Monzo is done with the US. On April 1, 2026, the company announced it’s shutting down all US operations, cutting roughly 50 jobs, and giving customers until June 2026 to move their money elsewhere. Not a pivot. Not a pause. A full exit.

If you’re a Monzo US customer, you have about two months to find a Monzo alternative. That’s not a lot of time when you’ve got direct deposits and autopay wired into something that’s about to stop existing.

I’ve been tracking neobank features for a few years now, and the good news is the US market has more solid options than when Monzo first launched here. The bad news: none of them are a 1:1 replacement. You’ll need to decide what you actually used Monzo for and pick accordingly.

Revolut, Chime, SoFi, and Current are the strongest replacements.

Quick Comparison: Best Monzo US Alternatives

App	Best For	Monthly Cost	FDIC Insurance	Savings APY	Key Feature
Revolut	Closest Monzo experience	Free (Plus $4.99, Premium $16.99)	Pass-through (charter pending)	Up to 4.25% (paid tiers)	Multi-currency, spending analytics
Chime	Fee-free everyday banking	Free	Pass-through (Bancorp/Stride)	2.00%	SpotMe overdraft, early direct deposit
SoFi	High-yield + full banking	Free	Direct (chartered bank)	3.80% APY	Own bank charter, lending products
Current	Early payday + credit building	Free (Premium $4.99)	Pass-through (Choice Financial)	Up to 4.00% (paid)	2-day early deposit, credit builder

Why Monzo Left

Short version: the UK is more profitable. Monzo spent years trying to crack the US market and never got the traction it has in Britain, where it holds 10 million accounts. The company picked up an ECB/Irish banking license in December 2025, positioning itself for European expansion. US growth wasn’t justifying the overhead.

And the timing didn’t help. Monzo announced this on April 1 — yes, April Fools’ Day — which led to a few hours of confusion before people realized the press release was real. It was real. About 50 US employees are losing their jobs, and every US customer needs a migration plan.

This isn’t the first neobank to retreat from the US. Simple shut down in 2021. Xinja collapsed. The US banking market is expensive to operate in without a charter, and the regulatory overhead keeps climbing. Monzo decided the math didn’t work.

What to Do Before June 2026

If you’re a Monzo US customer, here’s your migration checklist:

1. Download your transaction history. Export everything. Once the app goes dark, you lose access to years of spending data you might need for taxes or budgeting analysis.
2. Open your new account now. Don’t wait until May. Account verification, direct deposit switching, and autopay updates take time.
3. Move direct deposits first. Update your employer’s payroll system. This typically takes one to two pay cycles to switch over.
4. Redirect autopay and subscriptions. Every recurring charge on your Monzo card needs a new payment method. Miss one and you’ll get hit with a late fee somewhere.
5. Transfer your balance. Once direct deposits and autopay are redirected, move the remaining balance to your new account.
6. Keep Monzo open (but empty) until June. Straggler payments and refunds can take weeks to process.

Two months feels tight. It is tight. Start this week.

The Alternatives, Compared

Revolut — Closest Feature Match to Monzo

If you picked Monzo because you wanted a European-style neobank with spending insights, round-ups, and multi-currency support, Revolut is the obvious successor. The feature overlap is striking: instant spending notifications, category-based budgeting, virtual cards, and real exchange rates for international transfers.

Revolut currently operates in the US through a partner bank arrangement, but filed for its own US national bank charter in March 2026. If approved (likely 2027–2028), they’ll offer direct FDIC insurance, their own lending products, and faster payment processing. For now, deposits are FDIC-insured through pass-through arrangements with partner banks.

The free tier gets you basic banking, spending analytics, and limited currency exchange. The Plus plan ($4.99/month) adds higher exchange limits and purchase protection. Premium ($16.99/month) includes airport lounge access, higher ATM limits, and device insurance. Most former Monzo users will be fine on the free tier.

I’ve been using Revolut’s free tier alongside my primary bank for about eight months. The spending categorization is the closest thing to Monzo’s I’ve found. It auto-tags transactions and the monthly breakdown actually makes sense without manual editing. The multi-currency piece is where Revolut pulls ahead of every US-only neobank. If you travel or send money abroad, nobody else is close on exchange rates.

Best for: Monzo users who valued the spending insights, international features, and overall app experience. Nearest thing to a drop-in replacement.

Watch out for: No own bank charter yet. The partner bank model means some features (like savings rates) aren’t as competitive as chartered banks like SoFi.

Chime — Largest US Neobank, Zero Fees

Chime has roughly 14 million US customers and has built its entire pitch around being free. No monthly fees. No minimum balance. No overdraft fees (their SpotMe feature covers overdrafts up to $200 on qualifying accounts without charging you). Early direct deposit gets you paid up to two days ahead of your bank’s normal schedule.

The trade-off: Chime’s feature set is simpler than Monzo’s was. No multi-currency. No virtual cards on the free plan. The spending insights exist but aren’t as granular as what Revolut or Monzo offered. Chime is a checking account and a savings account with a Credit Builder card bolted on. That’s basically it.

But that simplicity is the point. If you used Monzo mainly as a fee-free checking account with early payday, Chime does that well. The savings account earns 2.00% APY — not competitive with the best high-yield options, but better than a big bank’s 0.01%.

Best for: People who want the simplest possible switch. Free account, early direct deposit, overdraft protection. Done.

Watch out for: No bank charter (uses Bancorp and Stride as partner banks). Limited budgeting tools compared to Monzo. If you used Monzo for spending analysis, you’ll want a separate budgeting app alongside Chime.

SoFi — The Chartered Bank With the Best APY

SoFi got its national bank charter in January 2022, which means your deposits are directly FDIC-insured up to $250,000. No pass-through arrangement, no partner bank. SoFi holds your money and SoFi insures it. That matters, especially if you’ve just watched a neobank announce it’s shutting down and you’re thinking about counterparty risk.

The savings APY is 3.80% with direct deposit (drops to lower rates without it). That’s competitive as of April 2026. SoFi also offers personal loans, student loan refinancing, investing, and credit cards. It’s the closest thing to a traditional bank wrapped in a modern app.

I opened a SoFi checking account about a year ago to test the direct deposit requirement for the higher APY. Setup was fast. The app is cleaner than most banks but doesn’t have the spending-category granularity that Monzo had. You get basic transaction tracking and a “Vaults” feature for saving toward specific goals, but it’s not a budgeting tool. If you want detailed spending analysis, pair SoFi with Monarch Money or Copilot.

Best for: Monzo users who want stability and the peace of mind that comes with a real bank charter. Also the best option if you’re looking for high savings rates and don’t want to use a partner-bank fintech.

Watch out for: The app tries to cross-sell you on investing, loans, and credit cards. You can ignore all of it, but the “one app for everything” approach means the banking piece isn’t as focused as a pure checking-account app.

Current — Early Payday and Credit Building

Current is the smallest name on this list but worth considering if you used Monzo’s budgeting features alongside fee-free checking. The free account includes early direct deposit (up to two days), fee-free overdraft protection (up to $200), and spending insights. The Premium tier ($4.99/month) adds a savings pod earning up to 4.00% APY and additional overdraft coverage.

Current’s credit builder reports your on-time payments to credit bureaus, which helps if you’re working on your credit score. The app also has savings “pods” that work like labeled envelopes — you name them, set goals, and move money in and out. Not as sophisticated as YNAB’s envelope system, but functional for basic goal tracking.

Best for: Younger users or anyone building credit who wants early direct deposit plus basic budgeting features in one app.

Watch out for: The best savings rate (4.00%) requires the paid tier. Free account earns nothing on savings. Current also uses Choice Financial Group as its partner bank, so the same charter concerns apply.

Which One Replaces Monzo Best?

There is no perfect replacement. Monzo had a specific combination of bright UI, social spending features, and granular categorization that no single US app replicates exactly. But here’s how I’d think about it:

If you cared about the app experience and spending insights: Revolut. The categorization, notifications, and overall design philosophy are the most Monzo-like.

If you just need fee-free checking with early payday: Chime. Biggest user base, simplest setup, no monthly cost.

If the shutdown rattled you and you want a chartered bank: SoFi. Direct FDIC insurance, no partner bank risk, strong APY.

If you’re building credit or want savings pods: Current. Credit builder plus the pod system gives you more structure than Chime.

If you used Monzo alongside a budgeting app: Keep the budgeting app and pair it with whichever bank account fits your needs. The Plaid connections that power most finance apps work with all four of these banks. Your budgeting setup doesn’t need to change — just the account underneath it.

The Security Question

When a neobank shuts down, the first concern should be: where is my money? For all four alternatives listed here, deposits are FDIC-insured up to $250,000, either directly (SoFi) or through pass-through arrangements with partner banks (Chime, Current, Revolut).

Your money is safe. The inconvenience is real — setting up new accounts, updating payment methods, re-establishing direct deposit — but you won’t lose funds. Monzo has committed to keeping accounts functional through June 2026. Use that window.

What you should think about longer-term: do you want your primary bank to be a company that might exit a market? SoFi has its own charter and a profitable US operation. Chime has 14 million US customers and is deeply embedded in American banking infrastructure. Revolut is investing $500 million in its US charter application. These are different risk profiles than Monzo’s US experiment, which always felt like a side project for a UK-focused company.

Move Now, Not Later

The June 2026 deadline is firm. Monzo isn’t walking this back. If you’ve been meaning to switch anyway, this is the push.

Open the new account this week. Set up direct deposit. Start redirecting autopay. By the time Monzo actually shuts down, you want to be fully transitioned with zero dependence on an app that no longer exists.

Two months. That’s the window. Don’t waste the first month thinking about it.

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Compared April 2026. Monzo US shutdown announced April 1, 2026, with service ending June 2026. Rates, features, and charter status current at publication. Verify directly with each provider before switching.