Five alternatives to Monzo are compared here, including Starling, Chase, Revolut, Kroo and traditional high-street banks. All five hold a full UK banking licence and are covered by the Financial Services Compensation Scheme up to £120,000 per person per institution, the same protection that applies to Monzo's own deposits.
TL;DR · LAST REVIEWED 21 July 2026
- Monzo, Starling, Chase, Kroo and traditional UK banks all hold full banking licences and carry FSCS protection up to £120,000 per person per institution.
- Revolut has extended full UK banking status to its customers, bringing its deposits within the same FSCS protection framework as Monzo.
- FSCS protection applies per banking licence, not per app, so holding accounts with two providers that share a licence does not double the protected amount.
- Starling charges no monthly account fee on its personal current account, similar to Monzo's own free Standard tier.
- Kroo is a smaller, newer UK bank with a narrower feature set than Monzo or Starling, though it holds the same FSCS-backed banking licence.
- Joint accounts carry combined FSCS protection of up to £240,000 rather than the individual £120,000 limit that applies to a sole account.
Monzo alternatives compared by banking status and FSCS protection
| Monzo | Full UK banking licence | FSCS protected up to £120,000 |
| Starling | Full UK banking licence | FSCS protected up to £120,000, no monthly fee on personal account |
| Chase UK | Full UK banking licence | FSCS protected up to £120,000, shares cover with J.P. Morgan UK |
| Revolut | Full UK banking licence | FSCS protected up to £120,000 on UK deposits |
| Kroo | Full UK banking licence | FSCS protected up to £120,000, smaller feature set |
KEY FACTS
- FSCS protection: up to £120,000 per person, per banking licence, across all providers compared here
- Joint accounts: combined FSCS protection of up to £240,000 rather than the individual limit
- Chase UK shares its FSCS coverage with the wider J.P. Morgan UK banking entity
- E-money institutions, a different regulatory category to a bank, safeguard customer funds but do not carry FSCS protection in the same way
- Temporary High Balance protection can extend FSCS cover to up to £1 million for up to 6 months in specific circumstances, such as after a property sale
What does FSCS protection actually cover for these providers
FSCS protection covers deposits held with a UK-licensed bank up to £120,000 per person, per banking licence, meaning that if the bank fails, the Financial Services Compensation Scheme guarantees to return deposits up to that limit rather than leaving the balance at risk.
The Financial Services Compensation Scheme is a UK statutory scheme funded by the financial services industry, providing compensation to eligible depositors if a bank, building society or credit union fails. For a standard personal current account, protection currently extends to £120,000 per eligible person, per banking licence, meaning the limit applies to the total balance held across all accounts under that specific licence rather than per individual account number. Joint accounts benefit from combined protection of up to £240,000, since each named account holder is treated as separately protected up to the standard limit. In specific circumstances, such as receiving a lump sum from a property sale, inheritance or redundancy payment, the FSCS Temporary High Balance scheme can extend protection to up to £1 million for a limited period, typically around 6 months, without requiring any action from the account holder to register for this enhanced cover. The FCA maintains a public register of authorised firms, which anyone can check directly to confirm a specific provider's current regulatory status and banking licence, rather than relying solely on marketing claims made within an app or on a provider's own website.
Is Revolut covered by FSCS in the same way as Monzo
Yes. Revolut has extended full UK banking status to its customers, which brings its deposits within the same FSCS protection framework, up to £120,000 per person, that applies to Monzo, Starling and other UK-licensed banks.
Revolut operated for a significant period as an electronic money institution rather than a bank, which meant customer funds were safeguarded, held in a ring-fenced account at an approved bank, separate from Revolut's own money, but were not covered by the FSCS in the way a standard UK bank account is. Following the extension of full UK banking status, Revolut's UK deposits moved into the same FSCS-protected framework that applies to Monzo, Starling, Chase and every other bank compared here, up to the standard £120,000 limit per person. This is a meaningful change for anyone holding a significant balance with Revolut, since safeguarding and FSCS protection are structurally different: safeguarding depends on a company's internal processes being correctly followed, whereas FSCS compensation is a government-backed guarantee that applies automatically. Anyone specifically wanting to confirm current FSCS coverage for a particular provider can check the FCA's register directly, since regulatory status can change. Revolut's wider product range, including stock trading, cryptocurrency access and multi-currency accounts, sits outside standard FSCS protection even under its full banking status, since these investment and currency-exchange features are regulated differently from a standard deposit account and carry a different risk profile entirely.
How does Starling compare with Monzo on everyday banking
Starling charges no monthly fee on its personal current account, similar to Monzo's own free Standard tier, with both offering comparable everyday features such as spending notifications, budgeting tools and fee-free spending in many countries.
Starling and Monzo compete closely on core everyday banking features: both offer instant spending notifications, in-app budgeting and savings tools, and fee-free debit card spending in a wide range of countries on their standard free accounts. The practical differences between them tend to come down to specific feature details rather than a clear overall winner: Starling has generally been noted for consistent customer service ratings, while Monzo has built out a larger user base and a more developed subscription tier system for those wanting additional paid features such as enhanced travel insurance or savings rates. Both providers offer joint accounts, and both hold full UK banking licences with the same FSCS protection. For most everyday personal banking needs, the choice between the two often comes down to app design preference and specific feature details rather than a fundamental difference in safety or core functionality. Both Starling and Monzo also offer business banking products alongside their personal accounts, extending the same FSCS protection principle to business deposits up to the standard limit, which is a relevant consideration for a sole trader or small business comparing these providers for both personal and business use.
What is different about Chase UK's FSCS coverage
Chase UK shares its FSCS coverage with the wider J.P. Morgan UK banking entity, which means a customer holding deposits with both Chase UK and another J.P. Morgan-backed UK banking product would have the combined balance protected only up to the single £120,000 limit, not separately for each.
This detail matters specifically for anyone spreading savings across multiple accounts to maximise FSCS protection, a common strategy for people holding balances above £120,000. Because Chase UK's banking licence sits within the wider J.P. Morgan UK group, a customer who holds significant deposits with Chase UK and separately with another J.P. Morgan UK banking product would find both balances counted together under the same £120,000 protection limit, rather than benefiting from two separate limits. This is not unique to Chase: First Direct, for example, shares its banking licence with HSBC UK Bank Plc for the same reason. Anyone deliberately spreading savings across several providers specifically to stay within FSCS limits on each should check whether any of their chosen providers share an underlying banking licence, since this affects the actual protection achieved rather than simply the number of separate account apps or brands being used. Anyone unsure whether two specific providers share an underlying banking licence can check this directly through the FCA register or by contacting either provider's customer service team, since the answer affects how total FSCS protection should be calculated across multiple accounts held for genuine savings safety purposes.
How does Kroo compare as a smaller UK banking alternative
Kroo is a smaller, newer UK bank with a narrower overall feature set than Monzo or Starling, but it holds a full UK banking licence and carries the same FSCS protection up to £120,000 as the more established digital banks compared here.
Kroo positions itself as a straightforward, fee-free current account, charging no monthly account fee and applying no foreign transaction fees on card spending abroad, similar in principle to Starling's approach. As a newer entrant, its product range and feature depth remain narrower than Monzo or Starling's more established offerings, and its customer support and app functionality are still developing relative to the larger digital banks. What Kroo does share with every provider compared here is full UK banking status, meaning deposits are protected by the FSCS up to the standard £120,000 limit in the same way as an account held with Monzo, Starling or a traditional high-street bank. For someone specifically prioritising fee-free spending abroad and comfortable with a newer, smaller provider's more limited feature set, Kroo is a genuine alternative worth comparing directly against Monzo on the specific features that matter most for daily use. Kroo's savings features, including in-credit interest on standard balances, are a further point of comparison against Monzo, whose own savings pots typically route through a partner bank rather than paying interest directly on the main current account balance itself, which is a structural difference worth checking directly.
RELATED GUIDES
DISCLAIMER
This article is editorial information, not financial advice. Kael Tripton Ltd is not authorised or regulated by the Financial Conduct Authority. Figures were correct at the last review date shown above; verify current rates and rules with the primary sources listed below before acting.
Frequently asked questions
Do you get the same FSCS protection with Revolut as with Monzo
Yes. Revolut has extended full UK banking status to its customers, bringing its deposits within the same FSCS protection framework, up to £120,000 per person, that applies to Monzo and other UK-licensed banks.
Can you get more than £120,000 of FSCS protection by using two banks
It depends on whether the two providers share a banking licence. Chase UK, for example, shares its FSCS coverage with the wider J.P. Morgan UK entity, so holding accounts with linked providers may not increase total protection beyond the standard £120,000 limit.
Do you pay a monthly fee for a basic Starling account
No. Starling's personal current account carries no monthly fee, similar to Monzo's own free Standard tier, with both providers offering comparable everyday budgeting and spending features on their free accounts.
Is Kroo as established as Monzo or Starling
Not yet. Kroo is a smaller, newer UK bank with a narrower feature set than Monzo or Starling, though it holds the same full UK banking licence and carries the same FSCS protection up to £120,000 as the more established digital banks.
Does a joint account get double the FSCS protection
Effectively, yes. A joint account benefits from combined FSCS protection of up to £240,000 rather than the standard £120,000 individual limit, since each named account holder is treated as separately protected up to the usual amount.
SOURCES
- Financial Services Compensation Scheme – accessed 21 July 2026
- FCA register of authorised firms – accessed 21 July 2026
- Bank of England guidance on deposit protection – accessed 21 July 2026
