Application-based banking, digital banking, banks-all you want to call them-a new bed of banking services
These new banking products, which range from current accounts to cryocurencies, exist exist exclusiveely on your smartphone. The best is that many of the services they offer are much cheaper than
We considered the best applications on the market, weighed their pros and cons, so you know which one is best ured, budgeting, and even trade in the stock market!
What's on this page?
What are application-based banks?
As the name sugests, application-based banks exist only in application form, meeting that they do not have physical branches that can be used as tropics, but you will still have access to support and advice, usually in the form of direct conversation in an application or telephone line
If you are going to the current account, you can order a
The exploration in the banking sector is the result of the UK government's implementation of forms. "
Why choose a bank based on an application for a traditional bank?
More and more people are turning to banks based on applications because they give you more control over your finances
Most adopters seem to be using them
People will normal hold them
These banks, which are based on applications, can boast a new brand
Benefits of application banking
All banking applications are positionally different, and each processes in specific areas that we are exploration in ours
Is your money safe in a single bank?
Credit: Rob Pongsajapan
A lot of people were still keeping their money in a single bank. What happened if the company goes into recession? You're gonna lose all your money?
Banks based on applications that are fully licensed banks (including Starling Bank, Monzo, N26 and Atom Bank) are protected by the Financial Services Compensation System (FSCS), which means that your money (
In the meantime, the Revolt and Monses currently do not have banking licenses (they do not apply to FSCS), but are covered by the Financial Conduct Authority (FCA). In fact, your money is completely separate
This means that if one of these applications break, you get 100% of your money. However, if the bank keeps your money large, your money may not be protected
Best app-based banks 2019
Application-based banking reviews
The functions of the current account
For a wellroofed current account, Starling Bank is your best option. Their accounts offer offer a wide range of possibilities, including credit-interest, overdrafts, aimes of savings and free expenses and above
The main functions are:
All you need to see is
The most important thing that puts Starling Bank before a pack is interest paid on the minutes that was with them
Most of the current accounts don't seem to be interested at all, so it's still a pretty sweet deal. You'll get a decent one
Starling Bank has an overdraft facility (subject to approval), but you will
You can apply to overdraft as soon as you open the application. If you are approval, you can select a remount amount (
Interest accrues on a daily bone and then accrues to you on the 15th of the next month, but it will be cleared in the annex. For example, if you borrowed £ 105 for 30 days, it would have cost you £ 1.22
The same 15 per cent is charged for non-organized overdrafts, with a maximum fee of Pound2 per month
Starling, the bank will act
Starling Bank offers one of the best options for spending abroad, as it is charred it
It uses MasterCard exchange rates and you will not be raised for card or overthrowing. We'll be in trouble if we have other advice
Starling is currently the only banking application that allows anyone to configure
This is great if you have a partner or friend with whom you share financial obligations-you may live together and want a joint bill to pay the bills
As soon as you're in Starling, it'll only take a new minutes. Then you can both add and spend money. Starling's a joint account for one
The functions of the current account
The revolutionaries are very silent to Starling, but at present it is not an officially licensed bank-which means that it cannot offer overdrafts, a direct but protection of FSCS. However, Revolt is regular by the Financial Conduct Authority (FCA), and your money is protected accounts with licensed banks
Some of the best functions of Revolt are:
All you need to see is
Buy and exchange cryptocurrencies
One of the major sales outcomes of Revolt is how it it it simplifies trade in cryptocurrencies
If you're a novelty in this world, check this out
It allows exchange of any of its 29 popular curries (such as the Fund sterling, the euro, the dollar) in Bitcoin, Ether, Litecoin, Bitcoin Cash and Ripple. She charges a little
You can also use the application to track and receive cryptocurrency in real time
But be aware that the function of the cryptocurrency is not protected by FSCS and is
Vaults for revolutionary purses is very similar to Starling's goals or Pets Monzo-you can set them in the second, and use them as a way to quickly and easily save cash
Send money for free
Unlike many banks, which will be added on high charges, the Rare will use the wholesale
The transfers take up to two business days, but you can pay a small fee for the turbochared that will get your money there fast
The same benefits apply to holidays abortion by means of your debit card
The functions of the current account
Monzo is incredibly simplar to Starling Bank in terms of how it is structured and the opportunities offered to follow your money
Unlike Starling, Monzo offers
Monzo was
The application and the card work in the same way as before, except that you can now set up direct debits and apply for an overdraft
The following are some of the main features of Monzo:
All you need to see is
Monzo points are designed to help clients put aside and save money. Creating a new boiler takes a second, and you can add a custom image. For example, if you are saving a holiday, you can create a pot called "Trip to Spain" and upload a photo to a beautiful sunny beach
The money that is in the pot cannot be spent and will not appear in your available balance. No, if you don't have the money, you can make transfer funds from your account pan and back to your current account to use it again
If you create a new saucepan and name it 'Monkey Jar', Monzo will be automatically
Until recently, Monzo really had completely free spending abroad. However, the application paid a high amount to cover the cost of withdrawal ATMs abroad, so after the vote, Monzo presented its clients
Whether you have overdraft or not, Monzo offers all customers a
After that, you'll be charged
Monzo will send you a notification before they show you anything, give you a lot of notifications about the transfer from other sources
If you don't have an overdraft, Monzo is
The functions of the current account
Like a revision, Moses
They offer all the ual peppers, and they are fully used for
If you signed up with the code
The main functions are:
All you need to see is
Anyone can open an account
One of the best-seller coins is what is virtually
Unlike many other banks, you don't need to provide valid addresses, so if you just arrived in the UK from abroad, you can still get the current account right now
You just need to take a self and a Picture of your ID, and you're gonna get drunk! You will have the account number and the sorting code in minutes. Plus, I do
Once your account is open, you can receive and make payments, as well as esablish direct debits as well as any other current account
Since the application-based banks do not have physical branches, it is generally not possible to take money into your account
Monseus had a pair, however
There is also a cap on how much you can deposit-£ 500 a day in Post Office and £ 249 per transaction/£ 500 a day in PayPoint
This is a useful service that can be accessed, but the high charges are likely to make it ring-you better remove the cash discount from the traditive bank and transfer it to your account in the time
Other ways to depot
You can also depot money in money form, you can also over your account according to standard bank transfers, translations of IBAN or instant desbit cards
If you're bad, you can transfer money to your account through Monese
You can also immediately rise to your account by means of a debit card, which is also in your name, but also the holders of simple and classic accounts will look up 0.35% for this
Atom Bank is a fully licensed bank, but it does not offer current accounts such as Starling and Monzo. Instead, he specializes
Although the bank plans to introduce current accounts, debit cards, and future instant access accounts accounts, you cannot use Atom for daily expenses
Biometrics security
The unique feature of Atom is the use of biometrics security. This means that unlike most other applications that use the touch ID, the Atom application uses
To gain access to the application, you may need to take a self or read out the phrase, which is probably a lot of trying to remember proactive security codes or security issues
Another aspect of the application is the personalization level that allows
When you join you, you will be given the opportunity
The primary product of the atom is it
You can choose between each account account
Interest rates vary from one to one
For example, a six-month fixed saver with a percentage of 1.51% AER, while a foot-year option will give you a maximum of 1.9%
Remember, however, just like most people do
It may be too early to think about it just as a student, but the other main product of Atom is his mortgage. He has a network of brokers who can advise you about your situation and your best option
After you have applied, you can monitor the application in your application and continue to control it when it is accept-simply!
It was in the UK at the end of 2018 and is relativelely new, but with more than two million users wanted, it is already, it is already for their money!
The functions of the current account
Some of the best features of the N26 include:
All you need to see is
N26 provides preakdowns exactly where your money goes every month. The application monitors your expenses and provides you with clear statistical information about how much you are doing
Although this is a normal savings account, you can define yourself to save or
With this in mind, you can set up daily pay and cash within limits, and immediately lock your card if it is lost (and unlock it again, if you find it). God sends a message when your card goes down on your cover!