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Tech, Money, Now + Beyond

Read this before switching to an app-only bank account

From exchange rates to customer services, there is a lot to consider!

By Rebecca Azad November 26, 2020
The Tempest
[Image Description: Lady scrolling on her smartphone outside] Via Daria Nepriakhina on Unsplash.

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I first heard about app-only banks when my friend showed me her Monzo app. I was pretty dubious about the digital-first challenger banks coming to the market, particularly when it comes to security and lack of face-to-face support. Since then my views have turned 180 degrees. It’s amazed me how app-only banks have quickly dominated the finance world. Consumers can manage their bank accounts digitally without having to visit a branch. All you need to do is submit personal details and ID proof via the app, and you’re all set!

It’s a big disrupter with a lot of potentials to make finances easier and accessible to customers.

App-only banks are becoming more popular with millennials and Gen-Zers. In a Censuswide study, where they interviewed 2,000 adults with a bank account, 83% said they would open a new account if certain features would entice them. A third of respondents would be attracted to a bank that gives them a prediction of whether they were on course to run out of money before their next payday. Their disruption to the market isn’t a surprise, considering the appetite millennials and Gen-Zers have for digitising their finances.

Here’s a roundup of the best app-only banks:

Starling Bank – best for opening a current account

Starling Bank logo
[Image Description: Image of Starling Bank logo] via Starling Bank.
  • Voted Best British Bank and Best Current Account 2020
  • Offers personal, joint and business accounts
  • Real-time notifications on your phone as you spend
  • Savings goals to set and monitor
  • Round up transactions to the nearest pound and the spare change is automatically put into your savings
  • No fees for spending abroad
  • Customer service available 24/7
  • Compatible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay
  • Available in the UK only
  • Your money is protected by the Financial Services Compensation Scheme (FSCS), protected up to £85,000

Monzo – best for budgeting

Monzo logo
[Image Description: Image of Monzo logo] via Monzo.
  • Real-time notifications on your phone as you spend
  • Offers personal, joint and business accounts
  • Set spending budgets with the app along with a summary of your spending
  • The card is accepted worldwide
  • Savings ‘Pots’ available that set money aside (by rounding up every purchase you make)
  • ‘Bill Tracker’ feature
  • ‘Get Paid Early’ salary advance feature
  • Compatible with Apple pay, Samsung Pay, Google Pay
  • Available in the UK, but as stated on Monzo’s help page, you can open a Monzo account even if you’re not a UK tax resident. All you need is a UK address. If you don’t have a UK address, a Monzo account cannot be offered to you. If you’re in the US, you can join the waitlist here.
  • Your money is protected by the Financial Services Compensation Scheme (FSCS), protected up to £85,000

Revolut – best for spending money abroad

Revolut logo
[Image Description: Image of Revolut logo] via Revolut.
  • Hold and exchange up to 26 currencies in the app
  • Spend on the Revolut card in 120 currencies
  • Real-time notifications
  • Analytics to track spending habits
  • Round up transactions to the nearest pound and the spare change is automatically put into your savings
  • Spend and send money abroad with no fees
  • Withdraw cash abroad fee-free
  • Use the app to buy and exchange cryptocurrency (premium feature)
  • As stated on their website, the app is available in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan and the United States
  • Authorised by the Financial Conduct Authority (FCA), but not FSCS protected

Atom Bank – best for savings, loans and mortgages 

Atom Bank logo
[Image Description: Image of Atom Bank logo] via Atom Bank.
  • Offers savings accounts, mortgages and business loans (doesn’t offer current accounts)
  • Offers competitive savings rates
  • Mortgages are available through its broker service, accessible via the app
  • Customer service available 24/7
  • Uses face and voice recognition
  • Lets you personalise – you can name your bank, create a logo and choose your colour scheme.
  • Available in the UK only
  • Your money is protected by the Financial Services Compensation Scheme (FSCS), protected up to £85,000

Monese – best for using worldwide and for international students

Monese logo
[Image Description: Image of Monese logo] via Monese
  • You do not need a proof of address to open an account
  • Real-time notifications on your phone as you spend
  • Accepted worldwide
  • Transfer money abroad into 14 currencies
  • Track spending habits
  • Specialises in current accounts
  • Provides real-time insight into your available balance
  • Available in the European Economic Area (EEA)
  • Your money is safeguarded under the EU Electronic Money Directive 2009/110/EC and UK Electronic Money Regulations 2011 but is not FSCS protected

I decided to open an app-only bank account and I found the experience so quick and easy! Creating an account didn’t feel overwhelming compared to opening up with a traditional bank, the whole process was efficient. After supplying the required information and reading the T&Cs, I was all set. All within 5 minutes! Once I was set up, I was able to see the options available at my fingertips: setting up notifications, saving money, accessing support, how I can track my spending and more.

Is opening up an app-only bank right for you? Check out our pros and cons list:

Pros

  • Don’t need to fill in paperwork to open up an account
  • Everything can be managed on your smartphone
  • Can provide a convenient and quick service for customers through the app
  • Easy savings options are available
  • Free transactions abroad
  • Lower fees
  • Real-time notifications
  • Ability to freeze your card if lost or stolen

Cons

  • Relies on an internet connection
  • Can’t visit a branch
  • Do not offer face-to-face support
  • Paying in cash or depositing cheques can be tricky
  • Financial products on offer are limited compared to traditional banks e.g. overdrafts and loans

If app-only banks are not available in your country, there’s no doubt they’ll be popping up soon. It’s a big disrupter with a lot of potentials to make finances easier and accessible to customers.

I am completely with you if you have concerns about using an app-only bank. For me, I’m on-board with having an app-only bank, but only with the option of having this alongside my traditional bank account as well. I’m drawn to the innovative features and effortless user experience of app-only banks, however, the products and incentives offered by traditional banks are more wide-ranging compared to app-only banks.

Perhaps soon, app-only banks can provide incentives for customers to switch over to them and leave the traditional bank behind. But for the moment, I’m happy balancing between the two.

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https://thetempest.co/?p=153514
Rebecca Azad

By Rebecca Azad

Editorial Fellow

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