Compare Online Bank Accounts

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

Monese – Starter

ATM Fee

£1 per transaction

Currency Exchange Fee

2%

Monthly Fee

Free

Monese – Plus

ATM Fee

6 free each month

Currency Exchange Fee

0.5%

Monthly Fee

£4.95

Monese – Premium

ATM Fee

20 free each month

Currency Exchange Fee

Free

Monthly Fee

£14.95

Revolut – Standard

ATM Fee

Free up to £5,000

Currency Exchange Fee

Free up to £200

Monthly Fee

Free

Revolut – Premium

ATM Fee

Free up to £400

Currency Exchange Fee

Free

Monthly Fee

£6.99

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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.

How To Access Your Account

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.

Security

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.

Rates

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.

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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