Cash vs card: Which wins in 2024?
The Finder team roamed the streets of London to quiz the general public about whether they prefer cash or card. Paid content.
Read more…Mobile banking puts your finances at your fingertips 24/7. There's a host of challenger banks, digital-only banks and personal finance apps available, designed to give you better, faster control of your money.
We review every digital bank, app and challenger. Our reviews are regularly updated to cover new features and releases.
The Finder team roamed the streets of London to quiz the general public about whether they prefer cash or card. Paid content.
Read more…Looking ahead to your next trip in 2024? Check out our tips to stop you paying over the odds for your next holiday.
Read more…Time to warm up and get those money muscles working! Here are our 6 steps to help you on your journey towards financial fitness. (Paid content)
Read more…Digital banking is a way to control your money, usually through a smartphone app or web app. It allows you to log into your account anywhere with Internet access, giving you constant visibility of your money and helping you understand the best way to manage it.
There are several advantages to app-based banking:
Another major benefit of app-based banking is the degree to which it has opened up the competition. The new Open Banking rules have enabled third-party apps to innovate, drawing on the infrastructure of traditional banks.
Here are a few things that you may not know about using your mobile as your main point of contact with your bank:
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 if you agree to it.
Response | % of customers that would recommend |
---|---|
High-street banks | 89.12% |
Digital banks | 98.51% |
App-based banking is different from traditional banking in many ways. Unlike traditional banking, app-based banking covers a much wider definition of “banking”.
As part of the app-based banking innovations, a clear class of banking app has emerged: the challenger bank. 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.
One of the most common reasons for people heading away from traditional banks and towards app-based banking 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.
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, Zempler 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”.
Another popular way to use app-based banking is saving 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.
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 can control your money.
All the content may be republished with a link to this page
Press enquiries
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
To find out more, read our full methodology.
The Finder team roamed the streets of London to quiz the general public about whether they prefer cash or card. Paid content.
Looking ahead to your next trip in 2024? Check out our tips to stop you paying over the odds for your next holiday.
Valued at around £3.7 billion, and having 7.5 million customers, Monzo is a British startup success story.
With 30 million customers worldwide and 38.2 million app downloads, Revolut is one of the most successful online banks.
Suits Me is a digital current account that comes with a slick app and a tempting cashback offer. Here we look into all its features and costs.
You want to save money each month but you also don’t want to do the maths or stress yourself over it? Compare apps like Plum and find the best solution.
Just got a job in the UK and need a bank account to have your salary paid into, but have no proof of address? Here’s what you can do.
Fed up with the hassle of using multiple bank cards? Curve helps you connect all your accounts to a single app and payment card.
Plum’s app uses artificial intelligence to help you set aside money and spend wisely. Our review analyses the money management features on offer.
The Chip savings app will connect to your current account and stash money away automatically. We cover all you need to know about the innovative app in this review.