Chase vs Monzo: Which Is Better in 2026?
Last updated: 13.06.2026
Chase UK and Monzo are two of the most popular app-only current accounts in Britain, and on paper they look almost identical: both are free, both are fully licensed banks with FSCS protection up to £85,000, and both work entirely through a smartphone. The difference is in what each does best. Chase leads with a headline 1% cashback offer on everyday debit card spending, making it genuinely rewarding for people who pay for most things by card. Monzo counters with deeper budgeting tools, savings pots, and a broader range of paid upgrade tiers. For most everyday spenders who want straightforward rewards, Chase edges ahead. For people who want a financial hub with serious money management features, Monzo is the stronger choice.
Chase wins for cashback-focused everyday spending, while Monzo is the better all-round financial management tool. The single biggest differentiator is Chase's 1% cashback on debit card purchases, which is rare in UK banking and hard to beat at zero monthly cost.
Head-to-head: Chase Current Account vs Monzo Current Account
 Chase Current Account | Monzo Current Account | |
| Rating | 5.0 /5 | 5.0 /5 |
| Monthly fee | £0/month | £0/month |
| Debit card | ✓ | ✓ |
| Credit card | ✗ | ✗ |
| Apple Pay | ✓ | ✓ |
| Google Pay | ✓ | ✓ |
| Cash withdrawal abroad | Free up to £500/month; then 1.5% | Free up to £400/30 days; then 3% (outside EEA) |
| Online account opening | ✓ | ✓ |
| Deposit protection | 85.000 | 85.000 |
| iOS app | ✓ | ✓ |
| Branches | ✗ | ✗ |
Winner by category
Both accounts charge £0 per month, with no account maintenance fees. Chase levies no foreign transaction fee at all; Monzo's free tier is also free abroad but caps ATM withdrawals at £400 per 30 days before a 3% charge applies outside the EEA. Chase's ATM limit is slightly higher at £500 per month before the 1.5% fee kicks in. Neither account charges for standard UK payments or card use, so for domestic everyday banking the cost picture is essentially equal.
Chase's 1% cashback on eligible everyday debit card spending is the standout feature here. It is time-limited and capped, so it is not infinite free money, but for a zero-fee account it is a genuine and tangible perk. Monzo's free tier has no cashback; rewards only appear on paid Monzo Plus or Monzo Premium tiers. Both cards support Apple Pay and Google Pay, and neither offers a credit card product. For pure card-spending value on the free tier, Chase wins clearly.
Monzo's feature depth is broader. Even on the free tier you get savings pots, a Coin Jar round-up tool, bill-splitting, Monzo Flex (buy now pay later), salary sorter, and detailed spending categories. Chase keeps things simpler: the app is clean and capable, and a linked easy-access saver with a boosted rate is available, but the budgeting and savings toolset is thinner. Neither account currently offers a standard arranged overdraft for all customers, which is a limitation both share. For users who want one app to manage their whole financial life, Monzo has more depth.
Both Chase UK and Monzo hold full UK banking licences. That means customer deposits are protected by the FSCS up to £85,000 per person, the same as any high-street bank. This is a meaningful distinction from e-money accounts like Wise or (historically) Revolut, where funds are safeguarded rather than covered by the FSCS scheme. On security features, both offer instant card freezing, real-time spending alerts, and biometric login. There is no meaningful difference between the two on protection.
Monzo has one of the most consistently praised apps in UK banking, with high ratings on both iOS and Android and a large, active community. Customer support is in-app but generally well-regarded for response times. Chase also has a polished app and offers 24/7 customer support, which is a real advantage over some competitors. In independent reviews Monzo tends to score slightly higher on app usability and overall customer satisfaction, largely because of its longer track record and the breadth of features that keep users engaged daily.
For a free account, Chase delivers exceptional value through the cashback scheme. Someone spending £1,500 per month on their debit card could earn around £180 per year back, without paying a penny in fees. Monzo's free tier is excellent for budgeting but does not pay you to use it. If you are willing to pay for Monzo Plus or Premium, the value calculation shifts, but on a like-for-like free-tier comparison Chase offers more tangible financial return. That said, Monzo's paid tiers bundle in travel insurance and higher interest rates, so the right answer depends on how much you are willing to spend on a monthly subscription.
Choose Chase Current Account
Chase is the right pick if cashback is your main priority and you want a genuinely rewarding free current account without any hoops to jump through. It suits people who put most of their spending through their debit card: commuters, regular online shoppers, people who pay household bills by card. The linked easy-access saver is also appealing if you want a simple place to park cash at a decent rate within the same app. Chase works well as a primary account for straightforward spenders who do not need deep budgeting features and do not miss physical branches. It is also a solid choice if you travel within Europe regularly, since there are no foreign transaction fees on card spending and the ATM allowance abroad is reasonable.
Choose Monzo Current Account
Monzo suits people who want their bank account to double as a personal finance tool. If you actively budget, use savings pots for different goals, split bills regularly with friends, or want a salary sorter that allocates money automatically on payday, Monzo is built for exactly that. It is also the better choice if you plan to upgrade to a paid tier: Monzo Plus and Monzo Premium add meaningful perks including higher interest on pots, travel insurance, and airport lounge access, making them competitive with traditional packaged accounts. Monzo is a strong fit for younger users, freelancers managing irregular income, and anyone who wants a feature-rich account that grows with them over time.
Use both or switch?
You can absolutely hold both accounts at the same time, and many people do. A common setup is to use Chase as the card you spend on daily to collect cashback, while keeping Monzo as the budgeting hub where salary lands and savings pots are managed. There is no rule against running two current accounts in the UK, and neither bank penalises you for it.
If you want to switch your main account from one to the other, the Current Account Switch Service (CASS) makes it straightforward. CASS moves your direct debits, standing orders, and incoming payments automatically within seven working days, and any misdirected payments are redirected for at least three years. Both Chase and Monzo participate in CASS, so you can initiate a switch directly from the new bank's app in a few taps.
Verdict
Both Chase and Monzo are excellent free current accounts, and either would serve most UK consumers well. The choice really comes down to one question: do you want to be rewarded for spending, or do you want powerful tools to manage your money?
If it is rewards, Chase is the answer. The 1% cashback on debit card spending is genuinely unusual for a fee-free account in the UK, and the lack of foreign transaction fees makes it a practical travel card too. If money management is the priority, Monzo wins on depth: savings pots, budgeting categories, bill splitting, and a clear upgrade path to paid tiers with insurance and interest all point to a product that has been designed to be a long-term financial companion, not just a spending account. My own preference, if forced to choose one, would be Chase for the financial return on the free tier. But I would not fault anyone for picking Monzo and I would seriously consider running both.
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FAQ
For cashback rewards on a free account, Chase is better. For budgeting tools and long-term money management, Monzo has more depth. Both are fully licensed UK banks with FSCS protection, so neither is a risky choice.
Both have a £0 monthly fee on their standard accounts, so there is no cost difference at the base level. Chase has no foreign transaction fee on card spending; Monzo's free tier is also fee-free abroad but applies a 3% ATM charge outside the EEA above £400 per month.
Both are equally safe. Chase UK and Monzo are fully licensed UK banks, meaning deposits up to £85,000 per person are covered by the FSCS, the same protection you get with Barclays or HSBC. Neither is an e-money institution.
Yes. There is no restriction on holding both accounts simultaneously. Many people use Chase for everyday spending to earn cashback and keep Monzo as their budgeting and savings hub.
Monzo's app is generally rated slightly higher in independent surveys, thanks to its broader feature set and longer track record. Chase's app is clean, fast, and well-designed, and includes 24/7 customer support, which Monzo does not always match on response speed.
Chase has a slight edge for travel. There are no foreign transaction fees on card spending, and the free ATM withdrawal limit is £500 per month abroad before the 1.5% fee applies. Monzo's free ATM limit is £400 per 30 days, with a 3% charge outside the EEA. Both are fee-free for card purchases in Europe.
Use the Current Account Switch Service (CASS), which both banks support. You initiate the switch inside the new bank's app, and within seven working days all direct debits, standing orders, and incoming payments are moved automatically. Misdirected payments are covered for at least three years.
Neither pays interest directly on the main current account balance. Chase offers a linked easy-access savings account with a competitive rate. Monzo offers savings pots with interest rates that increase on paid tiers (Monzo Plus and Monzo Premium). For the best rates, both require you to move money into a separate savings product rather than leaving it in the current account itself.