It is if you bank in the United States or Canada, the two countries Monarch says it supports. There it sorts your spending automatically and itemises receipts and Amazon US orders, but cancelling subscriptions is not something it offers.
| Stage | Monarch | Mind My Money |
|---|---|---|
| Before | You start a seven-day trial with a payment method, and connect your accounts through Plaid, Finicity or MX.1 | You install it on your computer and sign in to your bank yourself, in a browser window it opens. It helps you download the transactions. |
| During | Transactions arrive through the connection and are categorised by AI. You can scan receipts to itemise them, and a Chrome extension splits Amazon US and Target orders item by item. It reminds you about subscriptions and upcoming bills.2 | It names every payment, including the shop behind a payment your bank only calls Klarna or PayPal, and sorts them. Then it goes through the recurring ones with you and asks whether to keep each. It cancels the ones you say no to in a browser on your computer, and checks the account page afterwards to see that each one took.3 |
| After | Your accounts, budgets and spending in one place on the web and on your phone, with a weekly recap. | A report of the month, what changed since the month before, and a running total of what it has saved you, checked against your own statements. |
1 "Free 7-day trial, then $99.99/year… Payment method required." 2 AI categorisation "can't be opted out of". Models come from "OpenAI, Anthropic, and Google". 3 It names the shop from your own receipts, messages and photos, on your computer, looking only at the few days around each payment.
The checkable parts. Numbers point to the fine print under each table.
| Fact | Monarch | Mind My Money | Our reading |
|---|---|---|---|
| Who can use it | The United States and Canada, billed in US dollars4 | Anyone with a bank they can sign in to in a browser | |
| How it reaches your bank | A connection through Plaid, Finicity or MX5 | You sign in yourself, in a browser on your computer | |
| Runs on | The web, iPhone, iPad and Android | Your Mac | Monarch |
4 Their Canada page: "All prices are billed in USD." We found no statement about the UK, the EU or the Nordics. 5 They say it connects to "13,000+ banks and financial institutions".
| Fact | Monarch | Mind My Money | Our reading |
|---|---|---|---|
| Sorts your spending | Yes, automatically, with AI | Yes, automatically, and it asks when it is unsure | |
| A payment called PayPal or Klarna | Not something it claims to look up6 | Named from your own receipts, messages and photos | Mind My Money |
| What was in the shopping | Yes, from scanned receipts, and Amazon US and Target orders7 | Yes, from your receipts | |
| Cancels subscriptions | No. It reminds you about subscriptions and bills8 | Yes, once you say yes, and it checks afterwards that it took | Mind My Money |
6 Its Retail Sync pulls order details from Amazon US and Target only. 7 "Scan and itemize receipts for detailed categorization." The Chrome extension "works with Amazon and Target"; "for Amazon, only works with Amazon US". 8 Cancelling, negotiating and switching are not among the features on their pricing page.
| Fact | Monarch | Mind My Money | Our reading |
|---|---|---|---|
| Price | $14.99 a month or $99.99 a year; Plus $199.99 a year9 | Pay what you decide, including nothing | |
| AI subscription | Not needed | Your own Claude, about €18 a month |
9 No free tier. Seven-day trial with a payment method.
| Fact | Monarch | Mind My Money | Our reading |
|---|---|---|---|
| Your transactions | On their servers, in the US10 | On your computer11 | Mind My Money |
| Access to your bank | A standing connection through a data provider12 | No connection; you sign in yourself, in your own browser window | Mind My Money |
10 "Data is securely stored in US-based AWS data centers." SOC 2 Type 2 certified. 11 The step that reasons about your spending goes to a model, under your own account with the provider. 12 "Monarch can not move money in or out of your accounts."
Every cell above is quoted from Monarch's own material and dated. The reading column is ours: our judgement of those cells, not a fact about them. Where a row has no reading, the two are not answering the same question.
Runs on your own computer. Pay what you decide, including nothing.