Monzo Premium vs Revolut Premium: Which Wins for Migrant Investors in the UK? (Latest Guide)
The short answer: Monzo stopped selling Premium to new customers. If you didn’t already have it, the account you’d actually be offered today is Monzo Max, from £19 a month. Revolut Premium is still open to everyone, at £7.99 a month.
Comparing what’s genuinely available right now, Revolut Premium gives migrants more investing flexibility and better value for everyday multi-currency use. Monzo Max earns its higher price through bundled worldwide travel and phone insurance. Both banks now protect your deposits under the FSCS up to £120,000, so the old “which one is safer” question no longer has a clear winner either.
Anyone who has typed “Monzo Premium vs Revolut Premium” into Google recently has probably landed on outdated articles. That’s not a criticism of the reader — it’s a reflection of how quickly UK digital banking has moved in the past year. Monzo has quietly retired Premium, Revolut has become a fully licensed UK bank for the first time, and both platforms have expanded into Stocks and Shares ISAs. For a migrant trying to work out where to bank and where to start investing, none of that context shows up on a pricing page.
This guide sets the record straight on what each “Premium” tier actually includes today, what it costs, how protected your money is, and — because investing is usually the bigger financial decision — how each bank stacks up if your real goal is to start building wealth in the UK rather than just picking a nicer debit card. If you haven’t settled on an everyday bank yet, it’s worth reading our roundup of the best bank accounts for foreigners in the UK alongside this one.
Monzo Premium No Longer Exists for New Customers
This is the fact most comparison articles get wrong. Monzo has stopped selling both Plus and Premium. Monzo’s own help pages confirm it directly: “We’ve stopped selling Plus and Premium. If you’ve got one of them, you can keep using them. But if you cancel them — even by accident — you won’t be able to rejoin.”
If you already hold Monzo Premium, nothing changes immediately — you keep your metal card, your travel and phone insurance, and your other benefits, though the price has risen from £15 to £17 a month as part of a wider round of plan price increases. If you don’t already hold it, you cannot sign up for it. New customers upgrading from a free Monzo account are offered three different tiers instead: Extra (£3/month), Perks (£9/month), and Max (from £19/month). Max is the closest match to what Premium used to offer, so it’s the one worth comparing against Revolut Premium in practice.
Revolut Premium in 2026: Still Open, Still Evolving
Revolut Premium has had a much quieter year, but two changes matter to a migrant reader. First, Revolut is no longer just an e-money app sitting alongside traditional banks — Revolut Bank UK Ltd became a fully licensed UK bank in March 2026, which brings genuine FSCS protection on eligible deposits for the first time. Second, Revolut launched its own Stocks and Shares ISA, built with funds from Vanguard, BlackRock, Amundi and Invesco, closing a gap that used to be a clear advantage for Monzo.
Revolut Premium itself costs £7.99 a month (or £80 billed annually) and sits between the free Standard plan and the pricier Metal and Ultra tiers.
Monzo Max vs Revolut Premium at a Glance
| Plan | Best For | Key Feature | Fee / Cost | Our Rating |
|---|---|---|---|---|
| Revolut Premium | Migrants who want flexible, self-directed investing and frequent currency exchange | Unlimited fee-free currency exchange, including weekends | £7.99/month (£80/year) | ★★★★☆ |
| Monzo Max | Frequent travellers who want insurance bundled into their bank account | Worldwide travel and phone insurance, plus UK & Europe breakdown cover | From £19/month | ★★★★☆ |
| Monzo Premium (legacy) | Existing Premium holders only — closed to new sign-ups | Metal card, worldwide travel and phone insurance | £17/month | Not applicable |
Full Analysis
Revolut Premium — Best for Multi-Currency Migrants Who Want to Trade
Revolut Premium is built around unlimited currency exchange, a handful of commission-free trades each month, and a long list of bundled lifestyle subscriptions. For a migrant sending money home regularly and dabbling in the stock market on the side, it does both jobs reasonably well from one app.
Why We Recommend It
- Unlimited currency exchange at the interbank rate, including weekends — genuinely useful if you’re paid in one currency and supporting family in another
- Five commission-free stock or ETF trades a month, rising to 0.25% per trade afterwards
- Access to Revolut’s Stocks and Shares ISA, with over 100 UK-listed ETFs from Vanguard, BlackRock, Amundi and Invesco, and no custody or subscription fee on the ISA itself
- Fee-free ATM withdrawals up to £400 a month, plus a 20% discount on international transfer fees
- A genuinely useful subscription bundle (Headspace, NordVPN, Tinder Plus and others) that can offset most of the monthly cost on its own
Fee Structure
| Fee Type | Amount | Notes |
|---|---|---|
| Monthly subscription | £7.99 (or £80/year) | 12-month plan; early cancellation fee may apply |
| Currency exchange | No fee, no limit | Weekday and weekend rates included |
| ATM withdrawals | Free up to £400/month | 2% fee above the limit |
| Stock trading | 5 free trades/month, then 0.25% | Minimum £1 commission on paid trades |
Who It’s Best For
Migrants who exchange currency often, want to try self-directed investing without switching apps, and don’t need bundled travel insurance.
The Drawbacks
- No comprehensive travel insurance at this tier — that only appears from Metal (£14.99/month) upward
- Customer support is app-based; phone support is limited even on paid plans
- The 12-month plan structure means cancelling early can trigger a fee
Monzo Max — Best for Migrants Who Travel Often
Monzo Max is the honest modern answer to “what happened to Monzo Premium.” It costs more than Premium did, but it also does more, layering worldwide travel and phone insurance, breakdown cover, and every Perks benefit on top of a standard Monzo account.
Why We Recommend It
- Worldwide travel insurance (provided by Zurich) and worldwide phone insurance (provided by Assurant) built into the account
- UK and Europe breakdown cover through the RAC
- 3.50% AER (variable) on Instant Access savings, plus 3.65% on Select Access — among the better rates offered by a UK current account plan
- A 0.20% annual platform fee on Monzo Investments, down from the standard 0.25%, if you also invest through the app
- Everyday perks carried over from Perks: a weekly Greggs treat, an annual Railcard, and a monthly Vue cinema ticket
Fee Structure
| Fee Type | Amount | Notes |
|---|---|---|
| Monthly subscription | From £19 | 3-month minimum term; +£4/month for family cover |
| Fee-free cash withdrawals | Up to £600/month outside the EEA | Unlimited in the UK and EEA |
| Investment platform fee | 0.20% a year, capped at £200 | Applies to Monzo Investments and Monzo Pension |
Who It’s Best For
Migrants who travel home frequently and would otherwise buy separate travel and phone insurance — for them, the bundle can pay for itself.
The Drawbacks
- At £19 a month (£228 a year), it’s one of the more expensive packaged current accounts on the market
- The 3-month minimum term means you can’t cancel immediately if it isn’t for you
- Family cover adds a further £4 a month on top
Investing Is Where the Real Difference Lies
For a migrant reading this to decide where to open a Stocks and Shares ISA, the “Premium” branding matters less than the investing model underneath it. Monzo and Revolut have taken genuinely different approaches, and neither is simply better — they suit different personalities.
Monzo Investments is built for people who’d rather not pick individual stocks. You choose a ready-made portfolio — careful, balanced or adventurous — built from BlackRock iShares funds, or a themed fund if a particular sector interests you, and Monzo does the rebalancing. It costs 0.25% a year (0.20% with Perks or Max), capped at £250 a year (£200 discounted), on top of each fund’s own charge from BlackRock. You can start from £1, inside a Stocks and Shares ISA, a General Investment Account, or a pension.
Revolut Invest works the opposite way. You pick individual stocks and ETFs yourself from a list of over 4,000 global companies, or use the newer Stocks and Shares ISA to hold UK-listed ETFs without a subscription or custody fee. There’s no ready-made portfolio option — Revolut expects you to build your own. Trading is commission-free within your plan’s monthly allowance, then charged at 0.25% per trade on Premium.
If the idea of choosing your own stocks feels intimidating this early on, Monzo’s hands-off approach removes that decision entirely. If you’d rather control exactly what you own — and don’t want to pay an ongoing platform fee for the privilege — Revolut, or a dedicated platform reviewed in our best investment platforms for beginners guide, will likely suit you better. Either way, it’s worth understanding what investing actually involves before committing new money, and remembering that any UK resident can open a Stocks and Shares ISA regardless of nationality — this isn’t a benefit reserved for British citizens.
Is Your Money Safe? FSCS Protection Explained
This question used to have a simple answer, and it doesn’t anymore, in a good way. The Prudential Regulation Authority raised the Financial Services Compensation Scheme deposit protection limit from £85,000 to £120,000 across every UK-authorised bank, effective 1 December 2025. Monzo Bank Limited has held a full UK banking licence since 2017, so its deposits have always qualified. Revolut Bank UK Ltd only became a fully licensed bank in March 2026, but once that transition completes for a given customer, its deposits are protected on exactly the same terms — up to £120,000 per person.
One caveat worth knowing: if you signed up to Revolut very recently, you may still be sitting on an e-money account while your migration to the new bank entity completes — worth checking in the app rather than assuming. Investments are a separate matter entirely. Whether you invest through Monzo or Revolut, the FSCS protection on investment accounts remains £85,000, unchanged by the deposit increase, because it sits under different rules.
Which Should You Actually Choose?
There’s no single right answer here, but the decision usually comes down to what you’ll actually use every month.
- You send money home often and want to start investing: Revolut Premium’s unlimited exchange and low-friction trading make it the stronger everyday fit.
- You fly back to your home country a few times a year: Monzo Max’s bundled travel and phone insurance can genuinely be worth the higher price, if you’d otherwise buy that cover separately.
- You already hold Monzo Premium: There’s rarely a reason to give it up voluntarily, since you can’t get it back once cancelled — just factor in the price rise to £17 a month.
- You want to invest without picking your own stocks: Monzo’s ready-made portfolios are the simpler starting point, even on the free account, since Investments isn’t restricted to paid plans.
- You’re not sure you’ll use either bank’s extras enough to justify a subscription: Both free tiers — Monzo Free and Revolut Standard — already include FSCS-protected banking and basic investing access, which is worth trying before paying for more.
How to Get Started
- Open the free account first. Both Monzo and Revolut let you try the core banking experience with no subscription before committing to a paid tier. If you’re setting up UK banking for the first time, our guide to opening a bank account in the UK covers the documents you’ll need.
- Check your eligibility for Monzo Max. It’s restricted to UK residents aged roughly 18 to 69, and comes with a 3-month minimum term once you upgrade.
- Decide on your investing style before opening an ISA. If you want ready-made portfolios, set up Monzo Investments; if you’d rather choose ETFs yourself, open Revolut’s Stocks and Shares ISA instead — you can only pay into one Stocks and Shares ISA per tax year.
- Read the plan terms before upgrading. Both banks run 12-month or minimum-term paid plans, so check the cancellation terms if you’re not committed long-term.
Frequently Asked Questions
Is Monzo Premium still available to new customers?
No. Monzo stopped selling Premium and Plus to new customers. Existing Premium holders can keep their plan, but anyone upgrading a free account today is offered Extra, Perks or Max instead.
Is Revolut Premium worth it for someone who has just moved to the UK?
It’s worth considering if you regularly exchange currency or send money to family abroad, since unlimited fee-free exchange and a 20% discount on international transfers can outweigh the £7.99 monthly cost quickly. If you rarely move money between currencies, the free Standard plan may cover your needs just as well.
Which is safer, Monzo or Revolut, for a migrant’s savings?
Both now offer the same protection. Eligible deposits with Monzo Bank Limited and Revolut Bank UK Ltd are covered by the FSCS up to £120,000 per person. The main practical difference is that Revolut’s banking licence is newer, so double-check in the app that your account has completed its transition to the bank entity.
Can I open a Stocks and Shares ISA if I’m not a British citizen?
Yes. Eligibility for a Stocks and Shares ISA is based on UK residency, not nationality. Any UK resident aged 18 or over can open one, with a combined ISA allowance of £20,000 per tax year across all ISA types.
Final Verdict
Treat “Monzo Premium vs Revolut Premium” as the wrong question to be asking in 2026 — Premium, on the Monzo side, is a closed door for anyone reading this as a new customer. The real comparison is Revolut Premium against Monzo Max, and for most migrants focused on building savings and starting to invest, Revolut Premium’s lower price and multi-currency flexibility make it the more practical everyday account. Monzo Max earns its keep specifically for frequent travellers who’d otherwise buy insurance separately. Neither account is a substitute for choosing the right investment platform, so treat the banking decision and the investing decision as two separate choices, even if one app happens to offer both.
See current Revolut plans → Revolut
Financial Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a qualified financial adviser before making investment decisions. Capital at risk — the value of investments can go down as well as up, and you may get back less than you invest.
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