7 current account apps that can replace your old bank

If you want to switch to a new digital bank, here are the ones to consider.

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If you’re thinking about switching to a bank like Monzo, Revolut or Starling, you might be unsure about a few things. Can you get your salary paid in? Do direct debits work in the same way?

Only 20% of Monzo’s customers have their salary paid directly into the app, and the average balance in those accounts is less than £250.

If you want to take the plunge and treat a digital bank as your main account, then use our table to compare features.

Compare current account apps

Here are all of the UK’s leading banking apps. For more information on each, click on the “Compare” checkbox. Or click “More info” for in-depth reviews on each app.

Updated September 21st, 2019
Name Product Direct debits UK ATM withdrawals Payments Freeze your card
N26
Yes
Free
Use MoneyBeam to transfer money instantly. Is partnered with Transferwise so can send money to 16 countries.
Yes: touch of a button in app
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut currently only supports direct debits with the Euro IBAN account
£200 free monthly
Easy UK payments and can transfer money between 23 countries
Yes: touch of a button in app
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Yes - future Direct Debits shown as alerts
Free
Pay via bank transfer or using PayPal or Google Nearby
Yes: touch of a button in app
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Yes - can cancel with touch of a button too
£200 free monthly
Pay via bank transfer, easier to send to another Monese account.
Report lost/stolen in app to be sent replacement
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

We’ve ordered the table based on our most popular digital banking reviews. This list contains all of them.

Why should I use a banking app?

The new wave of banking apps come with a whole range of benefits, and each bank offers a slightly different service. Overall though, the benefit is taking your bank with you wherever you go. In your pocket you can make payments, contact customer service, freeze your card, and get an overview of your spending.

The other benefit of banking with these new start ups, is their agility. With constant updates, funding and collaborations, more features and products are being added every month. As time goes on, these banks resemble traditional banks more and more closely – but without the clunky apps, queues in branches, and staying on hold to customer service.

The other benefit is that the apps are mostly free! While some charge a fee, many banking apps don’t (such as Revolut, Monzo, Starling, Monese). For no money, you can visualise your spending on-the-go and in real time.

If they’re free, how do banking apps make money?

A lot of banking apps are drawing in customers with free services, and the companies plan to diversify later with more traditional banking products (such as savings accounts, mortgages, loans, overdrafts). These products provide the apps with potential revenue in the future.

Some apps are partnering with other fintech startups, to cross-sell each others’ services. Head to our news section for the latest developments in digital banking.

What is CASS?

The Current Account Switch Service is a free to use government initiative. Banks that are signed up make switching your current account simple, reliable and stress-free. Switching direct debits, overdrafts and standing orders was never easier. In our table above, we’ve identified which digital banks support CASS.

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2 Responses

  1. Default Gravatar
    MohamedNovember 10, 2018

    Dear Team

    I am seeking your advise and recommendation about which digital bank would be suitable to my case
    I have offshore software company registered in Nottingham – UK
    I am living in Dubai – UAE , I do not have resident address or utility bills in UK , however I have in Dubai
    which digital bank can open account with my company name , provide IBAN , and UK residence address is not required

    Thanks in advance for your support

    Best Regards

    Mohamed

    • Avatarfinder Customer Care
      JoshuaNovember 20, 2018Staff

      Hi Mohamed,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Upon checking, the only one on our table that accepts non-UK resident is Monese. The rest needs you to present a UK address. There might also be other digital banking apps not included on our list. So, you might also use the Internet to search for them.

      If you believe that Monese is the right choice for you, click on the “Go to site” green button to be redirected to their website or initiate your online application.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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