- £29 activation fee
- 0.5% p.a. account-keeping fee
with a min £3/mo
November 2024
UK
– November 2024
Top Mobile Banks in The UK
Top Mobile Banks
UK
– November 2024
- Immediate account opening
- Safe & regulated banking services
- Simple, cost-effective, 100% app-based banking
How we rank
Our research considers customer testimonials, security levels, pricing, and key advantages when ranking banking service providers. While we receive referral fees from our partners, it’s important to note that it’s not possible to purchase a favorable review or position on this site.
Advertiser disclosure
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| Mobile Bank | Pricing | Card | What We Like | Score | Open an Account | ||
|---|---|---|---|---|---|---|---|
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1
Our Top Choice
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9.8
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|||
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2
Business Account
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|
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9.5
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|||
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3
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9.1
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|||
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4
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8.8
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|||
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5
Business Account
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8.5
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|||
Our score
9.8
Tally Review
Regulation
FCA
Pricing
£19 activation fee
0.9% p.a. account keeping fee
0.9% p.a. account keeping fee
Wallets
Based on 228 reviews
Why open an account
- No transaction or foreign exchange fees (even at ATMs)
- Convert to the global gold wholesale price
- Automatically convert to the relevant fiat currency
- Easy to use app & Tally Debit Mastercard
1
- Links your money to gold to protect its value
- No transaction or FX fees (even at ATMs)
Our score
9.5
Pleo Review
Regulation
DFSA
Pricing
Free account
Plans from: £35+/m
Plans from: £35+/m
Wallets
Based on 411 reviews
Why open an account
- Cards for all teammates
- Business fuel cards with spending limits
- Automatic categorisation & foreign VAT reclaim
- Bills processing and payments
2
- Digital & audit-proof receipt capture
- Direct integration to Xero | QuickBooks | DATEV
Our score
9.1
Revolut Review
Regulation
EMI
Pricing
No monthly fee
Wallets
Based on 161248 reviews
Why open an account
- Pay like a local, hold 30+ currencies
- Withdraw cash anywhere in the world
- Stop unwanted payments & subscriptions in-app
- Grow your savings in multiple currencies
- Robust fraud monitoring and protection
Get a £20 welcome bonus when you sign up
3
- Easily link all your accounts and cards to Revolut
- 24/7 award-winning support in 100+ languages
Get a £20 welcome bonus when you sign up
Our score
Regulation
FCA
Pricing
No monthly fee
Wallets
Based on 15405 reviews
Why open an account
- Withdraw & deposit cash at the Post Office
- Round up transactions automatically & save the change
- International money transfers at a competitive rate
4
- Earn interest of 0.05% AER (up to £85,000)
Our score
8.5
Soldo Review
Regulation
FCA
Pricing
From £6/mo.
Wallets
Based on 1219 reviews
Why open an account
- Free deposits and withdrawals
- Advanced card rules to control spend
- Issue virtual cards, available immediately
- Accounting integrations: Xero, QuickBooks and more
5
- Spend management platform for businesses
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 availability
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 fast
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 fees
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 easier
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 paperless
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.
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 fees
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 Plans
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 tools
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.
Security
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.
Payments
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.