Monzo vs Chase: Which Is Better in 2026?
Last updated: 13.06.2026
Monzo and Chase are two of the most popular app-only current accounts in the UK, but they are built around very different ideas. Monzo has spent years perfecting budgeting tools, savings pots and a paid-tier ecosystem, earning a loyal following among people who want to understand and control their money. Chase, launched in the UK by JPMorgan in 2021, went straight for the reward angle: 1% cashback on everyday spending and a linked easy-access saver with a competitive rate, all at no monthly cost. Both are fully licensed UK banks with FSCS protection up to £85,000. For most people Monzo edges ahead on depth and flexibility, but Chase is the stronger pick if cashback on debit spending is your priority.
Monzo is the overall winner for everyday banking, thanks to its richer feature set, more mature budgeting tools and a broader range of paid tiers that grow with you. Chase wins on cashback rewards, but that advantage is capped and time-limited.
Head-to-head: Monzo Current Account vs Chase Current Account
 Monzo Current Account | Chase 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 £400/30 days; then 3% (outside EEA) | Free up to £500/month; then 1.5% |
| Online account opening | ✓ | ✓ |
| Deposit protection | 85.000 | 85.000 |
| iOS app | ✓ | ✓ |
| Branches | ✗ | ✗ |
Winner by category
Both accounts are free to open and carry no monthly fee on the standard plan. Monzo charges nothing for the core account and offers paid tiers (Monzo Plus, Premium) for extra perks. Chase likewise has no monthly fee and no foreign transaction fees. On this metric it is a genuine tie: neither account costs you anything just to hold.
Chase takes this category thanks to its 1% cashback on eligible everyday debit card spending, which is rare among UK current accounts. Both cards support Apple Pay and Google Pay. For cash withdrawals abroad, Chase allows up to £500 per month fee-free before a 1.5% charge applies. Monzo's free ATM limit abroad is £400 per 30 days, after which a 3% fee kicks in outside the EEA. If you spend regularly on your debit card and want something back, Chase has a clear edge here.
Monzo is in a different league for financial management tools. Savings pots, salary sorter, bill pots, round-ups, spending categories and a shared tab feature are all available on the free account. Paid tiers add interest on pots, travel insurance and cashback. Chase offers a linked easy-access saver with an attractive bonus rate and a clean spending breakdown, but the feature depth does not match Monzo. Neither account offers a credit card or arranged overdraft as standard, though Monzo does offer overdrafts to eligible customers.
Both Monzo and Chase hold full UK banking licences and are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person. This puts them in a stronger position than e-money accounts, which rely on safeguarding rather than FSCS coverage. Neither has physical branches, but both offer strong in-app security controls including instant card freezing, spending notifications and biometric login. There is no meaningful difference in protection between the two.
Monzo's app has been refined over nearly a decade and consistently receives top marks in App Store and Google Play reviews. The community around it is active, and in-app chat support has improved significantly. Chase launched with a polished, well-designed app and offers 24/7 support by phone, which Monzo does not match on the free tier. I found Monzo's day-to-day usability marginally better for money management tasks, but Chase's phone support is a real advantage if you prefer speaking to someone.
Monzo offers more to most people: deeper budgeting tools, pots, a flexible upgrade path and a proven track record as a primary bank. Chase's cashback proposition is genuinely appealing but the rate and eligible categories have changed since launch, so it is worth checking current terms before committing. For a single primary account with long-term depth, Monzo wins. For a secondary account that earns you something back on spending, Chase is hard to beat.
Choose Monzo Current Account
Monzo is the right choice if you want a current account that doubles as a financial planning tool. People who live paycheck to paycheck and need to see exactly where their money goes benefit most from bill pots and the salary sorter. Monzo also suits anyone building toward a paid tier: Monzo Plus and Premium add AER interest on pots and travel insurance, making the upgrade feel worthwhile. It works well as a sole bank account. Students, freelancers and anyone switching from a legacy bank who wants a modern, feature-rich alternative will find Monzo a natural fit. CASS switching is supported, making migration from a traditional bank straightforward.
Choose Chase Current Account
Chase suits people who want to be rewarded for spending they were going to do anyway. The 1% cashback on eligible debit card purchases is one of the best debit-card reward rates available in the UK, which makes Chase an attractive secondary account alongside a more feature-rich primary bank. The linked saver with a competitive rate also appeals to people who want to park short-term cash somewhere that earns a decent return without locking it away. Chase is a strong pick for anyone who already has a budgeting-heavy account elsewhere and simply wants to maximise returns on everyday spending without paying a monthly fee.
Use both or switch?
Yes, you can hold both accounts at the same time and many people do. A common setup is to use Monzo as the primary account for budgeting, bills and salary, then use Chase as the spending card to earn cashback. Both accounts are opened entirely in-app within minutes. If you want to move your main banking fully to either account, the UK Current Account Switch Service (CASS) makes it simple: your old bank transfers your balance, redirects incoming payments and closes the old account within seven working days, all guaranteed. Both Monzo and Chase fully support CASS. Check eligibility on the respective apps before initiating a switch, as some account types have restrictions.
Verdict
After testing both accounts, Monzo is the stronger everyday bank for most UK customers. The budgeting tools are genuinely useful rather than decorative, the free account is generous, and the paid tiers offer a clear upgrade path as your needs grow. The FSCS protection, mature app and solid overdraft access for eligible customers round out a product that is hard to fault as a primary account.
Chase is not a consolation prize, though. If you spend a meaningful amount on your debit card each month, the cashback can add up to real money. The phone support and the competitive linked saver are also genuine differentiators. The smartest move for many people is to use both: Monzo for financial control, Chase for cashback on spending. If you can only have one, pick Monzo for depth. Pick Chase if rewards on spending matter most and you already have good habits around budgeting.
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FAQ
Monzo is the better all-round current account for most people, offering deeper budgeting tools, savings pots and a more mature feature set. Chase is better if earning cashback on everyday debit card spending is your top priority.
Both accounts are free with no monthly fee on the standard plan. Neither charges for standard UK payments. Chase has a slightly higher fee-free ATM limit abroad (£500 vs Monzo's £400 per 30 days), so Chase is marginally cheaper for frequent cash withdrawals overseas.
Both are equally safe. Monzo and Chase hold full UK banking licences and are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person. This is a higher level of protection than e-money accounts, which use safeguarding rather than FSCS coverage.
Yes, absolutely. There is no rule against holding both accounts. Many people use Monzo as their primary budgeting account and Chase as their everyday spending card to earn cashback. Both can be opened in minutes from your phone.
Monzo's app is widely considered one of the best in UK banking, with nearly a decade of refinement behind it. Chase also has a well-designed app and adds 24/7 phone support. For pure money management features, Monzo leads. For phone-based customer support, Chase has an edge.
Chase allows fee-free ATM withdrawals abroad up to £500 per month (then 1.5%), versus Monzo's £400 per 30 days (then 3% outside EEA). Neither charges foreign transaction fees on card payments. For cash-heavy travel, Chase's higher limit and lower surcharge make it the better option.
Both accounts fully support the UK Current Account Switch Service (CASS). Once you open your new account in-app, you can initiate a CASS switch, which moves your balance, redirects direct debits and standing orders, and closes your old account within seven working days, all guaranteed by the scheme.
Neither Monzo nor Chase pays interest on the standard free current account balance itself. Chase links to an easy-access saver with a competitive rate. Monzo pays interest on savings pots within paid tiers (Monzo Plus, Premium). For the best savings rate, compare current offers on both products before deciding.