Best Digital / Online-Only Banks for UK Customers

If you’re looking for an online bank that makes everyday banking convenient, Starling Bank is a fantastic option. It only takes a few minutes to create an account. There are plenty of useful features, such as budgeting tools, virtual cards, and a personal finance marketplace.

One of the standout features of Starling Bank is its variety of personal and business accounts. These options let you select the one that perfectly meets your needs. You can even set up accounts for your children using Starling Kite or Teen Account.

Another great aspect of Starling Bank is its user-friendly interface. If you ever run into any problems or have questions about the service, you can reach out to customer support team via live chat.

Information About Starling

Revolut is an excellent online bank to consider If you’re someone who frequently makes international payments. One of the best features is the multi-currency account, which allows you to hold and exchange 29 currencies. Also, you’ll receive real-time exchange rates, and the fees will be shown before making a transaction.

One of the more useful features of Revolut is its vaults, which lets you set money aside for bills and other expenses. It’s an excellent way to keep your finances organised and ensure you’ll always have money for the things you need. Revolut also provides an investment section where you can purchase stocks, commodities, and cryptocurrencies like Bitcoin.

Like other digital banks, Revolut provides a virtual card with the option to order a physical card. There are 4 card plans you can order - Standard, Metal, Plus, and Premium. These plans offer different benefits that can improve your banking experience. For example, the premium plan provides no fees for currency exchanges from Monday to Friday.

Information About Revolut

Wise is perhaps the best digital bank for multi-currency transfers due to their low fees. The platform launched in 2011 with a mission to make international money transfers faster, easier, and cheaper. Today, Wise has over 15 million users and allows transfers in over 170 countries.

Wise is also an excellent digital bank for those who have business overseas or travel a lot. You can choose to pay in local currency or have Wise automatically convert your cash at the cheapest rates. This means you’ll avoid Dynamic Currency Conversion fees. Also, Wise has a partnership with Booking.com, which lets you receive up to 15% off on select destinations worldwide.

Information About Wise

Monzo is a top choice if you want to escape high fees when travelling abroad. The digital bank has no fees for day-to-day card use, and you can withdraw up to £250 at no cost. However, Monzo only provides accounts in GBP, which can be a huge negative for some Brits. Nevertheless, this won’t interrupt your travelling experience as Monzo will automatically convert your money to local currency at cheap rates using the Mastercard wholesale rate. Basically, this means you’ll avoid paying more fees when converting to a local currency like you would with other banks.

Another great advantage of using Monzo as a traveller is their worldwide travel insurance provided by AXA. Also, this digital bank sweetens the pot by providing discounted access to over 1,000 airport lounges for you and your friends or family at £24 per person.

Like other digital banks, Monzo has many useful services, such as savings accounts, bill splitting, overdrafts, and loans. You can also set up money pots which lets you put money aside, which is helpful for when you’re saving on your next holiday.

Information About Monzo

Atom stands out in the digital banking sphere as a top choice for UK residents looking for a platform that prioritises investing. The platform offers an Instant Saver with unlimited withdrawals, giving more flexibility. However, if you can afford to allocate your money for a fixed period, the Fixed Rate Saver provides a range of terms from 6 months to 5 years.

What separates Atom from most digital banks is the ability to take out a mortgage. Currently, they offer the following services related to property - remortgages, moving home mortgages, first-time buyer mortgages, mortgage product transfer, and near-prime mortgages.

Furthermore, Atom provides a variety of loans for small businesses, such as RLS (Recovery Loan Scheme) and secured loans. Their online application process is easy to fill out. If you need help, the Atom customer support team is dedicated to giving you a helping hand.

Information About Atom