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In this digital age, online banking has become a necessity. It’s convenient, fast, and accessible from anywhere. But with so many options available in the UK, how can you choose the best one for your needs? We’ve compiled a list of the top 15 best online banks in the UK to help you make an informed decision.
From Bank of Scotland to TSB, we have analyzed each bank’s features and benefits to provide a comprehensive guide. Whether you’re looking for high-interest rates or low fees, our list covers you. So sit back, relax and read on to find out which online bank is perfect for you!
Top 15 Best Online Banks UK
1. Bank of Scotland
Bank of Scotland is one of the most reputed traditional banks in the UK, providing various financial services such as personal and business banking services, mortgage loans, and credit cards with an impressive digital banking infrastructure. The digital banking platform of the Bank of Scotland is very user-friendly, with mobile applications compatible with both IOS & Android for easy account management.
It also offers attractive interest rates on Savings accounts, enabling budgeting more efficiently. If you are looking for a British bank with a solid reputation, but excellent digital capabilities, Bank of Scotland should be your choice.
2. Barclays
Barclays, a traditional UK bank with a rich history and reputation, is one of the best digital banks. Its online banking services and mobile apps cater to all your financial needs. As one of the best online banks uk, Barclays’ strength lies in its challenger bank status. Its features include overdraft facilities, interest rates on savings accounts, budgeting tools, joint accounts and debit cards accepted worldwide. With no monthly fees or hidden charges, Barclays ensures customer satisfaction by offering 24/7 customer support via email or phone.
3. Co-op
Co-op is an ethical and sustainable digital bank with lower fees and competitive interest rates than traditional banks. The bank offers customers 24/7 customer support through various phone and live chat channels. The co-op has won awards for its top-notch customer service and commitment to responsible banking practices. With Co-op’s focus on ethical practices, customers can feel good about their banking choices while also benefiting from the savings they offer.
4. First Direct
As one of the best online banks in the UK, First Direct provides various banking services like digital banking, current accounts, savings accounts, and mortgages. First Direct is known for topping customer satisfaction surveys with exceptional service quality. The bank offers round-the-clock customer support through email, phone or social media channels.
First Direct’s mobile app is user-friendly and easy to use that serves as a perfect accompaniment for your budgeting needs. Using your First Direct account, you can avail of perks such as cashback rewards and travel insurance.
5. Halifax
Halifax Bank is an online bank based in the UK that provides various financial products and services. Customers can access its online banking platform or mobile app anytime from anywhere. With competitive interest rates on savings accounts and mortgages, Halifax has won several awards for its excellent digital banking services and customer satisfaction. The bank prioritizes security and fraud prevention measures, making it the preferred choice for many customers who value safety in their financial transactions.
6. HSBC
HSBC is a reliable digital bank providing secure and convenient services to UK and European customers. With its 24/7 customer support, competitive interest rates on savings accounts and mortgages, and easy-to-use mobile app for hassle-free banking, HSBC sets itself apart from traditional banks.
As one of the best online banks in the UK today, HSBC remains committed to offering top-notch digital banking services while ensuring customer satisfaction. Plus, with its licensing by the FCA for operations in both the UK and EU markets, customers can be confident that their money is safe with HSBC.
7. Lloyds
Banking with Lloyds has many advantages beyond just opening a standard account with its extensive network of Post Offices across the UK for in-person banking services, its easy-to-use online banking platform, and the mobile app that lets you easily manage your finances from anywhere around the globe. You can access budgeting tools and get spending insights to make your financial planning more transparent and convenient.
If you need an overdraft occasionally while maintaining a good credit score, you will love Llyods’ fee-free overdrafts on some of its current accounts. Moreover, it offers attractive interest rates on savings accounts to grow your money faster.
8. Metro Bank
With its user-friendly mobile app and round-the-clock customer support, Metro Bank is one of the best digital banks in the UK. The bank offers a variety of products, including savings accounts, current accounts, and small business accounts. With high-interest rates on savings accounts and no monthly fees, Metro Bank is an excellent choice for budgeting. Customers can also benefit from cashback rewards and spending insights. As a challenger bank, Metro Bank offers an alternative to traditional banks like NatWest and HSBC.
9. Monzo
Monzo is among the best digital banks in the UK, offering financial services exclusively through a mobile app. Signing up for a Monzo account is hassle-free, with no monthly fees. The app offers advanced features such as budgeting tools, spending insights, and traditional services like savings accounts and overdraft facilities. As a challenger bank, Monzo aims to provide customers with a seamless banking experience without needing physical branches. The bank has won numerous awards for its innovative approach to digital banking.
10. Nationwide
Nationwide is a digital bank in the UK that caters to more than 15 million customers. It offers various financial products like current accounts, mortgages, payday loans, savings accounts, etc., and an easy-to-use mobile app for hassle-free banking. The bank has been recognized with multiple awards for its exceptional customer support and innovative approach to digital banking.
Apart from its competitive interest rates on deposits, Nationwide ensures reliable customer support through different channels like email or phone calls around the clock. With all these features and benefits, Nationwide stands out as one of the best British banks for modern-day users.
11. NatWest
With its user-friendly online banking platform and easy account opening process, NatWest stands out as one of the best online banks in the UK. Customers can enjoy features like digital banking, debit cards with overdraft facilities and chequebooks. Additionally, NatWest offers some of the most competitive interest rates on savings accounts available in the market today. Savvy savers looking to make the most of their money should consider opening an account with this leading challenger bank.
12. RBS
RBS is a great option for those seeking secure and user-friendly online banking services in the UK. With its mobile app and transaction alerts via text messages feature, you can easily manage your finances on the go. Additionally, RBS provides excellent customer support through phone calls or emails.
They also offer other financial products like loans and mortgages to their customers. If you want to open an account with RBS or want more information about their budgeting and savings accounts or insurance policies offerings, visit their website today!
13. Santander
As one of the most well-established banks in the UK, Santander provides a range of digital banking services perfect for individuals looking to manage their finances on the go. With Santander’s user-friendly online banking platform, customers can easily manage their accounts and transactions 24/7 while taking advantage of competitive interest rates on mortgages, loans, and savings accounts. So if you’re looking for a bank to help you take control of your finances effortlessly, look no further than Santander.
14. Starling
Starling Bank is among the best digital banks in the UK, offering various financial services such as current accounts, savings accounts, overdrafts, and business accounts. Its user-friendly mobile app enables customers to easily manage their finances while being supported by exceptional customer support via email or chat.
Furthermore, Starling Bank provides real-time spending insights and budgeting tools to help users manage their finances better. The bank is also known for its competitive interest rates on savings accounts and overdrafts, making it a popular choice among users seeking high-interest earners.
15. TSB
TSB is one of the best online banks in the UK that offers a wide range of banking services. The digital bank provides customers with a user-friendly mobile app that makes managing their finances easy. With TSB’s online banking platform, customers can conveniently access their accounts and manage transactions from anywhere, anytime.
TSB has received several awards for its excellent customer service, including Best Banking App in the 2020 British Bank Awards. Additionally, TSB offers different types of accounts to meet individual requirements, from current and business accounts to savings and loans.
Conclusion
These are some of the best online banks in the UK, each with unique features and benefits. Whether you are looking for a traditional bank with a strong reputation or a new-age digital bank, there is something on this list for everyone. From competitive interest rates to low fees and innovative features, these banks offer everything you need to manage your money effectively. Which one is right for you? It’s up to you to decide based on your personal needs and preferences.
FAQ – Top 15 Best Online Banks UK
What is better, Starling or Monzo?
When comparing Starling and Monzo, note that both provide digital banking services without monthly fees. Starling offers interest on deposits and a marketplace for financial products, while Monzo allows budgeting goals and fee-free international spending. Your choice will depend on your individual banking needs and preferences.
Which online bank is easiest to open UK?
Opening an online bank account in the UK is quick and easy with options like Monzo, Starling Bank, and Revolut. The process typically takes only a few minutes via mobile app or website, but eligibility may vary for each bank.
Can I open a UK bank account online from abroad?
Opening a UK bank account online from abroad is possible, but some banks may require additional documentation for non-UK residents. Research different banks’ requirements and consider online options like Monzo, Starling Bank, or Revolut before choosing one.
Do Russians own Starling Bank?
Starling Bank is a UK-based digital bank founded by Anne Boden and not owned by Russians. The FCA and PRA regulate the bank and have won multiple awards for its innovative services.
What are the downsides to Monzo?
While Monzo offers many benefits, such as budgeting features and easy-to-use mobile banking, it has some downsides. These include mixed reviews for customer service, limited options for cash deposits, occasional issues with account freezes and budgeting features, and foreign transaction fees that may make it less appealing for frequent travelers outside of Europe.