Online Banks in 2019: Who are the best players?
With people’s access to fibre internet increasing right across the country, it isn’t just retail shops that are struggling to overcome the challenges posed by the growth of ecommerce.
Online banks are becoming more popular than ever before with consumers in the UK. And with some of the biggest names in banking closing down their branches to remain competitive, customer’s online options continue to expand.
Here are a small selection of some of the best online banks in 2019 to help you make the right choice for your everyday transactions and savings.
Customers have the choice to use the Starling Bank app which makes the process of opening a full current account quick and easy. It also provides real-time notifications anytime you use your debit card, providing detail on your spending, while letting you set up a saving target. From this you will also earn a small amount of in-credit interest.
When you travel abroad there are no additional fees for withdrawing cash, which is ideal for holidays or anyone travelling with work. Starling Bank is regulated by the FCA and even though there are no branches, cash and cheques can still be deposited.
Similar to Starling, Monzo Bank also provides notifications in real-time whenever you use your credit card, while also providing helpful insight into your spending. Saving is made easier by using a feature called ‘pots’. For example, if you choose to round up every purchase made to the nearest pound, the difference will then be put aside into a regular or savings pot of at least £1,000, which will earn 1% as long as the minimum amount is maintained.
There are no fees for withdrawing below £200 cash overseas in any given month. Anything over that limit incurs a 3% charge. Cash can be deposited into your account for £1 by using PayPoint, while cheques can be sent by post.
Revolut provide a number of helpful tools analysis that will help you to keep on top of your spending. Whenever you use your debit card you will also receive real-time notifications to keep you up to speed.
The company also recently received its banking license which will ensure your savings are insured, with overdrafts and loans available online. There is also the choice to go ‘Premium’ for a small additional charge each month, which includes perks such as free replacement and spare cards and the removal of the monthly £5,000 foreign exchange limit.
Atom Bank provide savings accounts and mortgages instead of current accounts. All deposits are covered by the FSCS and they also hold a full banking licence. Their Fixed Saver account provides rates from 3 months (currently 0.90%) to 5 years (2.49%).
Their mortgages are provided by brokers who can provide independent advice on the best available packages. Offers can be tracked and accepted by using their app, and they will even send email notifications if there is something you need to do involving your application.
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