Side by side
Monzo vs SoFi
Both stand on personal loan apps. Which one you can start free with, which one lets you read the code, and what each costs once you pay.
Free plan AndroidAPIiPhone+1
Monzo combines a current account with budgeting, savings, investment, and travel features, and offers around-the-clock in-app support. Check plan eligibility and the 90-day renewal requirement for linked accounts before choosing it.
Visit Monzo Free plan AndroidiPhoneMac+2
SoFi combines banking, investing, account tracking, and financial guidance, with a free Coach option for eligible members. Check regional availability for the specific products you need.
Visit SoFiThe facts
| Monzo | SoFi | |
|---|---|---|
| Free plan | Yes | Yes |
| Open source | Not published | Not published |
| Runs on | Android, API, iPhone, Web | Android, iPhone, Mac, Web, Windows |
| Lowest paid plan | Extra: £3 a month | SoFi Plus: $10 a month |
| Plans published | 8 | 5 |
| Maker | Not published | SoFi |
| Website | monzo.com | sofi.com |
| On personal loan apps | #1 of 34 | #2 of 34 |
Monzo: what it does well
- Salary Sorter divides income among separate Pots.
- Cardholders can spend abroad without foreign transaction fees.
- 24/7 support is available through in-app chat.
- Eligible deposits are protected up to £120,000 per person.
What to know first
- Open Banking connections need renewal every 90 days.
- Cash deposits cost £1 each.
- Accounts are for UK residents.
- Investments can go down as well as up.
SoFi: what it does well
- Banking includes bill pay, transfers, and mobile check deposit.
- Invest offers self-directed and robo investing.
- Relay links outside accounts and tracks credit scores.
- Coach provides chat-based financial insights around the clock.
What to know first
- Coach does not recommend stocks or execute trades.
- Several listed products are limited to the United States.
- SoFi Plus costs $10 a month.