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Head-to-head · Neobank Apps

Monzo vs Rakuten Bank

  • Updated Nov 2026
  • Both researched from official sources
  • 3 checks side by side
Higher score Monzo #3 in Neobank Apps 9.1/10 Free plan Free plan✓ 1 of 3 features Visit Monzo
Rakuten Bank #7 in Neobank Apps 8.5/10 Free plan Free plan✓ 2 of 3 features Visit Rakuten Bank

Monzo leads on 0 checks, Rakuten Bank on 0, and 3 are even. Who comes out ahead on the 3 yes/no, price and count checks where we have data for both products. The editor score weighs everything else too.

Our verdict

  • Highest scoreMonzo · 9.1/10
  • Free planboth
  • Most featuresRakuten Bank · 2 of 3

Monzo scores higher on our rubric for neobank apps: 9.1 against 8.5 out of 10; our editors rank them #3 and #7.

Monzo is the better fit for UK users seeking budgeting and card controls. Rakuten Bank is the better fit for japan-based users seeking yen and foreign-currency banking.

  • Monzo fits best

    UK users seeking budgeting and card controls

  • Rakuten Bank fits best

    Japan-based users seeking yen and foreign-currency banking

Advertiser disclosure: iTechGuides is reader-supported. Vendors can pay for top positions in our rankings and for a place on other products' pages, and we may earn a commission when you click some links. Bought places stand at the number bought; this page and our disclosure say so. Paying vendors may get a fuller, more detailed review from our editors, and that review can change their score. How we rank.

Side by side

Feature Monzo 9.1/10 Visit ↗ Rakuten Bank 8.5/10 Visit ↗
At a glance
Editor score 9.1 8.5
Ranking #3 in Neobank Apps #7 in Neobank Apps
Best for UK users seeking budgeting and card controls Japan-based users seeking yen and foreign-currency banking
Pricing model Free plan + paid Free
Starting price £3/mo Free plan
Free plan ✓ ✓
Free trial — —
Deployment Cloud, Mobile Cloud, Mobile
Platforms Web, iOS, Android Web, iOS, Android
Support Live chat, Email, Phone, Docs · 24/7 Live chat
Integrations 4 integrations 2 integrations
Built for Solo, Small business, Mid-market Solo, Small business
Features Monzo 1/3 · Rakuten Bank 2/3
Early pay access Not checked yet Not checked yet
Cash deposit support Not checked yet ✓ (best)
International transfers ✓ ✓
Specs
Account scope Not checked yet Both
Savings yield Not checked yet 0.50% annual before tax for ordinary deposits (as of 2026-11-02); higher rates may require eligibility or linked services
Supported currencies Not checked yet Not checked yet
Our review
Pros
  • Pots, spending categories and instant notifications support day-to-day budgeting.
  • Card freeze, biometric login and mobile wallet support add practical controls.
  • Free and paid plans span current-account basics, virtual cards and insurance benefits.
  • Personal yen accounts support domestic and scheduled transfers.
  • Offers foreign-currency deposits and international remittances for eligible holders.
  • Integrates with Rakuten Securities and Rakuten Card.
Cons
  • Personal accounts are available only to UK residents.
  • Virtual cards and advanced budgeting tools require the Extra plan.
  • Insurance benefits are reserved for the £19-per-month Max plan.
  • Transaction fees may apply even though standard account maintenance is free.
  • International remittances are limited to eligible personal-account holders.
  • Account eligibility and service availability may depend on residency and other conditions.
Our verdict

Monzo is a UK digital bank for people who want a personal current account managed primarily through a mobile app. Its free account combines a UK current account with Pots for organising money, spending categories, instant notifications, UK…

Read the review →

Rakuten Bank is a Japanese online bank for individuals who want everyday yen banking alongside access to foreign-currency deposits and international remittances. Its web, iOS, and Android options cover account activity, including balance…

Read the review →
  1. MonzoNeobank Apps 9.1Free plan
  2. Rakuten BankNeobank Apps 8.5Free plan

Strengths and trade-offs

  • Monzo — where it wins

    • Pots, spending categories and instant notifications support day-to-day budgeting.
    • Card freeze, biometric login and mobile wallet support add practical controls.
    • Free and paid plans span current-account basics, virtual cards and insurance benefits.

    Where it doesn't

    • Personal accounts are available only to UK residents.
    • Virtual cards and advanced budgeting tools require the Extra plan.
    • Insurance benefits are reserved for the £19-per-month Max plan.

  • Rakuten Bank — where it wins

    • Personal yen accounts support domestic and scheduled transfers.
    • Offers foreign-currency deposits and international remittances for eligible holders.
    • Integrates with Rakuten Securities and Rakuten Card.

    Where it doesn't

    • Transaction fees may apply even though standard account maintenance is free.
    • International remittances are limited to eligible personal-account holders.
    • Account eligibility and service availability may depend on residency and other conditions.

Monzo vs Rakuten Bank: questions

Which is better for neobank apps, Monzo or Rakuten Bank?

Monzo scores higher on our rubric for neobank apps: 9.1 against 8.5 out of 10; our editors rank them #3 and #7.

How do Monzo and Rakuten Bank compare?

All 3 checks we put side by side come out level: neither leads on any.

Do Monzo and Rakuten Bank have a free plan?

Monzo: Yes. Rakuten Bank: Yes.

More comparisons

All neobank apps comparisons → · Full ranking →

Reviewed by iTechGuides Editors · Editorial team · Updated Nov 2026

Last updated · How we research and update