Top Mobile Banks in the UK
Top Mobile Banks
- Immediate account opening
- Safe & regulated banking services
- Simple, cost-effective, 100% app-based banking
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- Hold and send money in 30+ currencies
- Zero fees on foreign exchange up to £1,000/m
- Organise subscriptions & stop unwanted payments in-app
- Instant notifications on all transactions
- All-in-one app: current account, travel perks, investments, money transfers
- Real-time FX conversion to 150+ currencies
- British Bank Awards – Best Account Provider Finalist 2022
- Open a UK account with ID & phone for selfie
- 99.8% of applications are approved
- Withdraw money at any ATM or cash point
- Multi-lingual support (by phone, email, live chat)
- Anyone living in the UK can apply (no credit checks)
- Exclusive cashback rewards up to 15%
- Accounting integrations: Quickbooks, Xero, Sage and more
- Upload receipts, auto-match them to transactions
- Income and spending auto-categorisation
- Permissions and expense cards for your teams
- Pays the incorporation fee on your behalf and gives you a free account
- A total of £85,000 deposit is FSCS protected
- Set budgets for your spending
- Send payments via SMS and Email
- Get instant notifications
- No fee on spending abroad
- Free ATM withdrawals up to £200/month
- Link your other bank accounts with ANNA
- Free card payment in any country
- Calculates the amount you owe HMRC
- Reminders about upcoming HMRC requirements
- Tools to manage your business expenses
What is a Mobile Bank
Mobile-only banks (and EMI/ financial apps) are revolutionising personal banking, offering an alternative to traditional brick-and-mortar banks with fast, secure and easy to use apps for iOS and Android. Mobile banks offer competitive banking services such as current accounts, savings accounts, loans, insurance, and debit/credit cards, often at a cheaper rate than traditional banks.
Mobile-only banks, also known as digital banks or challenger banks, should not be confused with an online account from your traditional bank. Mobile-only banks are 100% app-based, offering more transparency and convenience with fewer restrictions and waiting times than your common bank. And with millions of users across Europe and the UK already using mobile banks, it is clear that mobile-only banking apps are the future for hassle-free, borderless banking.
Why Use a Mobile Bank
24/7 availabilityAccordion button
No matter where you are, at home or abroad, you can access your bank account via the app, check your account balance, control your savings, get customer support, make payments and even lock your debit card if needed. In addition, get real-time notifications every time you make a transaction, so there won’t be any surprises at the end of the month. No need to make appointments, stand in line and lose working hours to manage your finances.
Get approved fastAccordion button
Opening an account with a mobile-only bank is simple, with no lengthy paperwork. Just download the app, prove your identity, top up your account and you’re ready to go.
Lower feesAccordion button
Another main reason to use a mobile bank is the low (or no!) fees. As a mobile-only platform with no physical branches, mobile banks can offer lower fees than traditional banks – especially when it comes to ATM withdrawals, money exchange/transfer and payments abroad.
Makes traveling easierAccordion button
Mobile banks = borderless banking. Low exchange rates and low/no ATM withdrawal fees worldwide make traveling a whole lot easier (and cheaper) than with traditional banks- especially in the eurozone. And for added safety, lock or unlock your debit card while you travel, directly in the app.
Go paperlessAccordion button
One of the frustrating things about traditional banks is the amount of documents, contracts and letters that are sent to your mailbox. With mobile banks everything you need is in the app and all communications are sent to your app or your email. Gone are the days of rummaging through piles of paper around your house – and protecting the environment is the cherry on top.
Quick loansAccordion button
Unlike traditional banks, some mobile banks offer loans with a much simpler process. In most cases, if you apply for a loan and are approved, your funds will be transferred to your bank account within minutes of agreeing to the terms and conditions.
How to Compare Mobile Banks
To compare mobile banks and find the right app for your banking needs, there are a number of factors you should consider:
Fees, including transaction & ATM withdrawal feesAccordion button
Although all mobile banks offer lower fees than traditional banks, there are still differences between each and every mobile bank. You may also wish to check other fees such as card replacement, overdraught and top-up fees before selecting your preferred mobile bank.
Monthly PlansAccordion button
The leading mobile banks offer a free account, so you only have to pay a small fee for the services you use. Many mobile banks also offer premium plans, offering additional benefits such as free withdrawals, even lower fees, insurance and more.
Saving and budgeting toolsAccordion button
Some mobile banks offer stand-alone savings accounts, while others offer nifty features such as rounding up your purchases and placing the difference in a ‘piggy-bank’ in the app as well as budgeting goals and targets.
The leading mobile banks, including those on this website, adhere to the highest safety standards, ensuring your money and data are protected 24/7. The mobile banks compared and reviewed by top10mobilebanks.com are authorised and regulated by local authorities, safeguarding their customers’ funds using a network of stable European banks.
All mobile banks offer a debit card for payments and withdrawals from your mobile bank account. In addition, many banking apps also offer e-wallets such as Google Pay or Apple Pay, making online and in-store payments even easier.