Table of Contents
Last Updated On – 23-09-2026
Choosing the best online bank in the UK is no longer simply a question of which app looks easiest to use.
Interest rates, overdraft costs, cashback, foreign spending fees, cash deposits, joint-account availability and deposit protection can differ substantially between providers.
There is also an important distinction between a UK-authorised bank and an electronic money institution, because the way customer money is protected is not necessarily the same.
As of now, the Financial Services Compensation Scheme (FSCS) protects eligible deposits of up to £120,000 per person, per authorised firm.
Where two eligible people hold a joint account, each person’s individual limit can apply, potentially protecting up to £240,000. The £120,000 limit replaced the previous £85,000 limit on 1 December 2025.
Interest rates, cashback promotions and account terms can change. Check the provider’s latest terms before opening or switching an account.
What Are the Best Online Banks in the UK?
The table below compares the principal features consumers are likely to care about before going into the individual accounts in more detail.
| Provider | Best for | Monthly fee | Current headline rate or reward | Overdraft | Deposit protection |
| Revolut | International spending and multiple currencies | £0 Standard | Instant Access Savings from 2.90% AER, up to 4.00% on Ultra | No standard arranged overdraft | Up to £120,000 FSCS after migration to Revolut Bank UK; check account entity |
| Monzo | Budgeting and getting paid early | £0 | Instant Access Savings 2.75% AER on Free; higher on paid plans | 19%, 29% or 39% EAR depending eligibility; representative APR 39% variable | £120,000 FSCS |
| Starling Bank | Strong all-round digital banking | £0 | Easy Saver 4.00% AER variable, including 1.50% bonus for first 12 months for eligible new applications | 15%, 25% or 35% EAR; representative 15% APR variable | £120,000 FSCS |
| Chase UK | Cashback | £0 | Boosted Saver 4.50% AER, including 2.25% boost; qualifying cashback 2%, capped at £20 monthly | Not offered | £120,000 FSCS |
| Kroo | Interest on a current-account balance | £0 | 2.65% AER variable on current-account balance | Representative 39.9% APR/EAR variable | £120,000 FSCS |
| Monese | Alternative digital account access | £0 Pay As You Go | No standard deposit interest | Not offered | Money safeguarded; not FSCS deposit protection |
| Wise | International transfers and currencies | £0 personal account | No deposit AER on ordinary Wise balance; Wise Interest is a separate investment service | Not offered | Ordinary balances safeguarded rather than FSCS bank deposits |
| Zopa Biscuit | Cashback or balance interest | £0 | 1% AER standard; benefit choice can increase balance rate to 2.75% AER or provide 3% cashback within limits | No arranged overdraft | £120,000 FSCS |
| First Direct | Current account with high-rate regular saving | £0 | Regular Saver currently 7.00% AER fixed for 12 months | £250 interest-free portion, then 39.9% EAR; representative APR 30.5% variable | £120,000 FSCS, shared under HSBC banking licence where applicable |
| Starling Business | Fee-free core business banking | £0 | No standard interest on main business current account | Terms depend on individual offer | Eligible deposits up to £120,000 FSCS |
| Revolut Business | International business payments | From £10 monthly | Business savings rates vary by plan, including 2.15% on Grow and 2.65% on Scale | No standard published arranged overdraft | Eligible migrated bank deposits can receive FSCS protection |
| ANNA Money | Business administration and invoicing | £0 Free plan | Separate Easy Access Savings currently offers introductory 3.66% AER variable for first three months | No overdraft | Main e-money account safeguarded; qualifying Griffin savings separately FSCS-protected |
| Tide | Start-ups and small businesses | £0 Free plan | Savings from around 2.00% depending plan, rising to up to 4.00% on Max under current terms | No standard overdraft rate published | Bank accounts supplied by ClearBank can qualify for £120,000 FSCS |
| HSBC UK | Digital banking with branch access | £0 on standard Bank Account | Online Bonus Saver currently up to 3.35% AER in qualifying no-withdrawal months | Representative 38.9% APR variable | £120,000 FSCS, subject to shared banking-licence rules |
| Barclays | App banking with high-street support | £0 standard account | Rainy Day Saver currently 3.96% AER on first £5,000 for eligible customers | Representative 35.0% APR variable | £120,000 FSCS |
The headline figure should never be the only reason to open an account.
Promotional rates can expire, some savings products require a paid account tier, and FSCS limits can be shared between brands operating under the same banking licence.
1. Revolut – Best for International Banking and Multiple Currencies
Revolut has changed significantly from the product many UK customers originally signed up for.
Revolut Bank UK formally launched its UK banking operation in March 2026 and began moving eligible customers from its previous e-money structure to bank current accounts.
Eligible money held with Revolut Bank UK can receive FSCS protection up to £120,000.
However, because migration has been phased, customers should check the legal entity shown in their app rather than assume every legacy account has exactly the same protection.
The free Standard account remains particularly useful for people who spend or transfer money in different currencies.
Standard customers currently receive weekday fee-free exchange within the plan’s allowance, while paid plans increase limits and add benefits.
Revolut’s Instant Access Savings currently starts at 2.90% AER variable on Standard and Plus, increasing to approximately 3.25% on Premium, 3.40% on Metal and 4.00% on Ultra, subject to applicable balance and product conditions.
| Feature | Revolut |
| Best for | International spending and multi-currency management |
| Standard monthly fee | £0 |
| Savings rate | From 2.90% AER variable; higher paid-plan rates available |
| Cashback | No universal Standard-account cashback rate; rewards vary by plan/offer |
| Overdraft & APR | No standard arranged overdraft currently published |
| FSCS | Up to £120,000 for eligible Revolut Bank UK deposits after migration |
| Getting paid early | Eligible BACS salary payments can arrive one working day early |
| Joint account | Available subject to eligibility |
| Age | Full personal account generally 18+; separate 16–17 option available |
| Security | Multi-factor authentication, transaction monitoring and in-app controls |
Eligible UK customers can also use Revolut’s Early Salary feature to receive qualifying BACS salary payments one business day early.
2. Monzo – Best for Budgeting and Salary Management
Monzo remains one of the strongest choices for customers who want to see exactly where their money is going.
Its app combines spending categorisation, savings Pots, bill management, instant notifications and budgeting controls.
Qualifying BACS payments can also be collected from 4pm one working day before their normal payment date.
The free account currently has access to an Instant Access Savings Pot paying around 2.75% AER variable, while paid plans can provide higher savings rates.
Current published rates include around 3.00% on Extra, 3.25% on Perks and 3.50% on Max, with other restricted-access products potentially paying more.
| Feature | Monzo |
| Best for | Budgeting, spending insights and getting paid early |
| Monthly fee | £0 for basic current account |
| Savings rate | Around 2.75% AER on Free; higher rates on paid tiers |
| Cashback | Merchant offers vary rather than one fixed universal rate |
| Overdraft & APR | 19%, 29% or 39% EAR variable depending eligibility; representative APR 39% variable |
| FSCS | Up to £120,000 |
| Cash deposits | Available through supported PayPoint/Post Office routes; fees and limits apply |
| Joint account | Both applicants must first hold individual Monzo accounts |
| Minimum age | 16+ for the standard personal current account |
| Security | Biometrics, instant payment alerts, fraud checks and app controls |
Monzo’s arranged overdraft pricing is risk-based, with rates of 19%, 29% or 39% EAR variable depending on eligibility.
People planning to use the account while travelling should also check the current rules for using a Monzo card abroad, particularly where cash withdrawals or plan-specific allowances are important.
3. Starling Bank – Best All-Round Online Bank
Starling combines many of the advantages associated with app-based banking with features that make it practical as a primary current account.
Its current Easy Saver offer for qualifying new applications pays 4.00% AER variable, consisting of the underlying rate plus a 1.50 percentage-point bonus for the first 12 months.
The underlying standard rate is currently 2.50% AER, which explains why older comparisons may still show 2.50%.
| Feature | Starling |
| Best for | Everyday all-round digital banking |
| Monthly fee | £0 |
| Savings rate | Easy Saver currently 4.00% AER including introductory bonus; underlying rate 2.50% |
| Cashback | No standard universal current-account cashback |
| Overdraft & APR | 15%, 25% or 35% EAR variable; representative APR 15% variable |
| FSCS | Up to £120,000 |
| Cash deposits | Post Office deposits supported; limits/charges apply |
| Joint account | Available where both applicants already meet account requirements |
| Minimum age | Personal banking available from 16 subject to product eligibility |
| Security | Face/fingerprint authentication, instant notifications and app card controls |
Starling currently prices arranged overdrafts at 15%, 25% or 35% EAR depending on the customer’s circumstances, with a representative APR of 15% variable.
For occasional cash users, Post Office deposits are another practical advantage. Starling’s current personal-account terms allow a defined amount to be paid in without charge before percentage fees apply above the allowance.
4. Chase UK – Best for Cashback
Chase stands out because its current-account proposition combines an app-based current account with savings and category-based cashback.
From June 2026, qualifying customers can earn 2% cashback, capped at £20 per month, on qualifying UK grocery spending, restaurants, cafés, takeaways, everyday transport, fuel and public EV charging.
Customers must meet Chase’s monthly eligibility requirements for the following month’s cashback.
Its Boosted Saver currently offers 4.50% AER, including a fixed 2.25 percentage-point boost over the underlying rate for the applicable promotional period. Its standard Saver rate is currently around 2.25% AER.
| Feature | Chase UK |
| Best for | Qualifying everyday-spending cashback |
| Monthly fee | £0 |
| Savings rate | Up to 4.50% AER through current boosted offer |
| Cashback | 2% on qualifying categories, capped at £20 monthly and subject to eligibility |
| Overdraft & APR | No overdraft facility |
| FSCS | Up to £120,000 per eligible depositor |
| Cash deposits | Not supported |
| Cheque deposits | Not supported |
| Minimum age | 18+ |
| Security | App security including biometric authentication on compatible devices |
One limitation is that Chase does not currently offer an overdraft and does not accept cash or cheque deposits.
5. Kroo – Best for Earning Interest on Current-Account Money
Kroo is unusual because customers do not necessarily need to move spare cash into a separate savings pot to earn interest.
Its current account currently pays 2.65% AER variable, equivalent to 2.62% gross, on qualifying balances. The rate tracks the Bank of England base rate with an applicable margin, so it can change.
| Feature | Kroo |
| Best for | Earning interest without constantly moving money to savings |
| Monthly fee | £0 |
| Current-account interest | 2.65% AER variable |
| Cashback | No standard universal cashback rate |
| Overdraft & APR | Representative 39.9% APR/EAR variable, subject to eligibility |
| FSCS | Up to £120,000 |
| Minimum age | 18+ |
| Residency | Permanent UK residency required |
| Security | Multi-factor authentication and in-app card freezing |
Kroo’s overdraft should not be overlooked simply because the account itself is free. The representative rate is 39.9% APR variable, making the cost of borrowing an important part of the comparison.
6. Monese – Best for Customers Wanting an Alternative Digital Account
Monese differs from Monzo, Starling and Kroo because its UK account is provided through an electronic-money structure rather than being a conventional UK bank deposit account.
That means customer funds are safeguarded rather than protected by ordinary FSCS bank-deposit coverage. The distinction should be understood before treating the account as a direct substitute for a bank.
Current plans include Pay As You Go at £0 per month, Everyday at around £2.95, Cashback at £7.95 and Premium at £14.95, although annual-payment options and promotional pricing can differ.
| Feature | Monese |
| Best for | Alternative app-based money management |
| Monthly fee | From £0 |
| Interest | No standard current-account AER |
| Cashback | Available on qualifying plan/offer terms rather than universally |
| Overdraft & APR | No overdraft |
| Protection | Safeguarding rather than FSCS deposit protection |
| Cash deposits | Supported through selected partners; charges and limits vary |
| Security | In-app card lock/unlock and transaction security controls |
Monese can be useful where app-based access is the priority, but customers holding significant balances should understand how safeguarding differs from FSCS compensation.
7. Wise – Best for International Transfers
Wise is particularly useful for people who receive, hold or transfer money internationally.
Its personal account has no monthly subscription fee and can hold dozens of currencies while providing local account details for selected currencies.
However, Wise is not a UK bank, does not offer a conventional overdraft, and ordinary Wise Account money is safeguarded rather than covered as a normal FSCS bank deposit.
| Feature | Wise |
| Best for | International transfers and holding multiple currencies |
| Monthly fee | £0 for standard personal account |
| Deposit interest | No standard bank-deposit AER on ordinary Wise balance |
| Wise Interest | Separate investment-based product; not the same as a savings account |
| Cashback | No standard universal UK personal-account cashback |
| Overdraft & APR | No overdraft |
| FSCS deposit protection | Ordinary Wise balances are safeguarded rather than bank deposits |
| Cash deposits | Not supported |
| Joint account | No conventional joint personal account |
| Security | Two-step verification, biometrics and card-freeze controls |
Wise Interest should not be presented as though it were simply a savings-account interest rate. It is a separate investment service using qualifying investment funds and charges its own fees.
8. Zopa Biscuit – Best for Choosing Between Interest and Cashback
Zopa’s Biscuit current account gives customers a slightly different proposition: a base interest rate plus the ability to select a benefit that better matches how they use the account.
The account currently pays 1% AER variable as standard.
Customers can select a benefit that can raise eligible balance interest to 2.75% AER variable, or choose 3% cashback on qualifying restaurant spending or eligible Direct Debits, subject to a £150 monthly eligible-spend cap for the cashback benefit.
| Feature | Zopa Biscuit |
| Best for | Flexible cashback or balance-interest benefits |
| Monthly fee | £0 |
| Interest | 1% standard; selected benefit can increase eligible balance rate to 2.75% AER |
| Cashback | Selected benefits can provide 3% on qualifying spend/Direct Debits within limits |
| Overdraft & APR | No arranged overdraft |
| FSCS | Up to £120,000 |
| Cash deposits | Not currently supported |
| Joint account | Not currently available |
| Minimum age | 18+ |
| Residency | UK resident and UK tax resident, subject to eligibility |
Unlike many mainstream current accounts, Zopa does not currently use CASS for the Biscuit account, so customers wanting to move existing payments need to follow its manual switching process.
9. First Direct – Best for Current Banking With Regular Saving
First Direct replaces Zing in this updated comparison.
Zing is no longer appropriate for a current 2026 list because HSBC closed the Zing app on 22 May 2025.
First Direct’s 1st Account has no monthly account fee and provides access to its Regular Saver, currently paying 7.00% AER/gross fixed for 12 months, with qualifying monthly deposits between £25 and £300.
| Feature | First Direct |
| Best for | Current banking combined with regular saving |
| Monthly fee | £0 |
| Regular Saver | 7.00% AER fixed for 12 months under current terms |
| Cashback | No fixed universal cashback rate |
| Overdraft & APR | First £250 interest-free; then 39.9% EAR variable; representative APR 30.5% variable |
| FSCS | £120,000, subject to shared HSBC banking-licence limits |
| CASS | Supported |
| Joint account | Available subject to eligibility |
| Minimum age | 18+ for standard 1st Account |
The shared banking licence is important for customers who also keep large deposits with HSBC or other brands covered by the same authorisation.
10. Starling Business – Best for Fee-Free Core Business Banking
Starling Business has a £0 monthly fee for its core business account and supports UK payments, business debit-card functionality and integrations with accounting platforms including Xero, QuickBooks and FreeAgent.
| Feature | Starling Business |
| Best for | Sole traders and companies wanting low core banking costs |
| Monthly fee | £0 core account |
| Interest | No standard interest on main business current account |
| Cashback | No standard universal cashback |
| Overdraft & APR | Available to some eligible businesses; pricing provided individually |
| FSCS | Eligible deposits up to £120,000 |
| Cash deposits | Post Office supported; business limits and charges apply |
| Accounting integrations | Xero, QuickBooks, FreeAgent and others |
| Eligibility | UK business requirements apply; applicant generally 18+ |
Cash deposits are accepted through the Post Office, but unlike a personal account they attract business-specific charges and limits.
11. Revolut Business – Best for International Businesses
Revolut Business is better suited to businesses that regularly handle overseas payments, different currencies or multiple employee cards.
Current monthly billing is approximately £10 for Basic, £35 for Grow and £125 for Scale, with lower effective monthly costs possible where annual billing is selected.
| Feature | Revolut Business |
| Best for | International businesses and multi-currency operations |
| Monthly fee | From £10 |
| Business savings | Rates vary by plan; currently around 2.15% Grow and 2.65% Scale, with higher Enterprise terms |
| Cashback | Depends on plan/product rather than one universal rate |
| Overdraft & APR | No standard arranged-overdraft APR published |
| FSCS | Eligible deposits held after migration to Revolut Bank UK can qualify for up to £120,000 |
| International features | Multi-currency payments, cards and controls |
| Security | Spending controls, approval rules and account authentication |
Businesses should check whether their specific account has completed the move to Revolut Bank UK before relying on FSCS coverage, particularly where the account was originally opened under the previous e-money structure.
12. ANNA Money – Best for Invoicing and Business Administration
ANNA combines a business money account with invoicing, payment management and administrative tools aimed primarily at smaller businesses and sole traders.
The core ANNA account is an e-money account, currently issued through PayrNet, so money in that account is safeguarded rather than covered as an ordinary FSCS bank deposit.
ANNA also offers a separate Easy Access Savings product through Griffin, which currently advertises an introductory 3.66% AER variable for the first three months and can qualify for FSCS protection subject to the usual limits.
| Feature | ANNA Money |
| Best for | Small businesses wanting invoicing and admin tools |
| Monthly fee | £0 Free; paid plans available |
| Savings | Separate Griffin savings currently 3.66% AER introductory rate for first three months |
| Cashback | Plan-specific rather than universal |
| Overdraft & APR | No standard overdraft |
| Main-account protection | Safeguarded, not ordinary FSCS deposit protection |
| Savings protection | Eligible Griffin savings can receive FSCS protection |
| Eligibility | UK residents with required identity/business checks |
This split protection structure makes it particularly important to distinguish the ANNA e-money balance from the separately provided savings account.
13. Tide – Best for Start-Ups and Growing Small Businesses
Tide offers a free business banking tier alongside Smart, Pro and Max subscription plans.
Current published monthly prices are approximately £0 for Free, £12.49 for Smart, £27.49 for Pro and £69.99 for Max.
Its linked savings proposition can offer rates from roughly 2.00% on Free, 2.50% on Smart and 3.00% on Pro, with up to 4.00% on Max under current plan conditions. Max can also include approximately 0.5% cashback under qualifying terms.
| Feature | Tide |
| Best for | Start-ups, freelancers and smaller businesses |
| Monthly fee | From £0 |
| Savings | Plan-dependent; approximately 2.00% to 4.00% AER under current terms |
| Cashback | Up to 0.5% on qualifying Max terms |
| Overdraft & APR | No standard current-account overdraft APR published |
| FSCS | Eligible ClearBank-powered bank deposits up to £120,000 |
| Cash deposits | Post Office and PayPoint options available |
| Security | Two-factor security, account limits and in-app card freezing |
Tide itself should not simply be described as the bank. Its banking accounts are provided through ClearBank under the relevant account structure, which is important when checking FSCS eligibility.
14. HSBC UK – Best for Combining Online Banking With Branch Access
HSBC is not an app-only challenger bank, but it remains relevant to a “best online banks” comparison because customers can perform most everyday banking through its app and online banking while retaining access to a larger traditional banking infrastructure.
The current Online Bonus Saver pays up to 3.35% AER on qualifying balances in months where its withdrawal conditions are met. A lower standard rate applies where the bonus conditions are not satisfied.
| Feature | HSBC UK |
| Best for | Customers wanting online banking plus traditional banking access |
| Standard account fee | £0 for the standard Bank Account |
| Savings | Online Bonus Saver currently up to 3.35% AER under qualifying conditions |
| Cashback | No universal standard current-account cashback rate |
| Overdraft & APR | £25 interest-free buffer under current terms, then 39.9% EAR; representative 38.9% APR variable |
| FSCS | Up to £120,000 subject to shared banking-licence limits |
| Branches/cash | Supported |
| Joint accounts | Available subject to eligibility |
| Minimum age | Product-dependent; standard adult current account generally 18+ |
Customers with significant balances should remember that HSBC and First Direct can fall within the same banking-authorisation structure for FSCS purposes.
15. Barclays – Best for Digital Banking With High-Street Support
Barclays offers the convenience of a mature mobile-banking platform while still providing services associated with a traditional high-street bank.
Eligible Blue Rewards or Premier customers can currently access the Rainy Day Saver paying 3.96% AER variable on the first £5,000, with a lower rate on balances above that amount.
| Feature | Barclays |
| Best for | App banking backed by traditional banking infrastructure |
| Standard account fee | £0 |
| Savings | Rainy Day Saver 3.96% AER on first £5,000 for eligible customers |
| Cashback | No fixed universal rate on standard account |
| Overdraft & APR | Representative 35.0% APR variable |
| FSCS | Up to £120,000 subject to banking-licence aggregation |
| Cash/branch access | Available |
| Joint accounts | Available subject to eligibility |
| Minimum age | Depends on account; standard adult current-account eligibility applies |
Barclays currently quotes a representative arranged-overdraft APR of 35.0% variable based on its representative borrowing example.
Revolut vs Monzo vs Starling: What Is the Difference?
These three providers are frequently compared, but they are strongest in different areas.
| Feature | Revolut | Monzo | Starling |
| Main strength | International/multi-currency use | Budgeting and salary features | All-round current banking |
| Free account | Yes | Yes | Yes |
| Savings headline | From 2.90% AER; higher paid plans | 2.75% on Free; higher paid plans | 4.00% Easy Saver current introductory offer |
| Overdraft | No standard arranged facility | Yes, eligibility-based | Yes, eligibility-based |
| Paid early | Yes, eligible BACS salary | Yes, eligible BACS payments | Standard payment timing |
| Cash deposits | Limited/not equivalent to high-street banking | PayPoint/Post Office routes | Post Office |
| Joint account | Available | Available; both need personal accounts first | Available subject to existing personal-account requirements |
| International focus | Strongest of the three | Strong | Strong |
| Protection | FSCS once held with Revolut Bank UK; verify migration | FSCS | FSCS |
For frequent foreign-currency use, Revolut’s currency functionality is a major differentiator.
Monzo concentrates more heavily on budgeting, Pots and early salary access, while Starling provides a broad current-account proposition with cash deposits and competitive overdraft pricing for customers receiving its lower rate.
Chase vs Revolut: How Do They Compare?
Chase and Revolut overlap in app-based banking but have quite different strengths.
Chase currently places more emphasis on UK everyday-spending cashback and straightforward savings, including its qualifying 2% cashback offer and Boosted Saver.
Revolut is more focused on multi-currency use, overseas payments and tiered subscription features. It also offers early salary access.
The protection position deserves particular attention. Chase UK is a UK bank with eligible deposits covered by the FSCS, while Revolut customers should confirm that their account is held with Revolut Bank UK following the 2026 migration.
Can You Switch Online Banks Using the Current Account Switch Service?
The Current Account Switch Service (CASS) can move a participating current account to another participating provider in seven working days.
The service transfers the balance and regular payments and redirects qualifying payments sent to the old account. Its guarantee also provides protection against certain charges or interest caused by errors during a switch.
However, not every account in this comparison handles switching in exactly the same way.
Monzo, Starling, First Direct and other participating banks can support CASS in qualifying circumstances.
Chase also supports CASS for eligible personal switches, although it currently has restrictions around some account types. Revolut Bank UK has introduced CASS support for qualifying bank customers.
Zopa Biscuit currently uses a manual switching process rather than CASS, so customers should not assume every digital current account can be moved using the seven-day service.
Which Online Banks Let You Get Paid Early?
Getting paid early normally depends on the salary arriving through BACS rather than the bank genuinely advancing wages before the employer pays them.
Monzo can make eligible BACS payments available from 4pm on the working day before their normal payment date.
Revolut also offers Early Salary for eligible UK BACS payments, generally allowing the payment to be claimed one working day early without an additional fee.
This feature can be convenient, but receiving a salary a few hours earlier each month does not increase the amount paid and should not be treated as a substitute for emergency savings.
Which Online Banks Allow Joint Accounts?
Joint-account support varies more than many customers expect.
Monzo requires both applicants to already hold individual Monzo personal accounts, and applicants for its joint account must meet its joint-account eligibility conditions.
Starling also requires both applicants to satisfy its personal-account requirements before opening a joint account.
Revolut offers joint accounts to qualifying customers, while First Direct, HSBC and Barclays provide conventional joint-current-account options.
Zopa Biscuit currently does not provide a joint account, and Wise does not offer a conventional joint personal bank account.
For FSCS-protected joint deposits, each eligible holder can potentially receive their own £120,000 protection limit, giving combined protection of up to £240,000 where the conditions are met.
Can You Deposit Cash Into an Online Bank?
A digital account does not necessarily mean cash deposits are impossible.
Monzo supports cash deposits through approved PayPoint and Post Office routes, although charges and monthly limits apply.
Starling supports cash payments through the Post Office, making it one of the more practical challenger banks for people who only occasionally handle cash.
Its personal-account terms provide a fee-free allowance before percentage charges apply above the applicable threshold.
Tide and Starling Business also provide cash-deposit routes for businesses, although business charges and limits apply.
Chase currently does not accept cash or cheque deposits, while Wise does not accept physical cash or cheques into its account.
Anyone regularly paid in cash should compare deposit limits and charges before selecting an app-based account purely for its savings rate.
Who Is Eligible to Open an Online Bank Account in the UK?
Eligibility depends on the provider and account.
Many full UK current accounts require applicants to be 18 or over, resident in the UK, able to verify their identity and using a compatible smartphone.
Some providers have lower minimum ages. Monzo’s standard personal current account is available from 16, while Revolut has a separate offering for younger users alongside its full adult account.
Typical application checks can include a valid passport or driving licence, a selfie or video identity check, UK residential information, a mobile number and tax-residency details.
Banks may also run identity, fraud-prevention and credit checks. An overdraft normally requires additional affordability and credit assessment even where the current account itself does not.
Business accounts can require further evidence about the company, directors, beneficial owners and business activities.
How Secure Are Online Banks?
Online banking security should be assessed separately from deposit protection.
FSCS protection deals primarily with what happens to eligible deposits if an authorised institution fails. Security features are designed to reduce the chance of criminals gaining access to the account in the first place.
Modern digital providers use combinations of biometric authentication, multi-factor authentication, device verification, real-time transaction alerts, card freezing and fraud monitoring.
For example, Starling supports face and fingerprint recognition, Kroo uses multi-factor authentication and card controls, and Wise provides two-step verification alongside supported biometric authentication.
Revolut also uses multi-factor authentication and transaction monitoring, while Tide provides two-factor security and in-app card controls for business customers.
Customers should still use a unique passcode, keep their phone operating system updated and independently verify unexpected requests for payments, codes or account details.
Which Online Bank Is Suitable for Different Types of Customers?
The most suitable account depends on what the customer actually needs from it.
| Priority | Providers worth comparing |
| Current-account interest | Kroo, Zopa Biscuit |
| High savings rate alongside current account | Starling, Chase, First Direct |
| Cashback | Chase, Zopa Biscuit |
| Budgeting features | Monzo |
| Getting salary early | Monzo, Revolut |
| International spending | Revolut, Wise, Starling |
| Cash deposits | Starling, Monzo |
| Joint banking | Monzo, Starling, Revolut, First Direct, HSBC, Barclays |
| Business banking | Starling Business, Tide, Revolut Business, ANNA |
| Branch access as well as digital banking | HSBC, Barclays |
A customer who rarely travels but deposits cash every week may reach a completely different conclusion from someone who is paid in several currencies and never handles physical money.
Overdraft users should pay particular attention to APR or EAR rather than choosing an account because of a small cashback benefit.
Similarly, someone holding a large savings balance should establish exactly which authorised institution holds the money and whether balances elsewhere share the same FSCS limit.
What Should You Check Before Opening an Online Bank Account?
Before applying, compare the actual account terms rather than relying solely on an advertised headline benefit:
- Check whether the provider is a bank or an electronic money institution and how the money is protected.
- Confirm the current AER and whether it includes a temporary introductory bonus.
- Look at the representative overdraft APR or EAR if there is any possibility of borrowing.
- Check cashback caps, qualifying spending categories and monthly eligibility requirements.
- Confirm whether the account supports CASS, cash deposits, cheques and joint accounts where these matter.
- Check foreign-exchange limits and overseas ATM charges before using the account for travel.
- Compare free and paid subscription tiers rather than assuming a paid plan will automatically save money.
- Review identity, residency and minimum-age requirements before applying.
- Check which security controls are available, including biometrics, two-factor authentication and card freezing.
- If holding substantial savings, check whether other brands share the same FSCS banking licence.
FAQs
What is the best online bank in the UK?
There is no single account that is strongest for every requirement.
Starling is a broad all-round option, Monzo focuses heavily on budgeting, Chase currently offers qualifying cashback, Kroo pays interest on current-account balances, and Revolut and Wise are particularly focused on international money use.
What is the current FSCS protection limit?
The standard limit is £120,000 per eligible person, per authorised firm, effective from 1 December 2025. Eligible joint-account holders can potentially receive £120,000 protection each.
Is Revolut protected by the FSCS in the UK?
Revolut Bank UK began rolling out UK bank current accounts in March 2026.
Eligible deposits held with Revolut Bank UK can receive FSCS protection up to the applicable limit. Customers who originally had an e-money account should check their in-app legal entity and migration status.
Is Wise a UK bank?
No. Wise is not a conventional UK bank.
Money in the standard Wise Account is safeguarded under the applicable e-money/payment-services structure rather than being an ordinary FSCS-protected bank deposit.
Is Monese protected by the FSCS?
The ordinary Monese e-money account does not have conventional FSCS bank-deposit protection. Customer money is instead subject to safeguarding arrangements.
Which online bank currently pays interest on a current account?
Kroo currently pays 2.65% AER variable on qualifying current-account balances. Zopa Biscuit also pays current-account interest, with its standard rate and optional benefits structured differently.
Which online bank lets you get paid early?
Monzo and Revolut both provide early access to qualifying BACS salary payments, generally one working day before the scheduled payment date. Their exact collection process and timing differ.
Which online banks accept cash deposits?
Starling and Monzo both provide physical cash-deposit routes through supported Post Office or PayPoint arrangements.
Tide and Starling Business also provide cash-deposit options for eligible business customers. Charges and limits vary by provider and account type.
Can I switch to an online bank through CASS?
Many online banks participate in the Current Account Switch Service, which normally completes an eligible switch in seven working days.
Not every provider participates for every product; Zopa Biscuit currently uses a manual switching process instead.