Do Monzo and Revolut have deposit protection schemes?

Monzo and Revolut deposit protection schemes refer to the ways customer money may be protected if the relevant bank or safeguarding arrangement fails. For Monzo, eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to the applicable limit. For Revolut, protection depends on where the money is held and whether it is covered by a banking licence, an e-money safeguarding arrangement, or another local deposit guarantee scheme.

No. Monzo and Revolut use different structures for holding customer funds, so their protection arrangements are not identical. Monzo offers FSCS deposit protection for eligible cash deposits held in its banking entity. Revolut protection varies by product and jurisdiction, and may involve safeguarding rather than deposit insurance.

In the United Kingdom, Monzo’s eligible deposits are generally protected by the FSCS up to the statutory limit per person per authorised bank. Revolut’s UK protection depends on the specific account type and entity involved; some funds may be safeguarded as e-money rather than protected by the FSCS, while certain banking products may have deposit protection if offered by a licensed bank entity.

The FSCS deposit protection limit for eligible deposits in the UK is generally up to 85,000 GBP per person, per authorised bank, or 170,000 GBP for joint accounts. Revolut’s limit depends on the legal entity and the type of protection, and safeguarded e-money is not the same as deposit compensation. You should check the terms for the specific Revolut product and country.

Monzo’s eligible deposits are typically covered by the FSCS because Monzo is a UK bank. Revolut funds are only covered by the FSCS if they are held in a qualifying deposit account with a bank entity that is covered by the scheme. Standard e-money balances held under safeguarding are not FSCS-protected deposits.

Coverage can differ for business accounts. Monzo business balances may be protected if they qualify as eligible deposits under the relevant scheme and limits. Revolut business protection depends on the account structure, country, and whether funds are safeguarded or held in a protected deposit account. Always review the business account terms for exact coverage.

Joint accounts can be protected, but the rules differ by provider and account type. For FSCS-protected joint deposits, the limit is generally doubled to 170,000 GBP for a joint account in the UK. Revolut joint-account or shared-account protection depends on the entity and whether the balance is a safeguarded e-money balance or a protected deposit.

Monzo savings features may be protected if the money is held as an eligible deposit with Monzo or with an associated partner bank, depending on the product. Revolut vaults or pockets may be safeguarded or otherwise protected depending on the local structure and product terms. The key question is where the money is legally held, not just how it appears in the app.

Protection is usually automatic if your money is held in a product that qualifies for the relevant scheme. For Monzo, eligible deposits are automatically covered by the FSCS. For Revolut, whether protection is automatic depends on the account type and whether the funds are safeguarded, held with a partner bank, or otherwise covered under a local scheme.

If Monzo were to fail, eligible deposits would generally be repaid by the FSCS up to the scheme limit. If Revolut or one of its entities were to fail, the outcome depends on how the funds are held: safeguarded e-money balances are handled differently from bank deposits, and deposit-protected accounts may be covered by a local deposit guarantee scheme.

Yes, interest usually forms part of the protected balance if it has been credited to an eligible deposit account. For Monzo, that means interest in a protected deposit account is generally included within the FSCS limit. For Revolut, it depends on whether the money is in a protected deposit account or a safeguarded balance under the relevant product terms.

Protection for non-GBP balances depends on the country, entity, and account structure. Monzo is primarily a UK bank, so its core deposit protection is focused on eligible deposits with the UK scheme. Revolut often offers multi-currency accounts, but protection may vary by currency and legal entity, and some balances may be safeguarded rather than deposit-insured.

Deposit protection means a formal compensation scheme repays eligible deposits if the bank fails, up to a set limit. Safeguarding means customer money is kept separate from company funds and protected operationally, but it is not the same as a deposit guarantee. Monzo’s eligible deposits are covered by deposit protection, while many Revolut balances are safeguarded unless held in a protected deposit product.

Availability outside the UK depends on the local entity and regulations. Monzo’s main deposit protection is UK-based. Revolut operates in multiple jurisdictions, and customers in different countries may receive protection through local deposit guarantee schemes, safeguarding rules, or bank-specific coverage depending on the product and where it is offered.

You can check the account terms, the legal entity name, the product information in the app, and the bank or safeguarding disclosure documents. For Monzo, look for FSCS eligibility and deposit account details. For Revolut, confirm whether the balance is in an e-money wallet, a safeguarded account, or a deposit account covered by a specific scheme.

Protection applies to the underlying account balance, not the physical card itself. If the card draws from a protected deposit account, the money may be covered by deposit protection. If it draws from a safeguarded e-money wallet, the funds are protected through safeguarding rather than a deposit guarantee.

For Monzo, the FSCS generally aims to pay eligible claims within seven working days for most deposit claims, though complex cases can take longer. For Revolut, payout timing depends on the relevant protection mechanism, such as safeguarding processes or a local deposit guarantee scheme, and may vary by jurisdiction and account type.

Yes, but protection limits may apply across accounts held with the same authorised bank or entity. For Monzo, multiple eligible accounts are usually aggregated toward the FSCS limit. For Revolut, coverage may also be aggregated within the same protected entity, while separate entities or schemes may have separate rules.

Amounts above the relevant protection limit may not be covered if the bank or protected entity fails. For Monzo, balances above the FSCS threshold are exposed to loss if the firm collapses. For Revolut, the same principle applies where deposit coverage exists, and safeguarded balances may be handled differently but are still subject to product and insolvency rules.

Official details are usually found in the provider’s terms, help pages, key information documents, and regulatory disclosures. For Monzo, you can also check the FSCS website and Monzo’s deposit protection information. For Revolut, review the specific entity disclosures and the protection or safeguarding explanation for your country and product.