Digital Banking Solutions: Chase Vs. Monzo

When it comes to choosing a bank in the UK, digital-first options are becoming more and more popular – and two names that often pop up are Chase and Monzo. Both offer sleek mobile apps, zero monthly fees and features designed to make managing your money a breeze.

But, while they might seem similar on the surface, there are some key differences worth digging into. Whether you’re after cashback, clever budgeting tools or top customer service, your choice might come down to the little details.

What Is Monzo?

Monzo is one of the UK’s most popular digital banks, known for its user-friendly mobile app and modern approach to managing money. Launched in 2015, Monzo started as a prepaid card and quickly evolved into a fully licensed bank, offering current accounts, savings, overdrafts and more.

It’s especially popular among younger customers and those who like to keep a close eye on their finances, thanks to its intuitive budgeting tools, instant spending notifications and easy-to-use savings pots.

One of Monzo’s standout features is its transparency. The app breaks down your spending into clear categories, helping you understand exactly where your money goes each month. You can also set spending limits and track your progress in real-time. Monzo also offers fee-free spending abroad, making it a solid choice for travellers.

Customer service is another strong point worth considering, with friendly support available via the app 24/7. While it’s a digital-first bank, Monzo is fully regulated and your money is protected up to £85,000 by the FSCS. With features like salary advance, bill-splitting, and joint accounts, Monzo is built for modern banking.

Whether you’re budgeting for everyday life or saving for the future, Monzo offers a flexible, tech-savvy solution that puts you in control.

What Is Chase?

Chase, a well-known name in the US banking world, entered the UK market in 2021 with a sleek app-based current account designed to compete with digital banks like Monzo and Starling.

It’s backed by JPMorgan Chase – one of the biggest banks in the world – and it brings a reassuring sense of security and financial muscle, while still offering the modern features people now expect from a digital bank.

Chase UK offers a simple yet rewarding current account with no monthly fees, 1% cashback on everyday spending (for the first year), and a round-up savings feature that lets you automatically save your spare change. Their linked savings account also offers a competitive interest rate, making it a strong contender for those looking to grow their money with minimal effort.

The app is clean, easy to navigate, and packed with handy tools for managing your finances. You also get fee-free spending abroad, a virtual debit card and 24/7 in-app customer support. While Chase doesn’t yet offer joint accounts or overdrafts in the UK, it’s expanding quickly and gaining a loyal following.

If you’re looking for a simple, rewarding, and secure way to bank from your phone, Chase UK is definitely worth a look.