Monzo vs Discover Bank.
Monzo (M78/100) and Discover Bank (D60/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. Monzo leads Discover Bank 5-1.
| D Discover Bank №51 · OCC 60 /100 | M Monzo №08 · Central Bank of Ireland 78 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 60 /100 | 78 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | Interbank | Interbank |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | €200 /mo |
| Protection | ||
| Banking licence Tier | Payment inst. OCC | Full bank Central Bank of Ireland |
| Deposit guarantee Per depositor | Safeguarded US.FDIC | €100,000 EU.DGS.IE |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 2 countries |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | No | No |
| UX | ||
| Trustpilot Customer score | — | — |
| App store iOS + Android avg | 4.8 ★ iOS 4.8 · And 4.7 | — |
| Read review → | Read review → | |
Pick Discover Bank if…
OCC-chartered direct bank, integrated with the Discover Card network. Famous for zero foreign-transaction fees + 1% cashback debit. Fully FDIC-insured. The card-network-integrated alternative to Ally for travellers + cashback-driven readers.
Pick Monzo if…
Pick if you bank in the UK or Ireland and value the best budgeting tools in the category.
- Best for fees Monzo won 1 of 4
- Best for protection Monzo won 2 of 2
- Best for reach Monzo won 1 of 3
- Best for ux Discover Bank won 1 of 2
Monzo vs Discover Bank — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is Discover Bank better than Monzo?
Under our v3 methodology, Monzo leads Discover Bank 5–1 across 12 dimensions. Composite scores: Discover Bank 60/100 vs Monzo 78/100. Monzo is stronger overall, but the right pick depends on which row matters most to you — fees, protection, reach, or app quality.
Is Discover Bank or Monzo cheaper?
Monthly fee — Discover Bank: €0; Monzo: €0. Card FX markup — Discover Bank: Interbank; Monzo: Interbank. Monzo wins more fee rows (1 of 4). See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, Discover Bank or Monzo?
Discover Bank holds a Payment inst. licence under OCC; deposit guarantee per depositor: Safeguarded. Monzo holds a Full bank licence under Central Bank of Ireland; deposit guarantee per depositor: €100,000. Monzo is the stronger pick on regulatory protection.
Where can I use Discover Bank and Monzo?
Discover Bank operates in 1 country; Monzo operates in 2 countries. Check each provider's signup page for the live country list — eligibility depends on residency, not just the licence footprint.
Want a 3- or 4-way comparison?
The dynamic compare picker handles up to four banks. Add this pair plus one or two more and we'll resolve every row.