Most users engage with their banking apps several times a day, so they want an app that is fast and reliable. They also expect a high level of customer service within the app.
Challenger banks such as Starling and Monzo offer accounts that pair with well-rated mobile apps. These apps enable account holders to manage finances effortlessly and budget with ease.
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- Starling
Starling is a mobile-only UK current account that lets you control all aspects of your money through an app. It also offers a contactless Mastercard debit card (the first in the U.K. to be made from recycled plastic) and a marketplace of complementary financial products like pensions, mortgages and insurance.
The bank’s streamlined app is clear and minimalist, and real-time balance updates keep you up to date on your spending. Starling also makes it easy to track spending through a system of ‘Savings Spaces’ that act as virtual piggy banks, and it’s possible to set up automatic transfers from your primary account to ring-fence funds for direct debits and standing orders.
You can open a Starling personal account in minutes and receive your card within a week. There are no monthly fees and you can deposit cash at a Post Office branch for free. The bank’s standout features include automatic spending categorisation, a decent interest rate paid on current accounts, fee-free ATM withdrawals abroad and exceptional 365/24/7 customer support. Parents can also use the app to allocate pocket money for children and monitor their spending, with notifications sent directly to them. The company also uses machine learning to provide insights to customers that only the bank can see.
- Monzo
Monzo is a challenger bank that offers an app-only banking experience for the mobile generation. The company has gained popularity in the UK by focusing on customer satisfaction and offering innovative features like peer-to-peer payments and real-time spending notifications.
The company offers a free personal account that allows customers to manage their money through the app, set budgets, and receive instant spending notifications. The app also categorizes transactions to help users understand their financial habits. Monzo also offers three premium plans, which offer additional features such as credit checks, virtual cards, and interest on savings.
The app is available on iOS and Android devices. Customers can deposit and withdraw cash at any post office in the UK, or use their Monzo card to shop and dine abroad without paying fees for currency conversion or ATM withdrawals (up to a certain limit).
Monzo has been praised for its transparency and clear fee structure, making it an excellent choice for people who value modern banking experiences and appreciate great customer service. The company is committed to resolving customer issues as quickly as possible, and the app includes a comprehensive help section that makes it easy for users to find answers to their questions.
- Revolut
Revolut is a neo-bank that offers an impressive set of modern banking services. They enable people to save, spend and invest their money more efficiently than traditional banks.
This challenger bank is especially popular among digital nomads and full-time travelers because it breaks down global banking barriers. You can open an account via your mobile phone in minutes, receive a physical card, and start using your money straight away.
You can use Revolut for personal and business accounts. The Business account is aimed at companies that are looking to cut costs by avoiding exchange rate fees and other unnecessary charges. The app also allows you to generate invoices and pay suppliers across different countries and currencies.
In terms of pricing, Revolut is competitive with other online banking apps that offer similar features. It does not charge for international money transfers and offers a huge network of ATMs without withdrawal fees. In addition, Revolut’s cards come with a host of perks and benefits like complimentary airport lounge access for flight delays of one hour or more. Lastly, you can secure your account with Sherlock, the company’s anti-fraud tool that notifies you in real time when a suspicious transaction is detected.
- Lloyds
Lloyds has a large customer base with a wide variety of banking products. The company provides mortgages, loans, credit cards, savings accounts, and insurance to individuals. The company also offers financial guidance and support to customers. In addition, Lloyds has an extensive range of online services.
The bank’s features include a mobile app, online banking, and a variety of business accounts. Its customer service is available 24/7. Customers can contact customer support via email or telephone. When contacting customer support, customers should provide as much information as possible to help resolve their issues quickly. Customers should also refrain from including sensitive information such as account numbers or passwords.
The company’s products and services are designed to meet the needs of various industries. The company uses a pricing strategy known as value-based pricing, which focuses on the price that potential customers are willing to pay for a product or service. This strategy allows Lloyds to recoup costs while still offering high-quality products and services.
Lloyds has a number of business accounts for small businesses and start-ups. These accounts are free for an introductory 12-month period and offer no monthly maintenance fees or transaction charges for everyday banking, including electronic payments. They do, however, charge fees for international transactions and unauthorised overdrafts. In addition, the company offers a variety of additional business services such as invoice financing and cashback on card purchases.
- Barclays
Barclays has a great banking app that allows you to manage all your accounts in one place. You can use it to pay bills, deposit checks, and transfer funds — both between your own accounts and to third parties through Zelle. You can also track and redeem your credit card purchase rewards. The app is free to use and offers robust security features, including fingerprint and facial recognition logins.
Ally Bank is another popular online-only bank with low fees and a full suite of account management options. Its mobile app lets you see your balance and transaction history, set up automatic payments, and even stop a cheque. The bank also lets you set up savings goals and categorise spending to make budgeting fun.
Ally’s mobile banking app is available on both iOS and Android. The company recently added a feature that allows you to check your balance and transaction history from the lock screen without unlocking your phone. The feature is a nice touch that shows the company is committed to improving the app’s functionality and user experience. It also has a solid customer support team, which is important since most users will engage with their banking apps several times per day.
- NatWest
The full-featured banking app from the regional bank bundles all checking, savings, loans and Capital One credit card accounts in a single app. It also provides a streamlined interface, secure biometric login options, a Smart Assistant and bill pay. Users can also deposit checks digitally and enjoy internal transfers and Zelle peer-to-peer payments. Credit card holders can track transactions, redeem rewards and access 24/7 customer support.
One of the more recognizable challenger banks, Starling is a financial control center that lives on your phone. It boasts no monthly fees, a simple application process and features like Spending Insights that make budgeting almost fun. Other benefits include the ability to add a free connected card so someone else can shop on your behalf, real-time balance updates and payment notifications.
The app from the online-only challenger bank boasts a clean design and is a top pick for mobile banking. It allows you to log in using face or fingerprint ID, receive spending notifications and freeze your card if it gets lost. It also includes a personalised news feed, savings pots and the ability to categorise spending to help you manage your money better. Plus, it offers cashback rewards on some purchases and a fee-free ATM withdrawal limit.
- RBS
Whether you’re an existing bank customer or looking for a new one, it’s important to choose a banking app that has high ratings and works well. It’s through these apps that you’ll likely be transferring money and paying bills so they should be reliable.
Chime, an online-only bank that offers checking accounts and savings plans, has an easy-to-use mobile banking app that’s garnered more than 15,000 5-star reviews in the Apple Store. The app lets you deposit checks, pay bills, and make transfers between your own accounts or to third parties using Zelle. The bank also offers competitive APY rates on CDs and savings accounts, no overdraft fees, and no minimum balance requirement.
Founded in 2021, Varo is another new online-only bank that’s making waves. Its banking app is popular with users and has a few unique features that set it apart from the competition. For example, it shows spending and saving information on a non-ledger interface, and automatically tracks individual debit and credit card transactions to help you save more. It also offers 24/7 customer support and personalized insights to help you manage your finances.
