Top 20 Best Online Bank in the UK In 2022

Best online bank Due to their decreased administrative expenses, online banks sometimes charge lower fees and provide greater interest rates than traditional brick-and-mortar financial institutions. It might be challenging to determine which bank is best for you and your needs because the number of organizations offering best online banking has increased along with its popularity.

To assist you in making your choice, GOBankingRates examined over thirty online banks in terms of costs, interest rates, products available, and customer service. Your specific financial demands and ambitions will have a big impact on the digital bank you choose. You might wish to look into the bank’s guarantees and licensing. The ability to set up direct debits and standing orders, as well as whether they are FSCS protected, can all have a significant impact.

How secure is electronic banking?

When it comes to banking, security is crucial, so some people might wonder how safe digital banks are. Digital banks, however, are at the forefront of innovation in all areas, including security. The Financial Conduct Authority’s (FCA) approval of the bank and the FSCS’s protection of client deposits up to £85,000 are two requirements that many people have when joining a bank.

This is the case with several full-fledged digital banks, like Monzo, Starling Bank, and Tandem Bank. But it is important to check again because some institutions have been approved by the FCA but have not yet been given FSCS protection. Digital banks have demonstrated that they are at the forefront of developing cutting-edge strategies to safeguard consumer accounts when it comes to the security of their best online bank accounts.

The digital banks’ apps make it easy to sign up for their services in just a few minutes, but they also use strict user identity authentication methods like fingerprint scanning, face recognition, and voice recognition, and they will continue to do so in the future. This should give users of digital banks some comfort about their security, as traditional banks frequently follow the innovations of challenger banks.

What advantages do digital banks have over conventional ones?

A quick and simple online form
Within minutes, approval
Advanced analytical features eliminate the need for onerous paperwork.
No extra cost.
International ATM withdrawal and transaction costs should be free or reduced.
Savings or interest-bearing non-savings accounts
Forecasts and monthly reporting
Customer support using an app
Splitting the cost

20 Best online bank in the UK

These are the twenty best online banks in UK, which are as follows:

#1. starling bank

Starling Bank is the best online bank in the uk. Starling Bank is now the most effective digital banking app available in the UK, but it is far trailing Monzo and Revolut in terms of downloads and customers. We only have positive things to say about this challenger bank and would want to see even more UK residents use it. In comparison to traditional banks and the neobanks, Starling Bank really is a fantastic choice. We can heartily recommend them as long as their essential banking services remain free. This account ought to be your primary one, in our opinion. Despite having no physical location, the app’s usability and dependability do not require one. From the app itself, you can apply for financial services and keep tabs on your expenditure.

#2. Revolut Metal

best online bank

The premium account from Revolut provides everything and then some. The Metal Account costs £12.99, and express shipping is always free. Your stylish Revolut Metal Card is available in five stunning, though rather subtle, colors. Naturally, they are contactless, and the entire Metal account has a wealth of functions. You have access to 5 junior accounts; cashback on metal card purchases; purchase protection of up to £10,000 per year; ticket protection; returns protection; limitless reloadable virtual cards; and daily interest rates on savings of up to 0.65% AER. Revolut offers trading in stocks, precious metals, and cryptocurrencies, demonstrating its versatility.

#3. Atom bank

Atom Bank’s primary product is savings accounts, and it offers a variety of fixed savings accounts with attractive interest rates that are well-described online. Atom Bank’s is the best online bank . The amount you may save (for a fixed time) starts at £1,000. The more you save, the greater the interest rate you will receive. No withdrawals are permitted at all until the account has reached maturity. There is a six-month to five-year savings period. And for terms of six months to five years, the annual interest rate is between 0.15% AER and 1.40% AER.

#4. Monzo

Only holders of premium accounts may purchase the Monzo Metal card, which was crafted from a single sheet of stainless steel, for £15 per month. There is only one color option, which is a very elegant and striking white. The Premium account itself is jam-packed with features and advantages, like bill splitting; open banking, which lets you link and manage accounts from other banks; enhanced roundups for simple saving; and global family travel insurance, among others. You can also use your Monzo card to make free purchases anywhere in the world.In the European Economic Area and other nations, there are no fees associated with ATM withdrawals. Every 30 days, you are permitted to withdraw £600 for free.

#5. Pockit

Pockit is the best online bank .You might not think having a good credit history is crucial right now, but in the future, you could be able to secure better terms on loans, mortgages, even mobile phones and furnishings. With Pockit, you can establish your credit history in only a few clicks. As you repay the 0% APR loan over 12 months by enrolling in Pockit’s LOQBOX, your monthly payments are reported to the three major credit reference agencies. You choose the monthly contribution amount for a year, which might range from £20 to £200.

#6. Monese

Banks typically want a variety of papers as evidence of residency, such as utility or council tax bills from your neighborhood or a rental agreement in your name. There is no need for any of that with Monese. All you’ll need is a phone, an ID, and an email address. Additionally, there aren’t any income or credit checks. To verify your identity, you’ll need to record a quick video selfie on the app, but that’s it. Easy as pie.

#7. Curve

The rewards program offered by Curve is known as Curve Cash. There are several cashback programs included in the program, and you may take advantage of more than one program at once: For at least your first 30 days, you can participate in the Welcome Cashback program, where you can earn 1% cashback on almost all purchases made with your Curve Card. You can then choose 3-6 of your favorite stores from a list of more than 100 well-known retailers, including Amazon, Deliveroo, TfL, and others. Curve is the best online bank.You will receive 1% cashback on each transaction. Spending money at one of the chosen merchants is all that is required to gain points. Once you’ve accumulated points, you may spend them anyplace you’d normally use your Curve Card to make purchases—apart from ATMs.

#8. ANNA Money

Absolutely No-Nonsense Admin, or ANNA for short, is a digital current account and assistant for small-to medium-sized businesses. The only difference between their no-frills accounts is the monthly charge, which is based on the size of your business. You can open a current business account and get a miaowing debit card in less than 10 minutes. Using your sort code and account number, Anna is the best online bank and makes it simple to add money to your business account. ANNA also has a useful invoicing feature that lets your customers pay you directly through your ANNA account. It will even send them a payment reminder if they forget to pay. It is a good value because of the expense management, tax service, and reminders, as well as the open banking function and interface with accounting software.

#9. Wise

You must include wisdom in your arsenal of freelance skills. A straightforward A wise application is just a few clicks away if you don’t want to leave your hard-earned money on the table for the major banks to sweep up. Your questions will not be left unanswered by their clear cost structure. Wise is the best online bank and best known for its money transfer and currency conversion services. They assist you in avoiding unfair overseas transaction costs and deceptive surcharges. Wise allows you to keep the majority of the compensation you receive for performing labor-intensive tasks like writing, coding, video editing, etc. It is unnecessary to give banks a break. They already have enough money. Not only that, but you may use this money to make purchases online or in-person using a debit card issued in the nation from which you’re making the purchase to avoid paying conversion costs.

#10. Coconut

Coconut is the best online bank and is a useful service for freelancers and small business owners because it helps them keep track of their finances with cutting-edge automated features. Each aspect of the Coconut app is simple to use and intended to make business banking as simple as possible. This app’s homepage, which you see as soon as you open it, is all about earnings. From there, customers may select various options to view a tax estimate based on their wages, a simple record of their expenditure, or automated warnings when tax returns are approaching their due date. When it comes to arranging taxes, the choice between a side hustle and a professional account will be appealing to people who are just getting started in a company or who need a bank account for their side venture.

#11. first direct

Based in Leeds, United KingdomFirst Direct is a retail bank that operates mostly online and over the phone. First Direct is the best online bank and has been a leader in the financial services industry since its start in 1989. In 2000, it was the first company to offer online banking. Before the creation of the current First Direct app, First Direct also had a mobile phone banking service in 2006. With their well-established phone banking and online banking services, First Direct has a solid reputation as one of the first real pioneers in the financial services industry. This will definitely provide many consumers with peace of mind. There isn’t much to do outside of standard banking operations, but the app makes all your daily banking needs simple and quick.

#12. gohenry

With the advent of digital banking applications, it has never been simpler to teach kids about money and budgeting, and Gohenry has made a significant contribution with its special kids’ app and card. You can quickly top off your child’s account and educate them about saving and budgeting for a small monthly cost. Gohenry is simple to register for and has wonderful features for parents and their children. You may regulate where the card can be used, set spending caps, establish a weekly allowance, and assign chores that will earn your kids more cash. A one-month free trial is available, so you may try it out before committing.

#13. koto

Koto is the best online bank and the newest participant in the UK challenger sector, is trying to sign up its first 50,000 clients. Koto is a straightforward mobile payment service that has no charges for membership, transactions, top-ups, or ATM use. You have two choices with competitive rates and clear costs if you are approved for credit (check on their website). It’s a worthwhile addition to the field of mobile banking. Of course, Koto is just what you need if you frequently find yourself short on money and need that boost to help you advance. If you don’t want to have your paycheck sent straight to the account, you may still use it as a top-up card.

#14. Mettle

Mettle’s free UK business account will appeal to a wide range of customers, such as freelancers, self-employed people, and small businesses. In comparison to the services that have long been provided by traditional financial services, the lack of fees across the service is a unique selling point when it comes to UK business accounts. The program itself has a lot of potentials since it makes many common business banking tasks—from invoicing to expenses—extremely simple. The assignments showcase a novel innovation in the world of online business banking.

#15. Molo

For people wishing to acquire rental property, Molo provides an extraordinarily quick and accessible financing option. The process of getting a mortgage, which has historically been drawn out and rather unpredictable, is entirely changing.

As long as you fulfil all eligibility requirements, the ability to apply for a mortgage online and obtain approval within minutes reduces the likelihood that investments will fail. The positive customer feedback Molo is now receiving makes it a desirable option for people looking to buy to let.

#16. Payoneer

Payoneer is a popular choice for companies and independent contractors alike. They offer prepaid Mastercards, allowing you to withdraw funds directly from your account and make purchases. For instance, it’s simple to be compensated for your skills, goods, or rent because they’ve collaborated with so many online marketplaces. You name it, Payoneer has it: Airbnb, Amazon, Booking.com, Fiverr, and Upwork. It is widely acknowledged that almost everyone who conducts business online has a Payoneer account. The Payoneer app is excellent, and you can purchase a debit card for free if you need one. However, sometimes using the card is not the most affordable option.

#17. Tide

best online bank

Tide is a UK-based supplier of small-to medium-sized enterprises with digital banking services. George Bevis created it in 2015. In the UK, Tide has amassed more than 300,000 consumers so far. Its accounts are designed specifically for startups, growing companies, and independent contractors. There is an account type for every business within Tide’s three categories. If you don’t already have a registered business, Tide will provide you with free assistance in doing so, as well as a free business account.

#18. Tandem

best online bank

Tandem has 11,000 co-founders, not just the original three. After the UK retail company House of Fraser decided not to invest £35 million, they had to give up the banking license they had gotten in 2015. Tandem must step up its game in such a cutthroat industry and expand its feature set rather than just removing functionality from the app. Customers were not pleased with the company’s decision to stop offering credit cards, and this is shown in the evaluations given by consumers.

#19. Suits Me

best online bank

Many people in the UK are unable to open a bank account for a variety of reasons. They may have recently immigrated to the country or have a low credit score. It Suits Me concentrates on this specific market. Suits Me bank is a passable alternative if you are unable to create an account with a high-street bank or other online banks like Starling or Monzo. They provide a basic account with unexpected and, in our opinion, unnecessary costs. All Suits Me bank account holders get a current account, a contactless Visa debit card, a safe online banking platform, and a free mobile banking app to help them manage their finances.

#20. RoosterMoney

best online bank

The free Virtual Tracker is a good place to start if you have a 3-year-old at home. It’s a chart with stars or rewards to encourage good behavior from a young age. With the use of stars that youngsters may exchange for prizes, you can keep track of activities and behaviors. You may upgrade to Rooster Plus when you’re ready to track chores, which encourages saving and earning by linking kids’ pocket money to tasks. To encourage kids to save money, you might even put an interest rate on their savings pot.

FAQ

Which UK online bank is the best?

In our opinion, Starling Bank is the best online bank in the UK for regular customers, while Monzo is the best for saving. Both have a stellar track record, incredibly cheap costs, and smart mobile-first services.

Is Monzo a true bank?

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) both have full authority over “Monzo Bank Ltd.” in the UK.

Top 20 Best Online Bank in the UK In 2022 – Techlion

How secure is electronic banking?

What advantages do digital banks have over conventional ones?