Virtual banks are all the rage these days, and in the UK there’s been an explosion of online virtual banks, offering all sorts of deals and services. … some good, some bad. In this article, I’ll be taking a look at two virtual banks which I use regularly … Monzo and Revolut. I picked these two due to the fact that they don’t require a credit score check, nor do they offer any ‘credit’ facilities. It’s all prepaid. What you have in your account is what you’re allowed to spend, which means you’ll never become overdrawn or in debt.
I also like the fact that both of these virtual banks, offer unique metal prepaid cards that just look awesome. These metal cards are marketed as their ‘premium’ accounts, and offer a wide range of unique features and services. Let’s begin with the Monzo Metal card …
Disclaimer:
I am not a financial adviser nor am I giving financial advice. The information provided is from my own personal experience and does not represent past, present or future interactions with the financial institutions mentioned.
Securities, annuities, insurance and other investments entail risks, are not insured by the Federal Deposit Insurance Corporation or any other governmental organisation, are not obligations of or guaranteed by the virtual banks mentioned or any of their affiliates, and may lose value, including the full amount invested.
Every investment is a risk! Always remember to only invest what you can and are willing to lose. I’m not a professional in crypto currency, nor am I giving you any proven professional advice. Invest at your own risk.
Monzo Metal MasterCard
The Monzo Premium metal card weighs 16g and is made from a single sheet of steel. The back is coated in a copolymer resin for extra durability. The Monzo and Mastercard logos are engraved mechanically on the card’s crisp white finish.
Visit Monzo’s website for more information.
The Monzo App
Check out the comparison table below to see all the features services and perks that Monzo has to offer. The premium service which includes a large list of benefits (top middle screenshot) was only recently added in July 2020.
The Premium account allows you to Create Pots, Split Bills, Create Virtual Cards, Joint Accounts, apply for Monzo Loan, and business accounts. You can also see your Credit Score.
Revolut Metal Visa Infinite Card
Designed with obsessive attention to detail and weighing 18g, the Revolut Metal card is crafted from a single sheet of reinforced steel and engraved with a high-precision laser, the card is more than just a status symbol.
Visit Revolut’s website for more information.
The Revolut App
Check out the comparison table below to see all the features services and perks that Revolut card has to offer. There are a ton of perks, rewards and offers from various retailers, there’s even an option to donate to your favourite charities.
You can Buy/Sell Stocks, Cryptocurrencies, Commodities and access to Vault Savings … these services are only available on Revolut.
Comparison Table
Here’s a comparison list of all the benefits and services that each of the virtual banks offers.
Revolut Metal Card
|
Monzo Metal Card
|
|
| Credit check for opening account (Date of opening account 2018) |
No | No |
| Service Type | Premium | Premium |
| Card Type | MasterCard or Visa | MasterCard Only |
| Colours | Black, Gold, Pink, Gun Metal, Silver | White |
| Card Weight | 18g | 16g |
| Monthly Fee | £12.99 | £15.00 |
| Virtual Cards | Yes | Yes |
| Cryptocurrency | Buy/Sell | No |
| Stocks Trading (Commission Free) | Buy/Sell | No |
| Commodities Trading (Gold/Silver) | Buy/Sell | No |
| Junior accounts | Yes | No |
| Cashback on purchases | Yes | No |
| Linked Accounts (with other banks) | Yes | Yes |
| Free Exchange Rates | Yes | No Info |
| Travel insurance | Yes | Yes |
| Mobile phone insurance | Yes | Yes |
| Airport Lounge | Yes – £20 | Yes – £24 |
| Rewards and Perks | Yes (Many) | Yes (Few) |
| Car Hire Excess | Yes | No |
| Donations (to selected charities) | Yes | No |
| Credit Score Tracker | No | Yes |
| Free Card Delivery | Yes – Worldwide | Yes- UK Only |
| Free withdrawals (abroad) | Yes – Up to £800 (per month) | Yes – Up to £600 (30 days) |
| Protection | Only savings in Revolut Vaults | Yes – Fully covered by FSCS |
| Priority Support | Yes | Yes |
Verdict and Conclusion
I’ve been using BOTH of these online virtual banks for the past 2 years, and I can tell you that each has its own pros and cons. It all depends on what you want from an online virtual bank, and what kind of expectations you have in mind. Some of you may want options like stocks trading, cryptocurrency and commodities trading … then Revolut is the one for you.
If you want an online virtual bank that’s secure and fully protected/covered by FSCS, along with the ability to check and monitor your credit score … then you might want to consider Monzo. It really is a ‘true’ online UK bank at the end of the day. It may lack a lot of the features found on Revolut, but I’m sure Monzo will include them as time goes by.
Revolut is headquarted in London, UK … and although they currently only have an European banking licence (not a UK licence), they’ve been operating internationally for many years with generally good feedback. What’s more, they also offers a lot more features and services than Monzo currently have, although that might change in the near future.
So after weighing the pros and cons, I think Revolut wins it for me.
Disclaimer:
I am not a financial adviser nor am I giving financial advice. The information provided is from my own personal experience and does not represent past, present or future interactions with the financial institutions mentioned.
Securities, annuities, insurance and other investments entail risks, are not insured by the Federal Deposit Insurance Corporation or any other governmental organisation, are not obligations of or guaranteed by the virtual banks mentioned or any of their affiliates, and may lose value, including the full amount invested.
Every investment is a risk! Always remember to only invest what you can and are willing to lose. I’m not a professional in crypto currency, nor am I giving you any proven professional advice. Invest at your own risk.
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