Monzo vs Discovery Bank.
Monzo (M78/100) and Discovery Bank (D45/100), 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 Discovery Bank 7-2.
| D Discovery Bank №82 · SARB 45 /100 | M Monzo №08 · Central Bank of Ireland 78 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 45 /100 | 78 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €95 /mo | €0 Free tier |
| FX markup Debit card abroad | 1.50% | Interbank |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | €200 /mo |
| Protection | ||
| Banking licence Tier | Payment inst. SARB | Full bank Central Bank of Ireland |
| Deposit guarantee Per depositor | Safeguarded ZA.CODI | €100,000 EU.DGS.IE |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 2 countries |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | No |
| UX | ||
| Trustpilot Customer score | — | — |
| App store iOS + Android avg | 4.5 ★ iOS 4.6 · And 4.4 | — |
| Read review → | Read review → | |
Pick Discovery Bank if…
Premium ZA digital-first bank backed by JSE-listed Discovery Group. SARB full-bank licence since 2019. Vitality Money behavioural-banking model — your rates and rewards rise with healthy financial behaviour, integrated with Discovery Health/Life. CODI cover. The only ZA digital bank with a serious premium-tier offering (Black tier with metal card, lounges, Vitality Travel).
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 3 of 4
- Best for protection Monzo won 2 of 2
- Best for reach Tied
- Best for ux Discovery Bank won 1 of 2
Monzo vs Discovery Bank — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is Discovery Bank better than Monzo?
Under our v3 methodology, Monzo leads Discovery Bank 7–2 across 12 dimensions. Composite scores: Discovery Bank 45/100 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 Discovery Bank or Monzo cheaper?
Monthly fee — Discovery Bank: €95; Monzo: €0. Card FX markup — Discovery Bank: 1.50%; Monzo: Interbank. Monzo wins more fee rows (3 of 4). See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, Discovery Bank or Monzo?
Discovery Bank holds a Payment inst. licence under SARB; 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 Discovery Bank and Monzo?
Discovery 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.