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.
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.
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.
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.
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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