Best Online Banking App in the UK in 2024
Updated January 13, 2024
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The best online banking apps in the UK are:
- Wallester – Best Mobile Banking App spending
- Revolut – Best for holiday spending
- Wise – Best for international transfers
- Monese – Best for international students and credit building
- Starling Bank – Most complete banking app
- NatWest – Student-focused banking
- Chase – Great for cashback rewards
- Monzo – Best for managing budgets
- Lloyds – Great for additional financial products
- Tide – Perfect for freelancers and sole traders
- Atom Bank – Best for competitive savings account rates
With the rise in FinTech, banks are doing everything they can to stay relevant and ahead of the market.
Leading the way are digital banks, whose products and services are tailored to suit the needs of today’s consumers.
However, there are also some traditional banks that are successfully incorporating FinTech into their business models.
So if you are thinking about switching to a digital or app-only bank, here’s a list of the 10 best banking app in the UK.
Best 11 Online Banking App in the UK
Despite still being a fairly new concept, there are plenty of excellent banking apps to choose from.
While this list will grow over the next few years, below are the 11 best online banking apps in the UK in 2024.
1. Wallester
Wallester is an Estonian financial institution and official Visa partner. Wallester Business provides companies with the solution to open an account and instantly issue an unlimited number of Visa virtual and physical cards, using which the company will be able to manage all corporate expenses with a single smart platform.
In fact, you start using this solution already now absolutely for free. On the Wallester Business platform today you can create an account with a free tariff plan including 300 free virtual cards, use all the functions, and understand how it works.
Pros
- 300 virtual cards for FREE
- Top up with zero commission
- Instant issuance of an unlimited amount of cards
- No card issuance fee, no card service fee
- European BINs works perfectly with facebook, google, etc.
- User-friendly app that allows you to monitor expenses, approve transactions and generate reports on the go.
- Provides an API
- Possibility to purchase a personal BIN
- Fast registration and standard KYC, approval within 24h
- Detailed reporting and analytics to track all transactions
Cons
- Works with all companies from EEA and UK but others considered case by case.
2. Revolut
Pros
- Excellent rewards and bonuses
- No fees for overseas spending (0.5% for spends over £1,000)
- Great travel insurance deals
- Ability to trade and invest
- Real-time notifications and updates
Cons
- 2% withdrawal fee if you exceed five withdrawals per month over £200
- Not UK regulated
- No UK sort code
- Have to subscribe to some features
Best for: Holiday spending
Revolut is one the first digital banks on the market and goes beyond banking, making it one of the more popular UK online banking apps.
Through the online banking app, you can:
- Set up multiple accounts in different currencies
- Trade and invest in crypto and precious metals
- Transfer money internationally
- Set up and manage budgets
- Receive spending notifications
- Create saving pots
For those concerned with security, the online banking app allows you to freeze cards in the event they are lost or stolen.
Unfortunately, Revolut is not regulated by the FCA. However, it is regulated by some EU countries such as France, Italy and Portugal.
So while there is no FSCS protection for your money, the bank does have strict licensing requirements and standards to uphold.
3. Wise
Pros
- No setup fees
- No monthly charges
- The best currency exchange rates
- Fee-free debit card for overseas sales
Cons
- Cannot upload cheques
- It isn’t a traditional current account
- It doesn’t like cash – withdrawals come with terms and limitations
- Fees for topping up your account using a debit or credit card
Best for: International transfers
Originally known as TransferWise, Wise has made a name for itself as the best online banking app in the UK for international transfers.
While the account you open is not a current account like the other banks on this list (there are no overdrafts or loans), you can still:
- Manage your finances
- Make payments
- Create saving pots
- Use your money to buy stocks and shares
Wise is regulated by the FCA, but your money is not insured by the FSCS.
It is also an excellent choice for those spending a lot of time abroad, such as digital nomads or those on a gap year.
You can receive payments from over 10 different and send money to over 80.
4. Starling Bank
Pros
- Can use your card abroad
- No fees
- Earn 0.5% AER on balances up to £85,000
- Incredibly easy-to-use app with customisation features
- Real-time notifications and updates
- Deposit and withdraw money at any Post Office
Cons
- No cashback or reward options
- Doesn’t yet offer credit cards or mortgages
The Most Complete Banking App
Starling Bank is one of the best banking app in the UK and began operating a profit in 2022.
It was founded by Anne Bowden and only partners with and invests in other sustainable businesses.
Security-wise, Starling is fully protected and regulated by the FCA and FCSC.
The online banking app has 24/7 support and a feature to lock your bank card, should you lose it. There are also tools to help minimise access to those with addictions such as gambling.
Through the online banking app, you can open a personal, joint or business account in a matter of minutes, as well as:
- Make transfers
- Set up multiple saving pots
- Manage your budget by creating virtual cards and spaces
- Split the bill feature
- Upload receipts and make notes under transactions
- Round-up spending to the nearest pound with the difference being potted in a saving spot of your choosing
- Apply for overdrafts and loans
- Access a marketplace with integrations from insurance, pension and reward partners
5. Natwest
Pros
- Respectable bank
- Several account options depending on your goals and needs
- No fees on the basic account
- Rewards and benefits
- Access to other financial products such as mortgages and credit cards
Cons
- Not as technologically advanced as digital banks
- Will still need to access online banking for some features
Best for: Student-focused banking
Natwest is one of the few traditional banks successfully making a move into the digital space.
It has always been a popular choice among university students, so there is the desire and motivation to compete with the best UK mobile banking apps.
The most unique feature of this app is that you can withdraw money from an ATM without using your card.
You can also:
- Make transfers
- Manage budgets
- Create saving pots
- Scan cheques
- Buy and manage insurance
The bank is regulated by the FCA and has survived recessions, so you know your money is in safe hands.
The app also allows you to freeze any of your cards if they are lost or stolen.
6. Chase
Pros
- 1% cashback on all purchases
- Fully regulated and reliable bank
- Easy-to-use app
- Excellent round-up incentive
Cons
- Not many additional features (yet)
- Cannot pay in cash
Best for: Cashback rewards
Chase is a JP Morgan bank that began trading as a digital bank in the UK in 2021 and has quickly risen to the top of the best UK online banking apps list.
All those with a current account receive 1% cashback on all debit card payments in the first year, as well as 5% interest on all round-ups (to the nearest pound).
The app also allows:
- 24/7 customer support
- Fee-free overseas spending
- Additional accounts for budgeting and savings
- Lock missing or stolen cards
Despite being owned by a US company, Chase operates completely independently of JP Morgan and is regulated by the FCA and is protected by FSCS.
However, it does have the support of one of the Big Four, should it need it.
7. Monese
Pros
- Easy to open an account
- Make international transfers
- Credit building facility
Cons
- Need to pay for an account with benefits
- No overdrafts, loans or credit cards
- Weekend surcharges on currency exchange
Best for: Easy account opening and credit-building
The most appealing Monese features are that you can set up an account without having a UK address, and it has a tool that allows you to build a good credit score in 12 months.
This makes Monese one of the best UK bank mobile apps for:
- Those who have had financial difficulties
- International students
- Those who have recently moved to the UK
There are three different account types: Starter, which is free; Classic, which is £5.95 per month; and Premium, which is £14.95 per month.
Through the app, you can:
- Send money internationally
- Have an account in both GBP and EUR
- Lock your card if it is stolen or goes missing
- Receive real-time updates
- Track spending habits
- Create saving pots
- Make fee-free ATM withdrawals for Classic and Premium accounts
Monese is regulated by the FCA and uses a security strategy known as safeguarding. This means all your money is kept separate from that of the banks.
If Monese were to go out of business, your money.
8. Monzo
Pros
- Great for managing money
- Fun and easy-to-use app
- Safety net of receiving your salary a day early
- No fees for foreign transactions
- Can pay in cash
Cons
- Need to pay for accounts for added features and benefits
- No multi-currency accounts
- 3% withdrawal fee if you exceed the limit
Best for: Managing your budget
To set itself apart from the likes of Starling and Revolut, Monzo lets you receive your salary a day early and sort your money into different categories and budgeting pots.
If you are looking to improve your personal finances, this UK online banking app can help with its tools and features, such as:
- Spending budgets
- Spending analytics
- Real-time notifications
- Fee-free withdrawals for withdrawals under £250 per month
- Interest on saving pots
- Access to an overdraft
- Payment round-ups to the nearest pound
- Split bills
Monzo is a fully licensed and regulated UK bank.
9. Lloyds
Pros
- Llyods has lots of financial support and products
- High street branches still exist
- Can complete most of your banking needs through the app
- Real-time notifications and updates
- Able to view all balances even from different banks
Cons
- Cannot sign up through the app
Best for: Additional financial products
Lloyds is another traditional bank that allows customers to use an app as well as online and in-store banking.
The bank has several account types and lots of financial products to apply for. It is fully regulated and trusted.
The online banking app allows you to:
- Receive instant spending notifications
- Manage subscriptions and expenses
- Freeze lost or stolen cards
- View accounts from your other banks
- Round up transactions into saving pots
- See the locations of your transactions
- Deposit cheques
10. Tide
Pros
- Specifically designed for the self-employed
- Free invoicing
- Easy to open an account
- Can sync to accounting software
Cons
- Fees for direct debits
- Fees for cash deposits
- Need to pay for some features
- Doesn’t allow international transfers
- Doesn’t allow different or multi-currency accounts
- Cannot deposit cheques
Best for: Freelancers and sole traders
Tide offers business accounts tailored for sole traders, freelancers and contractors.
There are three account types, depending on your budget and needs.
Through the online banking app, you will get:
- Real-time balances and updates
- Access to accounting software
- Business software integrations
- Invoicing
- Tax reporting
Tide is fully regulated and doesn’t require a credit check for opening an account.
11. Atom Bank
Pros
- Quick and easy application
- Competitive savings account rates
- FCSC protected
- 24/7 customer support
Cons
- Is not a current account
- Can only hold £200,000 across both savings accounts
Best for: Hitting your financial goals
Atom does not offer a current account but it does offer competitive savings accounts, business loans and mortgages.
You can open an account in less than 15 minutes.
There is no minimum deposit for the Instant Saver account and you only need to deposit £50 to open a Fixed Saver account.
What Are Online Banking Apps?
You would have noticed that a lot of the traditional banks have been closing their high street branches.
This is because more and more people are making the switch to online banking app or mobile banking.
As the best online banking app in the UK allows customers to complete all their banking needs on their mobile phones, it only makes sense that they are becoming the popular choice.
Other benefits include:
- Accessing your account anywhere at any time
- Additional security features to keep your money safe, such as locking a card that is lost or stolen
- Helpful budgeting and expense tools to help you achieve your financial goals
- All your banking information in one place – sometimes even from other banks
- Lots of time saved from not having to wait in line at a branch or log on through your computer
- No paperwork
- Low or no fees for foreign transfers and purchases
- Automatic roundups that deposit straight into a savings pot
There is also an online banking app in the UK that you can manage your accounts on, but they are not banks themselves.
For example, the Emma app syncs to all your accounts to give you a full overview of your financial situation.
It also allows you to invest and maximise your money through cashback incentives.
Of course, there are downsides to mobile banking:
- Some do not allow you to deposit cheques or cash
- You need to have an internet connection and a compatible smartphone
- They generally only offer overdrafts and loans. You will still need a traditional bank for other financial products.
How to Choose the Best Online Banking App in the UK ?
When choosing the best UK mobile banking for yourself, you should consider the following:
Step 1. Any and All Fees
Online banking apps are known for having competitive fees. However, some are not as gracious as others.
For banks like Tide and Mozo, there are fees for withdrawals after a certain limit. Some also have general overseas fees.
You might also want to consider the interest rates. Atom offers excellent rates for savings accounts, while Monzo adds interest to your current and saving pot balances.
Step 2. The Features You Want
The best UK mobile banks are making budgeting and learning about personal finance exciting through their features and tools. This will no doubt be one of the more important deciding factors.
Make a list of all the things you want your online banking app to do and see which bank aligns the most.
It could be that you want an app that allows you to invest (Revolut) or that allows you to split your money into separate accounts based on your expenses (Chase).
Step 3. Compatibility
To use your online banking app, you will need to access it. Check your phone or tablet supports the app and can handle any upgrade.
If you plan to link other bank accounts, check that it is possible first.
Not a lot of support for this feature, and you might need to invest in a third-party app such as Emma.
Step 4. Access to Customer Service
The best UK mobile banks have around-the-clock support. Some might connect you straight through to a person, while others might have you submit a request and get back to you a couple of hours later.
Decide how much and what type of support you need before committing.
You don’t want to open an account and not be able to use it properly or solve any problems you might have.
A mobile banking app is an app that allows you to complete all your banking needs.
Digital banks are created specifically to function through an app, while the more traditional banks use apps as another way to access your bank account.
The apps of digital banks will allow you to sign up, create and apply for products directly through the app.
They work exactly the same as a traditional bank, except there are no physical locations for you to visit.
Most mobile banking apps are very secure. They receive their licences and regulation from the FCA and FCSC.
However, it is always best to check before depositing money. Revolut, for example, is not regulated or insured in the UK.
The best UK mobile banking apps are Revolut, Starling Bank, NatWest, Wise, Chase, Monese, Monzo, Lloyds, Tide and Atom Bank.
The best one for you will depend on what features and tools you need.
The safest mobile banking apps in the UK are those regulated by the FCA and protected by the FCSC. Starling, Monese, Chase, Lloyds and Natwest are all regulated and protected.
All the digital banks are designed with app users at the front of their strategy; therefore, the apps are incredibly user-friendly.
The apps belonging to traditional banks can sometimes be complicated and frustrating to use.
The benefits of mobile banking apps are that you won’t have to waste time waiting in line at your local branch or filling out lots of paperwork, you can access your information at any time, there are useful tools and features to manage your budget and expenses, and you have additional security features such as biometric authentication and immediately locking lost or stolen cards.
The features you want in a mobile banking app are those that suit your goals and lifestyle. Those that travel a lot will want low foreign transfer and spending fees.
Those who are trying to improve their financial health will want budgeting tools and resources.
Some of the risks in mobile banking apps are that you need an internet connection to access your information, and the bank you choose might not be UK regulated.
Yes, the vast majority of mobile banking apps are free to use. However, you might have to pay a subscription fee for some account types and additional features.
You can manage most of your banking needs through a mobile banking app. Some exceptions include applying for mortgages and credit cards and depositing cheques.
If you lose or have your phone stolen, you should contact your bank by logging in online or calling the emergency number on the back of your card.
Final Thoughts
Mobile banking apps and digital banks are making managing your fun and exciting. If you haven’t already reviewed the tools and features, now is the time.
With how fast FinTech is developing, the apps are only going to get better.
Before switching or opening an account with one of the best online banking apps UK, ensure the app has all the features you want and fits your security requirements.
