 1% exchange charge on Saturdays and Sundays.
• 24/7 in-app support
• Cryptocurrencies along with stock trading options but subject to specific restrictions
• Premium packages include travel insurance along with access to lounges.
• Digital payment cards for enhanced safety during online purchases
• Advanced analytics assist you in monitoring your expenditures across various currencies.
• Up to 5 per cent cash interest* on amounts held in GBP balance Revolut Instant Access Savings account)

International payments fees:

• Payments in euros are free within the Single European Payments Area (SEPA).
• Fees apply for other international payments

Drawbacks:

• The free plan has strict limits on fee-free withdrawals and exchanges
• Not FSCS protected (but funds are safeguarded under e-money regulations)
• Some advanced financial tools are locked behind premium subscriptions and travel insurance requires specific criteria followed

Best for: Frequent travellers, people interested in investing and international spenders.

*Annual Equivalent Rate (AER), variable, interest paid daily

Starling Bank: Strong in human assistance

Starling Bank offers a comprehensive digital banking experience with human-based customer support and no hidden fees. You can organise your money in different 'Spaces', which act like virtual change jars in your account, for simpler day-to-day budgeting. The Easy Saver account has no minimum deposit requirement.

Key features:

• 24/7 human support available
• Fee-free spending abroad
• Protection from FSCS (up to £85,000)
• Good business banking options
• Integrated accounting software compatibility
• Free digital cheque deposits
• Starling's 1-Year Easy Saver account provides a cash interest rate of 4 percent (variable), or 4.05 percent for the Fixed Saver account*.

International payments fees:

• Free for the Euro account
• Charges are applicable for other international transactions.

Drawbacks:

• Less benefits than what you get with premium Revolut plans
• There are no reward programs or cashback offers.
• Restricted investment choices when compared to Revolut

Best for: Comprehensive digital banking solutions for freelancers and business proprietors.

*Annual Equivalent Rate (AER), calculated for deposits ranging from £2,000 to £1m

Chase UK: Excellent for cashback and automated savings

Overview: Backed by JPMorgan Chase , Chase UK offers 24/7 customer support and focuses on cashback rewards and automatic savings with its round-up account. You’ll get cashback on all spending for the first year, which will appeal to anyone looking to earn rewards on regular transactions (the maximum monthly reward is £15 per month).

Key features:

• Round up your spending to the nearest £1 and the app will autosave the difference
• The Chase saver account offers a cash interest rate of 4.5 per cent* for the first 6 months if you open within 31 days of joining Chase
• Get a 5 per cent* variable interest boost for the round-up account
• 1 per cent cashback on everyday spending (for the first year)
• There are no charges for purchases made in the UK or internationally.
• FSCS safeguarding (£85,000 limit)
• High-interest savings accounts connected to rounding up transactions
• In-app financial management tools for saving money

International payments fees: You cannot utilize your Chase UK digital bank account for transactions involving other countries.

Drawbacks:

• No international payments
• Restricted choices for corporate bank accounts
• The cashback offer is applicable solely for the initial 12-month period.

Best for: Rewards cashback, high-interest savings, and regular spending.

*Annual Equivalent Rate (AER)

Comparison table

Feature	Monzo	Revolut	Starling	Chase UK
Customer service score on Trustpilot	4.7 / 5	4.3 / 5	4.2 / 5	4.1 / 5
FSCS protection	Yes	No	Yes	Yes
Cashback	Eligible purchases	Eligible purchases	No	1%, for 12 months
Interest on balances	No	No	No	Yes, on roundups
Fee free UK transactions	Yes	Yes	Yes	Yes
Fee free overseas transactions	Limited	Limited	Yes	Not with UK card

What digital banking service suits you best?

The best digital bank account depends on your needs.

• For budgeting and everyday spending: Monzo ’s budgeting tools and early salary access make it a decent choice.
• For frequent travellers: Revolut ’s multi-currency features and fee-free international spending provide plenty of flexibility.
• For freelancers: Starling Bank stands out with strong business banking features.
• For cashback and rewards: Chase UK is tempting with its 1 per cent cashback and the chance to earn 5 per cent AER in a round-up account.

Each digital banking provider has its pros and cons, so think about which features matter most to you before making a decision. Always compare the latest rates and terms to ensure you get the best deal.

When you invest, your capital is at risk, and you might recover less than what was initially invested. Previous performance does not ensure future outcomes.

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