Monzo vs PiggyVest

Monzo is a UK bank offering current accounts and app tools for spending, saving, borrowing, investing, and managing money. Salary Sorter divides income into Pots for bills, spending, and other budgeting needs. Customers can use Savings Pots, ISAs, and savings accounts, with rates varying by account and subscription plan; investment options start from £1 and can rise or fall in value. For travel, cardholders can spend abroad without foreign transaction fees and see live exchange rates in the app. Monzo connects other bank accounts and credit cards through FCA-regulated Open Banking, and customers must renew those connections every 90 days. Security features include Call Status, transaction notifications, card freezing, biometric login, and extra checks for large payments. Monzo says eligible deposits are protected by FSCS up to £120,000 per person. The app is available on Android, iOS, and web, with 24/7 in-app chat support. Accounts are for UK residents. The free current account is listed for ages 16+; paid plans have varying prices and eligibility conditions.

PiggyVest helps customers save and invest toward financial goals, with options for scheduled saving, goal-based saving, locking funds, and investment opportunities. PiggyBank supports automatic daily, weekly, or monthly deposits as well as manual top-ups. SafeLock lets users set funds aside for 10 to 1,000 days, with interest paid upfront or at maturity. Target Savings supports personal goals and group savings challenges. HouseMoney is for rent and household bills and states that it pays 15% interest per annum, monthly. Investify offers pre-vetted opportunities with minimums that vary by investment; it can only be funded from a Flex Naira wallet, and some investments have a 1% processing fee. PiggyVest says it uses 256-bit SSL encryption, encrypts card and bank data, and offers two-factor authentication. It says customer funds are managed by PV Capital Limited, which it describes as registered with Nigeria’s Securities and Exchange Commission. The service is available on Android, iOS, and the web. It has no monthly fees or transaction charges, though some products may involve fees or early-withdrawal penalties.