Budget Stays near Bank and Monument Stations
Five budget properties near Bank and Monument stations carry this label on our list, and most of them are not in the Square Mile itself. St Christopher's Inn London Bridge - The Village and The Rose & Crown, London Bridge are hostels near Borough Market, Premier Inn London Bank (Tower) is a short walk from London Bridge, and LSE Bankside House sits near Tate Modern on the south bank. Travelodge London City is the only one described as in the City. All five are a short walk or one stop from Bank and Monument, across London Bridge or along the Thames, which keeps the financial district within easy reach.
Bank and Monument sit at the core of the City of London, among the Bank of England, the Royal Exchange and the Monument to the Great Fire of 1666. London Bridge crosses the Thames just south of Monument to Southwark, Borough Market and the riverside path towards Tate Modern. The City is busy on weekdays and quieter at weekends, while the south bank stays lively every day.
Where to stay
Cheaper Beds Just Across the River
The City of London is one of the most expensive places to sleep in the capital, so the cheaper beds near Bank and Monument are mostly just across the river. That is not a drawback: London Bridge links Monument to Borough Market in a few minutes on foot. I would pick by the kind of stay: a hostel for meeting people, a chain hotel for a predictable room, or LSE Bankside House for a simple stay with breakfast included.
Premier Inn London Bank (Tower) is the best rated of the five, at 8.4 from 1,780 reviews. It offers simple rooms with flat-screen TVs, air conditioning and free Wi-Fi, a restaurant and a bar, and it is a short walk from London Bridge. The listing also mentions parking and features for families and guests with accessibility needs. Travelodge London City, rated 8.2 from 2,834 reviews, is the only property here described as in the City, with a restaurant and bar, and it is pet-friendly and family-friendly. I recommend either for business travellers who want a predictable room near Bank.
Two hostels near Borough Market suit travellers who want company in the evening. St Christopher's Inn London Bridge - The Village has bright dorms and private rooms with shared bathrooms, free Wi-Fi, a restaurant and a bar, and is described as family-friendly and accessible; it scores 7.8 from 3,278 reviews, the most reviewed of the five. The Rose & Crown, London Bridge is a traditional pub with a backpackers' hostel above, a restaurant and a bar, and it is pet-friendly and smoke-free, rated 8.4. My advice is to choose the pub for a smaller, quieter house and St Christopher's for a busier hostel scene.
LSE Bankside House is the quiet choice on the south bank, a short walk from Tate Modern. It offers simple rooms with air conditioning, free Wi-Fi and a complimentary breakfast, along with a bar, a TV lounge and a seasonal restaurant, and scores 8.0 from 1,251 reviews. Because the restaurant is seasonal, I would check what is open for your dates. From Bankside, the walk to Bank and Monument crosses the Thames by Southwark Bridge or the Millennium Bridge towards St Paul's Cathedral, a longer walk than from London Bridge that suits travellers who enjoy arriving on foot.
None of these five properties is a luxury hotel, and two have shared bathrooms in some rooms, so read the room type carefully before booking. What they offer is position: Borough Market, Tate Modern, the Tower of London and the City are all within walking distance of at least one of them. If you need to be inside the Square Mile at a lower cost, Travelodge London City is the closest match. For a first visit to London on a tight budget, I think the London Bridge hostels give the best mix of price category, atmosphere and access to the City.
A traveler's perspectiveOn a budget near Bank and Monument, I would choose Premier Inn London Bank (Tower), the best rated of the five, for a simple private room near London Bridge. For a sociable stay I recommend The Rose & Crown, London Bridge, a pub with rooms above it a short walk from Borough Market. If breakfast included matters, LSE Bankside House near Tate Modern is the only one of the five whose listing promises it.
4.2Guest scoreBudgetPremier Inn London Bank (Tower) hotel
Simple rooms, restaurant, and bar near London Bridge
View hotel →Why guests love itPremier Inn London Bank (Tower) hotel is a straightforward family choice in the City, in my view: the listing mentions family rooms and accessible options, air conditioning helps on warm nights, and the restaurant and bar keep dinner on site. Wi-Fi is free and parking is available for a family arriving by car. London Bridge is a short walk away, and an 8.4 rating across 1,780 reviews is a reliable sign.
4.2Guest scoreBudgetThe Rose & Crown, London Bridge (PUBLOVE)
Budget-friendly hostel above a traditional pub, near Borough Market
View hotel →Why guests love itThe Rose & Crown, London Bridge (PUBLOVE) is a backpackers' hostel above a traditional pub, so in my view it suits adults and older teenagers more than young children. It is pet-friendly and smoke-free, Wi-Fi is free, and the pub restaurant keeps meals simple. Borough Market, a lively food stop for older kids, is a short walk away, as is London Bridge. The 8.4 rating across 1,157 reviews is solid for a budget stay.
4.1Guest scoreBudgetTravelodge London City
Budget-friendly city hotel with a restaurant and bar, welcoming pets and families
View hotel →Why guests love itTravelodge London City is a contemporary budget hotel in the city, and I find it a sensible, pet-friendly choice for families who want a simple stay. Rooms are comfortable, and there is a restaurant and a bar on site. Public transport is conveniently close for exploring London's attractions. Guests rate it 8.2 across 2,834 reviews, a good score from a large sample for a budget hotel.
4.0Guest scoreBudgetLSE Bankside House
Simple, budget-friendly rooms with breakfast near Tate Modern
View hotel →Why guests love itLSE Bankside House is a casual, budget-friendly residence with simple rooms, and its free breakfast and short walk to Tate Modern are the two points I would highlight for families. Rooms are air-conditioned and Wi-Fi is free. The bar, the seasonal restaurant and the TV lounge give older children somewhere to spend the evening. No family rooms or children's facilities are listed, so I would suggest it to a parent with a teenager rather than a family with toddlers.
3.9Guest scoreBudgetSt Christopher's Inn London Bridge - The Village
Budget-friendly hostel with bright rooms near London Bridge and Borough Market
View hotel →Why guests love itSt Christopher's Inn London Bridge - The Village is a budget hostel that is listed as family-friendly, with private rooms as well as bright dorms, so a family can take a room of its own. Bathrooms are shared, which matters with young children. Borough Market is close by for an easy food stop, and there is a restaurant, a bar and free Wi-Fi on site. With a guest score of 7.8 from 3,278 reviews, I would book it for an affordable, central family trip.
Local tips
- 1Check the room type at St Christopher's Inn London Bridge - The Village, as its dorms and private rooms use shared bathrooms.
- 2LSE Bankside House is the only property of the five whose listing includes a complimentary breakfast.
- 3Walk across London Bridge to reach Monument: from the hostels near Borough Market it takes only a few minutes.
- 4Travelodge London City is the only budget option described as in the City itself, useful for business trips near Bank.
- 5Ask whether LSE Bankside House's seasonal restaurant is open during your stay before relying on it for dinner.
- 6Pet owners can look at The Rose & Crown, London Bridge and Travelodge London City, both described as pet-friendly.