Updated September 28, 2026 · SumCue Editorial Team
Monzo vs Qonto
Monzo
Higher score in this comparison
Qonto
What sets them apart
| Compare | MonzoReviewVisitVisit | QontoReviewVisitVisit |
|---|---|---|
| Monthly fee | £0 | €9 |
| Currency conversion fee | 0%Lower | 2% |
| Free ATM withdrawals | £200 | €0 |
| Currencies | 38 | from 30 |
Same on both: Card type (Debit), Card network (Mastercard).
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Key differences
- Monzo scores higher overall: 9.1 vs 8.6.
- Founded is lower at Monzo: 2015 vs 2017.
- Qonto is available in 7 more countries.
- Currency conversion fee is lower at Monzo: 0% vs 2%.
- Support channels: only Qonto offers Email.
- Features: only Qonto offers Multi currency.
- Audience: only Monzo offers Kids.
Our verdict on each
Monzo
Monzo suits people who want everyday banking, saving and borrowing handled in one app. The current account has a monthly fee of £0, and the savings pot pays 2.75% to 3.5% with withdrawals any time and no limits.
Qonto
Qonto suits businesses that want a low-cost Mastercard debit card with included card insurance and account remuneration. It is less suitable for frequent cash withdrawals or overseas spending, because free ATM withdrawals are €0 and currency conversion costs 2%.
Score breakdown
| Area | Monzo | Qonto |
|---|---|---|
| Cost | 9.4HigherSavings run on a no monthly fee model with a minimum deposit of £0, and the credit card annual fee is £0. | 8.4Qonto charges a monthly fee of €9, currency conversion costs 2%, and the card has an annual fee of €0. |
| Offer | 9.6HigherLoan types include personal, debt consolidation and car for home improvement, and virtual card and travel come with the account. | 9.4 |
| Trust | 8.5Higher | 8.4 |
How they place
| Ranking | Monzo | Qonto |
|---|---|---|
| Savings | 24 of 1492 | 11 of 1492 |
| Savings accounts | 15 of 658 | 8 of 658 |
| Credit and debit cards | 29 of 1594 | 12 of 1594 |
| Debit cards | 22 of 826 | 10 of 826 |
Availability and regulation
| Country | Monzo | Qonto |
|---|---|---|
| France | Not confirmed | FR_ACPR PSD_PI FR_ACPR!68677 |
| United Kingdom | Not confirmed |
Additional countries for Monzo: 1. Additional countries for Qonto: 8.
What we checked
Monzo
- monzo.com: 10 facts, checked September 26, 2026
- en.wikipedia.org: 2 facts, checked September 26, 2026
Qonto
- qonto.com: 10 facts, checked September 26, 2026
- euclid.eba.europa.eu: 2 facts, checked September 26, 2026
Every fact side by side
| Fact | Monzo | Qonto |
|---|---|---|
| Features | Virtual card, Travel | Multi currency, Virtual card, TravelCovers more |
| Audience | Kids, BusinessCovers more | Business |
| Legal entity | Monzo Bank Limited | QONTO |
| Headquarters | United Kingdom | France |
| Founded | 2015Lower | 2017 |
| Support channels | Chat, Phone, Help centre | Chat, Phone, Email, Help centreCovers more |
Loans
| Fact | Monzo | Qonto |
|---|---|---|
| APR | 29% | 17.5%Lower |
| Loan amount | £10,000 to £35,000 | Not confirmed |
| Term | 12 to 84 months | Not confirmed |
| Arrangement fee | 0 | Not confirmed |
| Funding time | Minutes after approval, into the Monzo account | Not confirmed |
| Representative example | Borrow £4,800 over 36 months, 35 monthly repayments of £181 plus one final payment of £150.99, 20.9% fixed interest rate, 23.0% representative APR, total repay £6,485.99 | Not confirmed |
| Pricing model | No monthly fee | No annual fee |
| Rate type | Variable | Variable |
| Lender type | Direct lender | Not confirmed |
| Free early repayment | Yes | Not confirmed |
| Eligibility | UK residents aged 18+, Monzo Current Account required | Not confirmed |
| Loan types | Personal, Debt consolidation, Car | Not confirmed |
| Credit needed | Fair | Not confirmed |
| Use cases | Home improvement | Not confirmed |
Credit cards
| Fact | Monzo | Qonto |
|---|---|---|
| Annual fee | £0 | €0 |
| Rewards type | None | None |
| Perks | 0% interest over 3 months on purchases of GBP 100 or more, repeatable, 0% interest if you pay in full, No overseas fees (Mastercard exchange rate only), Section 75 purchase protection, Credit limit up to GBP 10,000, Flex purchases from up to 2 weeks ago, Instant notifications and real time balance updates, Separate paid card: Aura (GBP 15 a month) adds 1% cashback on groceries, 0.5% on everything else uncapped, auto invested cashback, Apple TV, Google AI Plus, 2 airport lounge and 2 fast track passes a year | Card insurance included (travel, business purchases, fraud), Deferred debit option on Plus and X Cards at no extra cost, Account remuneration 5% AER for 2 months then 1.5% (Smart and Premium plans), Apple Pay and Google Pay compatible, 24/7 support in France, 7 days a week elsewhere |
| Card kind | Credit | Credit |
Savings
| Fact | Monzo | Qonto |
|---|---|---|
| Headline rate | 2.75% to 3.5%Higher | 1.5% |
| Minimum deposit | £0 | €0 |
| Deposit protection | FSCS up to GBP 85,000 | EU DGS up to EUR 100,000 |
| Access terms | Instant withdrawals any time, no limits, interest paid monthly, up to 20 Savings Pots, Monzo current account required, aged 16+ | Instant access to the money, no notice period; remuneration activated in the app, calculated daily on the total balance and paid on the 2nd of each month; requires at least 5 eligible payment transactions of at least 1 EUR per month |
| Account kind | Easy access | Cash management |
Where each stands against the rest
| Fact | Monzo | Qonto | Median |
|---|---|---|---|
| Currency conversion fee | 0%below the median | 2%above the median | 1% |
| Currencies | 38highest quarter | from 30highest quarter | 8 |
Median across 336 listed providers.
Pros and cons
Monzo
Pros
- A monthly fee of £0 on the current account, and a currency conversion fee of 0% across 38 currencies.
- Savings interest is credited monthly, with withdrawals any time and no limits.
- Personal loans of £10,000 to £35,000 are paid out Minutes after approval, into the Monzo account, and early repayment is free.
Cons
- The credit card charges 29% APR and its rewards type is none, so there is nothing to earn back on it.
- Loans ask for a credit rating of fair and only work alongside a Monzo current account.
- ATM withdrawals come with an allowance of £200, the weakest part of the travel offer.
Qonto
Pros
- The Mastercard debit card has an annual fee of €0.
- Card insurance for travel, business purchases and fraud is included through Card insurance included (travel, business purchases, fraud), Deferred debit option on Plus and X Cards at no extra cost and Account remuneration 5% AER for 2 months then 1.5% (Smart and Premium plans).
- Eligible Smart and Premium plans can receive account remuneration under the terms in Card insurance included (travel, business purchases, fraud), Deferred debit option on Plus and X Cards at no extra cost and Account remuneration 5% AER for 2 months then 1.5% (Smart and Premium plans).
Cons
- Qonto charges a monthly fee of €9, while bunq lists a monthly fee of €0.
- Free ATM withdrawals are €0, which may be costly for a business that regularly uses cash machines.
- The currency conversion fee of 2% is above the site median of 1%.
Who each suits
Monzo
Who it suits
- People who want spending and saving in one place: the savings account pays 2.75% to 3.5% at a variable rate on an easy access basis.
- Households and small businesses, since the audience covers kids and business and the account includes virtual card and travel.
- People who prefer an app bank with its own regulator: the legal entity is Monzo Bank Limited, based in the United Kingdom.
Who should look elsewhere
- Euro account holders, since bunq charges a monthly fee of €0 on a euro account rather than a UK current account.
- Anyone after a secured card instead of an unsecured rate of 29% APR: Varo Believe Secured Credit Card has a monthly fee of $0.
- Travellers who mainly want a multi currency account: Wise charges 0.1% on conversion, which works on a different basis to a UK debit card.
Qonto
Who it suits
- Businesses that regularly use a Mastercard debit card for travel or business purchases.
- Smart and Premium plan customers who meet the remuneration terms in Card insurance included (travel, business purchases, fraud), Deferred debit option on Plus and X Cards at no extra cost and Account remuneration 5% AER for 2 months then 1.5% (Smart and Premium plans).
- Users who want chat, phone, email and help-centre support through chat, phone and email.
Who should look elsewhere
- Businesses focused on low cost that may prefer bunq, whose monthly fee is €0.
- Frequent overseas spenders who prefer Wise and want to compare its fee with Qonto's 2%.
- Cash-heavy businesses that want free ATM withdrawals, because Qonto offers €0.
Current offers
Monzo
Current offer
Free trial
Annual Uber One Membership - 3 month free trial: 3 months free
Included with Monzo Perks and Max subscriptions; Ts&Cs apply
Source, checked September 26, 2026
Bonus
The 2026 Monzo Saving Challenge: Save from 1p to GBP 667.95 and be in with a chance of winning GBP 10,000; 5% AER (variable) paid monthly
Ts&Cs apply; Extra, Perks and Max customers unlock new challenge levels, bigger savings and monthly prize draws
Source, checked September 26, 2026
Qonto
Current offer
Free trial
1-month free trial on all Qonto plans: 1 month free
Shown on Basic, Smart, Premium, Essential, Business and Enterprise plan cards on the pricing page.
Source, checked September 26, 2026
First period offer
Remunerated account: 5% AER for 2 months, then 1.5% AER: 5% AER for 2 months, then 1.5% AER
Smart and Premium plans; requires at least 5 eligible transactions per month; remunerated balance cap EUR 50,000 (Smart) or EUR 100,000 (Premium).
Source, checked September 26, 2026
Country by country
| Country | Monzo | Qonto |
|---|---|---|
| Austria | No | Yes |
| Belgium | No | Yes |
| France | No | Yes |
| Germany | No | Yes |
| Italy | No | Yes |
| Netherlands | No | Yes |
| Portugal | No | Yes |
| Spain | No | Yes |
8 of 9 countries where either is available.
Questions about each
Monzo
What does it cost to keep the account day to day?+
The current account runs on a monthly fee of £0 and the savings pot takes a minimum deposit of £0. Loans add an arrangement fee of 0, and the credit card has an annual fee of £0, so the holding costs sit at the cheap end.
Is my money protected, and who regulates the bank?+
Deposits sit with Monzo Bank Limited under protection of FSCS up to GBP 85,000, and the bank is licensed by the Prudential Regulation Authority in GB under 730427. Card and cash losses fall outside that protection, and the retail loss rate in our data runs at 70.15%.
Qonto
What does Qonto charge each month?+
Qonto's account fee is €9. The Mastercard debit card itself has an annual fee of €0. The card also offers a deferred debit option on Plus and X Cards at no extra cost under Card insurance included (travel, business purchases, fraud), Deferred debit option on Plus and X Cards at no extra cost and Account remuneration 5% AER for 2 months then 1.5% (Smart and Premium plans).
What does Qonto charge for currency conversion?+
Currency conversions cost 2%. This matters for business travel or purchases made outside the account's working currency. Qonto supports multi-currency features, but the conversion charge remains 2%.
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