Digital banking

Read reviews, browse apps and find out more about all of the latest development in digital banking

Updated December 11th, 2018
Name Product Fees and charges Delivery speed
N26
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
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)
Free
Between 3-5 working days
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)
None
Between 3-5 business days
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

Updated December 11th, 2018
Name Product Foreign ATM withdrawals ATM withdrawal limit Foreign transactions fee Card cost Delivery speed
N26
ATM fees differ depending on country
€2 after exceeding free withdrawal limit
No fees
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
No ATM fees
£200 per month. Anything more is charged at 2% of value of withdrawal.
No fees
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
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)
No ATM fees
£300 per day. Maximum of 6 withdrawals per day.
No fees
Free
Between 3-5 working days
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)
€1 per withdrawal
£300 per day
2% on card spend and ATM usage
Card delivery is free
Between 3-5 business days
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

Updated December 11th, 2018
Name Product Fees and charges Interest Savings goals
N26
Free
up to 1.48%
n26 'Spaces' feature lets the user open sub-accounts to stash your money away
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Free with finder.com, otherwise card delivery is £4.99
No interest
Set budgets in the 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)
Free
0.5% AER up to £2,000, 0.25% over £2,000 to £85,000
Create up to 10 different spending goals and protect money from daily spending
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)
None
No interest
Not a feature
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

Updated December 11th, 2018
Name Product Direct debits UK ATMs Payments Freeze your card CASS
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
No
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
Free up to £200 a month
Easy UK payments and can transfer money between 23 countries
Yes: touch of a button in app
No
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
Free
Pay via bank transfer. Can't pay into paypal currently.
Yes: touch of a button in app
Yes
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
£1 per withdrawal
Pay via bank transfer, easier to send to another Monese account.
Report lost/stolen in app to be sent replacement
No
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

spare change coins on a table

Apps for your loose change

Digital banking apps can top up your transactions and put them in a savings pot, invest them in stocks and shares, and much more.

piggy bank saving money

Budgeting apps

With clever dashboards, helpful notifications, and even AI chatbots, there are plenty of apps out there to help you control your spending.

The days of having to go into your local banking branch, stand in a line and talk to someone are long behind us. First came online banking, available to anyone with a desktop or laptop computer. Now a new wave of baking is upon us: app-based banking.

We’ve rounded up all the information you need to know about app-based banking to give you all the tools you need to discover if this new wave of banking is your personal finance future.

What is digital banking?

Digital banking is a way to control your money, usually the use of a smartphone app or web app. It allows you to log on to your account anywhere you have internet access, allowing you constant visibility of where your money is going and allowing you to understand the best way to manage it.

Why should I use app-based banking?

There are several advantages to app-based banking:

  • Banking access in your pocket
  • 24/7 access to banking support with many companies
  • Instant spending notifications
  • Many banking apps offer ways to automatically save money

Another major benefit of app-based banking is the degree to which is has opened up the competitive banking marketplace. Specifically, the new Open Banking regulations have enabled third party apps to innovate off the back of traditional banking’s infrastructure.

Things to know about app-based banking:

Here’s a few things that you may not know about using your mobile as your main point of contact with your bank:

If you want to share your information, your bank has to agree

Many banking apps are designed to help their customers save. These apps access your current bank accounts and use clever computer programs to analyse your spending and look for ways that you could save money.

Previously, you could ask your bank to give these apps permission to view your banking data and the bank could refuse. Now, as long as the app is properly licensed, your bank must grant access that you agree to.

Different types of app-based banking:

App based banking is different to traditional banking in many ways. Unlike traditional banking, app-based banking covers a much wider definition of ‘banking’.

  • Current account apps:

    As part of the app-based banking innovations a clear class of banking app has emerged: the challenger banks. Challenger banks are new, fledgling banks that are aiming to take on the big, traditional high street banks and change the way we save and spend money. Challenger banks such as Starling, Tandem and Monzo are similar to traditional banks in that they offer the full current account experience but with all the added benefits of an app-based bank.

  • Apps that help you save:

    One of the most common reasons for people heading away from traditional banks and towards app-based baking is how easy app-based banking makes it for people to save money. Several providers such as Plum and Chip offer automatic savings for customers. Plum’s clever computer program looks at your spending habits and income and identifies how much you can reasonably save each month and then helps you set up a direct debit to your Plum savings account for this same amount.

  • Prepaid card apps:

    Another way to use app-based banking to help you save is through the use of prepaid cards. Cards with banking companies such as Pockit, Cashplus and Tuxedo allow you to load specific amounts of money on to your card and even further segregate this money into ‘pots’ to spend on different things. This way you don’t have access to too much money all at once and are less likely to fall for those expensive ‘impulse buys’.

  • Investment apps:

    Another popular way to use app-based banking is as a way to save through investment. Apps such as Moneybox allow you to make weekly or one off deposits to three risk-assessed categories of investments. Several of the app-based banks also allow you to sign up to a ’round-up’ where your account rounds up your purchases to the nearest pound and uses the change you would have received as an investment.

  • Traditional banking apps:

    App-based banking doesn’t only apply to challenger banks or money saving banking apps, it’s also becoming increasingly possible to bank on your smartphone with traditional banks such as Barclays and Natwest, both of whom have highly rated mobile apps where you an control your money.

Click on a logo to read our review

Revolut
Monzo
Starling
Money Dashboard
Monese
Cleo
Tandem Bank
Plum
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