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Best Online Banks For Checking Accounts – Thinking of going digital banking? Here are the best online banks and apps to choose from.
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Best Online Banks For Checking Accounts
What are the best digital banks? This is a difficult question and not an easy one to answer. Digital banking has grown massively in recent years. Many brands have jumped at the chance to impress customers and have received many accolades along the way.
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As such, it can be difficult to determine which banks offer what and for whom it is best suited. Fortunately, we have carefully reviewed and selected the 10 best digital banks for a wide range of users. In addition to the comparison, we’ve also taken a closer look at which might be the best fit for you.
Below, you’ll find our quick comparison table. In addition to some key pros and cons of each, we’ve also highlighted which ones are best for you:
24/7 customer support 1% cash back on debit card payments Customers can open multiple accounts to help budget.
Now it’s time to focus on each one in more detail. We’ll explore what makes each a better choice for consumers and include relevant links and information:
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As for crowdfunders, they’re not much better than Starling Bank. The invited brand gives users access to their full UK current account, which you can manage directly from the app. It only takes a few minutes to get started and there are tons of features for almost everyone. Unlike most other top digital banks, you get interest paid on your balance as well as access to an overdraft facility.
If you’re looking for an account that you can use as your primary checking account, you can’t go wrong with Starling. However, some advanced features, such as mortgages and complex forms of lending, are not yet available.
Revolut is one of the fastest growing digital banks in the UK and for good reason. A premium account gives you access to all the benefits. Perhaps most notably, you can top up your card in multiple currencies. So, if you travel abroad a lot, you can reduce your payments overall. Plus, with premium features, you can get free travel insurance. You can also store your cryptocurrency balance in your Revolut account.
As with Wise, there are no options for paying cash into your account. And, if you want access to the best features, you have to pay a monthly fee. So there is no guarantee that you will get better depending on how often you use it.
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With a Borderless Wise account, you get cheap money transfers, which the company says are up to eight times cheaper than conventional banks. You can also hold your money in over 40 different currencies. So if you’re someone who makes a lot of overseas transfers, this might be the account for you.
Likewise, you can pay in GBP, USD, EUR and AUD without paying any fees. You can also get account information for each of these currencies. Of course, this is not a perfect system. For those who regularly make large payments, you can use a special service. Likewise, if you make a lot of cash payments into your account, you should look elsewhere.
Monzo is almost a household name in the world of digital banking these days. The company has spent time developing many features to help you better manage your money. You can create budgets, create savings pots and set aside money for bills. If you want to save money, this is the bank for you. You can also enjoy things like free overseas cash withdrawals (up to £200 per month) and no transaction fees for overseas spending.
Monzo has gradually added other features such as overdrafts, loans and joint accounts, making it a viable choice as a primary account. However, there are certain limitations and fees associated with the account. You can deposit up to £1,000 in cash every six months and it costs £1 per deposit via PayPoint.
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Whether you’re an international student studying in the UK or a local student going abroad, Monese is a good choice of bank. Students have access to a classic free account for 12 months, and you don’t need credit check proof of address to open one. Once you get the app, you’ll get real-time notifications and your spending balance.
Unlike many accounts here, you can deposit cash into your account with PayPoint Mail and have an account in both the UK and the Eurozone. However, after the free 12 months, you will have to pay a monthly fee. Similarly, there are commissions for withdrawing money over a certain limit, as well as for exchanging foreign currencies.
Chase offers an extra layer of security because you’re banking with a modern digital competitor, but one of the largest and most secure banks in the US was launched by JPMorgan. So if you’re worried about the safety of your funds at an unfamiliar bank, Chase can put most of them to rest.
But that’s not all of Chase. With an easy-to-use app, the ability to open multiple accounts to help with your budget, and great access to 24/7 customer support, it’s a really strong choice – something most established rival banks can’t do. special offer. You’ll also get 1% cash back on all payments you make using your debit card – a nice little bonus.
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As a relative newcomer to the digital banking space, bunq is trying to do things a little differently. The company actually works with Wise, which means you get the same great prices on international shipping. You also get instant payments and up to 10 free ATM withdrawals per month.
Ethical banking is at the heart of what Bulk does. They have different environmental incentives for their customers. However, there is no free version of the service and it is currently only available in Euros. Additionally, many of the best features come with additional fees that may be added soon.
Zopa started life as a peer-to-peer lending company, but has since acquired a full banking license. The newly established Zopa Bank offers savings accounts and credit cards to its customers. You have five storage options to choose from for one to five years of investment. It’s quick and easy to get started and you’ll earn an interest rate of 1.05% to 1.30% AER depending on the account you choose.
Thanks to its banking licence, your funds are protected by the Financial Services Compensation Scheme. However, you need to deposit at least £1,000 to get started. Moreover, the rates offered are not as competitive as other long-term savings options.
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ANNA provides an online business current account with a range of features to help you manage your finances. The account is aimed at small and medium business owners and offers access to a Mastercard debit card. Features include automatic receipt and invoice management, 1% cash back on your business spend and access to a range of employee add-on cards.
If you’re relatively new to the world of business banking, ANNA can help you stay on track financially. However, you don’t have access to many of the basics you need from a full-fledged business account, such as overdrafts and credit limits.
Atom is another brand that offers a range of long-term storage options as well as mortgage options. You can create an account in minutes and see your funds and interest rates right through the app. If you’re trying to increase your savings, Atom will actively encourage you to do so and also show you your potential earnings.
Rates with Atom are competitive and range from 0.75% AER to 1.5% AER depending on whether you choose 3-month or 5-year fixed savings. However, you don’t get a bank card with Atom, and you miss out on many of the benefits that a full bank account gives you.
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GoHenry is a financial tool designed for children between the ages of 6 and 18. An app-based account allows parents to access the account and view and monitor their children’s spending habits. For the child themselves, they can view their balance and make purchases and withdrawals using their prepaid Visa card.
Every time the child uses the card, you will receive a notification on your application. You can also set up a reward system where money is sent to their account when they complete certain tasks. This tool aims to help children learn how to manage their money while giving back to their parents
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