Online Bank Accounts

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Manage your money on the go with an online only digital bank account.

Monese - Starter

Monthly Fee

Free

ATM Fee

£1 per transaction

Currency Exchange Fee

2%

A full current account for no monthly cost. Fees apply to some top-ups and transfers.

Foreign currency exchange: 2% fee (£2 minimum fee) | Instant top-ups: 0.35% fee (minimum) | Cash top-ups: Post Office 2% fee (£2 minimum fee), Paypoint 3.5% fee (£3 minimum fee).

Monese - Plus

Monthly Fee

£4.95

ATM Fee

6 free each month

Currency Exchange Fee

0.5%

Fixed monthly fee, a free contactless card plus reduced rates on top-ups and transfers.

Foreign currency exchange: 0.5% fee (£2 minimum fee) | Instant top-ups: 0.35% fee (minimum) | Cash top-ups: Post Office £1 each, Paypoint 2.5% fee (£1 minimum fee).

Monese - Premium

Monthly Fee

£14.95

ATM Fee

20 free each month

Currency Exchange Fee

Free

Unlimited withdrawals and no fees on top-ups or transfers.

Foreign currency exchange: Free| Instant top-ups: Free | Cash top-ups: Free, Paypoint Free.

Revolut - Standard

Monthly Fee

Free

ATM Fee

Free up to £200

Currency Exchange Fee

Free up to £5,000

Free UK current account | Free Euro IBAN account | Spend in over 150 currencies at the interbank exchange rate | No fee exchange in 24 fiat currencies up to £5000/€6,000 per month | No fee ATM withdrawals up to £200 per month

We give you £200 a month in international ATM withdrawals for free. Anything over £200 attracts a small 2% fee to help us cover our costs.

Revolut - Premium

Monthly Fee

£6.99

ATM Fee

Free up to £400

Currency Exchange Fee

Free

Free UK current account | Free Euro IBAN account | Spend in over 150 currencies at the interbank exchange rate | Unlimited exchange in 24 fiat currencies - no monthly limit | No fee ATM withdrawals up to £400 per month | Overseas medical insurance | Delayed baggage & delayed flight insurance | Priority customer support | Instant access to 5 cryptocurrencies

We give you £400 a month in international ATM withdrawals for free. Anything over £400 attracts a small 2% fee to help us cover our costs.

Revolut - Metal

Monthly Fee

£12.99

ATM Fee

Free up to £600

Currency Exchange Fee

Free

Free UK current account | Free Euro IBAN account | Spend in over 150 currencies at the interbank exchange rate | Unlimited exchange in 24 fiat currencies - no monthly limit | No fee ATM withdrawals up to £600 per month | Overseas medical insurance | Delayed baggage & delayed flight insurance | Priority customer support | Instant access to 5 cryptocurrencies | Exclusive concierge service | Up to 0.1% cashback within Europe and up to 1% outside Europe on all card payments

We give you £600 a month in international ATM withdrawals for free. Anything over £600 attracts a small 2% fee to help us cover our costs. Metal card crafted from a single sheet of reinforced steel weighing 18g.

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A Guide To Opening An Online Bank Account

Online bank accounts are attracting an ever-increasing number of customers and new banks are entering the market. An online bank does not have physical branches to welcome customers, such as traditional institutions. The transactions are handled via the internet or app based platforms. Employees of the bank work in the same place to meet the needs of customers.

Digital bank accounts offer lower rates than traditional institutions because they have no real estate costs and the number of employees is considerably lower. Clients are guided, where appropriate, by consultants whose role is to ensure that clients become independent in their daily relationship with the bank.

With your remote banking contract, you can enjoy access to all the services you need for the management of your accounts. This allows you to handle internal and external transfers, withdrawal of funds, transfer of stock market orders and much more.

You can access your banking account from any PC, tablet or smartphone, To make your purchases online safely, you can create a virtual single-use bank card number, This is aimed at eliminating the need to enter your own bank details when paying online.

How To Open A Virtual Bank Account

Registering at a remote bank is quick and easy. All you have to do is scan or photograph and submit your documents (ID card, proof of residence). A consultant will then check these documents and, if all is correct, the account is opened in a few minutes. Your credit card arrives by registered mail a few days later.

There is no commitment to hold the account. It is possible to close it by a simple email, without providing a reason, which is a real comfort compared to the formalism associated with most traditional banks (making appointments and signing a multitude of documents).

If you open an account with a digital only bank to become your primary bank, do not close your old account right away. Take advantage of it, especially since the cost is lower. This gives you an opportunity to test how it works and determine whether the service meets your banking needs and expectations.

Nothing is easier than managing your virtual bank account via a smartphone, laptop, tablet or desktop device. Digital banks are more innovative and agile than the conventional financial institutions. They have integrated the omnipresence of mobile devices to revolutionise banking. For them, it has become a strategic instrument of attracting and satisfying customer needs.

The common base of app based banking is to offer services à la carte. A combination of a personal identification number (PIN), security questions and other features help secure online accounts from cyber threats. Some banks deploy advanced security measures, such as facial recognition software to prevent hackers from compromising the security of the accounts.

It is also possible to view a history of transactions by category or over a chosen period. Another innovative and practical feature allows you to block and unblock (momentarily or permanently) your bank card to avoid unauthorised withdrawals from your virtual wallet.

How To Choose A Digital Only Banking Service

To select the application that suits you or at least the one you feel most comfortable with, give yourself a little time (test period). Know that there are subjective criteria, such as download time, the quality of navigation and presentation when choosing the ideal app based account. However, key factors to consider include security features, customer service, banking fees and more.

It is imperative that the choice of your digital only bank meets your needs. When choosing, you need to know your profile, banking habits and expectations. One of the reasons people are interested in online banking is the attractiveness of the rates offered. In fact, bank charges applied by online banks are often more advantageous than those of traditional banks.

Nevertheless, the applicable rates vary from one bank to another. To benefit from cheaper services, you will have to compare the different rates offered. You must especially be careful about account management fees, transfer fees, the cost of miscellaneous expenses and payment card fees (credit cards, prepaid cards, debit cards).

In addition, consider the simplicity and accessibility of the services offered. App based banks offer almost the same services but the accessibility of these services is not the same. A well-designed website or mobile application is a key factor that determines customer experience. This makes it easier to handle transactions via a mobile or desktop device.

Are planning to open online bank accounts? We can help you make an informed choice.See our comparison table  above to find a suitable company.

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