If there’s one thing that’s changed my life, it’s definitely online banking. For one, I live abroad, so whenever I go home, these online banking apps have not only helped me with converting money but have also made it so much easier for me to live my life worry free!
Digital banking is on the high, with almost 22 million people checking their online banking apps in 2017, it’s only proof that banks need to get online. There’s no denying that online banking is on the rise, but how can we convince you guys that app-based banks are it? Not only can they help you with your monthly spending, they also make opening new bank accounts so much easier! Let’s take a look at your best options:
I still remember going out with my best friends a few months ago and telling them about my annoyance with money conversion whilst traveling, which is when they introduced me to Monzo aka “the bank of the future'”. Not only are the credit cards beautiful and bright orange, they are also super easy to sign up for online, arrive in your letterbox within a week and offer the whole online service you could ever ask for. Online banking has never been that easy. You can use your bank directly on Apple Pay, manage your money by setting targets and travel stress free! Monzo has amassed more than 600,000 customers since it launched in 2015 – and it’s only growing!
The Atom bank app was the first online bank to be granted its license in 2015. The bank’s two most attractive services are fixed rate savings and residential mortgage. Another cool and shiny feature is that it uses face and voice recognition and is said to have been the first app to introduce fingerprint recognition. The app itself also uses cryptographic technology to ensure that your data is protected when you access your account, which is usually one of the most worrying aspect of online banking for many users.
Similarly to Monzo, customers can easily open up a Revolut account, easily share their sort codes and accounts number to employers, and make regular payments using their Revolut cards. Revulot also enables you to analyze your spending and notifies your spending records in real time. Be careful though, Revolut has not gotten their full banking license yet, which means that your deposits are not protected.
The German-based bank was founded in 2009 and although it isn’t regulated by the PRA the Germans have regulated it as an official bank. So, although your money is not covered by the FSCS, the German private commercial bank compensation scheme will still protect you up to €100,000 of savings per person. Fidor bank offers a range of products, from current saving accounts to crowdfunding opportunities with Seedrs. There’s plenty to work from if what you’re looking for is saving some money! Similarly to Monzo, the signing up project is all online through a video process and answer some questions, but overall it’s super easy!
This is another German bank that lives on your cell phones and the cards look as cool as you can imagine, they’re see-through, beautiful… and super trendy looking. Did I mention the bartender will definitely ask for your number once they notice how snazzy your bank card is? Other than looking cool, the N26 bank is fully licensed and can literally make your life easier with a few simple features such as; locking and unlocking your bank directly on your app, making sure you’re aware of all your real-time spending and (like any other banks we’ve mentioned before) is easy to sign up for!
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