Keep track of your finances without ever leaving your phone.
An online bank account is an alternate way to safely deposit money and access your funds from anywhere. While many boomers still use telephone banking, online bank accounts can be accessed from nearly any device with an internet connection.
Our Top Pick of Online Bank Accounts (UK) 🇬🇧
But a few key things about top online bank accounts:
- An online bank account enables you to deposit and withdraw money from your accounts through an internet connection and the internet banking system.
- 🏠 These systems have helped many people in keeping track of their finances without ever having to leave their homes - which makes it a key Fintech tool for financial efficiency, including for budgeting.
- Easily access your funds 24/7, 365 days a year. If you need to handle your money at 2 am in the morning, you can do so without worrying about going to the bank or ATM.
1. Monzo – Overall Leading Online Bank Accounts
Banking has changed in the last few years. Here in the digital age, it’s easy to keep track of your finances and manage them from anywhere.
That’s why we have new banking apps like Monzo. There are a number of mobile-only banks operating in the United Kingdom right now, but Monzo is different from any other because it isn't focused on serving retail customers first before turning to business accounts: it's all about putting customers first from day one.
What is Monzo?
Monzo is a mobile-only bank that was launched in early 2017. It’s designed for people who want a bank that’s always on them, but not tied to any specific location or physical location. Monzo is a virtual bank - it doesn’t have branches and only provides services over the internet. As a result, it’s available to anyone with a mobile phone and internet access.
Monzo offers a number of core banking products and services. Its main focus is on helping you manage your money. It has a range of online tools to help you track your spending, manage your credit and debt, and even save money. It also has an app that lets you store your cards, track spending, and access your account at any time.
How it Works
Monzo is different from other banks in that it focuses on simplicity. The bank is completely mobile-only, so you’ll need to have a smartphone with internet access. You’ll also need a mobile number to be able to sign up for the service. Once you’ve got the basics set up, you can start using the app to access your account, pay bills and manage your money.
You can’t actually deposit money into your account as it’s just for accessing information. However, you can pay anyone at any time by scanning their account details and sending them money.
Monzo also has a feature called “ Spending Review ” that walks you through all your bills and lets you know how much you can save. It can even send reminders to let you know when it’s time to log in and update the information.
Who is Monzo for?
Monzo is great for anyone who doesn’t have a traditional bank account. Instead of needing to have a physical address with a local bank branch, Monzo users can access their money from anywhere with a smartphone.
It’s also great for those who just want to stay organised. The app has a number of convenient features to help you track your spending and stay on top of your finances. You can easily set up recurring payments and even set up a budget. If you need more help, you can also log in and out as often as you like to review your account information and make changes to accounts.
Monzo is a really interesting new bank that uses the power of technology and mobile to bring banking to anyone with a smartphone. It’s completely mobile-only, and doesn’t have any physical branches. Instead of needing to have a physical address in your town, you only need to have a smartphone.
It’s a great option for those who would rather not have to go through the hassle of setting up a physical bank account.
2. Starling – Top Online Bank Accounts for Individuals
Starling Bank is a digital bank based in the United Kingdom.
Launched in 2016, the bank’s primary purpose is to provide banking services to individuals and small businesses.
The idea is to offer these services to those who do not have otherwise access to traditional banking. As a digital bank, Starling Bank does not have branches or physical locations. Instead, the bank only exists online through its website, mobile app and email service.
As such, you must ensure that you take all necessary precautions before opening an account with Starling Bank.
How Does Starling Bank Work?
Starling Bank works by offering a range of banking services to customers via an app or website. However, to use these services, you must first open an account with Starling Bank. Once your account is open, you can deposit money into your account via a variety of methods, including cash deposits.
You can also make payments or transfers between other bank accounts via the app. Once you’re ready to make a transaction, you simply enter the details of the transaction and the money is moved between accounts.
Is Starling Bank Safe?
There are a number of concerns regarding the safety of online banking. As a result, as well as being monitored by the Financial Conduct Authority, Starling Bank also has a number of security measures in place to protect your account and personal information.
First and foremost, Starling Bank only provides online services via a secured website. This means that the website itself is protected by an HTTPS encryption protocol, which encrypts all website traffic and data so that it is virtually unreadable to outside parties.
As well as this, customers must provide their account information when opening an account with the bank. This helps to protect customers from identity theft, as non-customers won’t have access to your information.
While many banks offer free checking accounts and low-fee savings accounts, it’s important to remember that to keep the bank running, a fee needs to be charged. With Starling Bank, all checking account fees are charged monthly.
To open an account with the bank, a £20 application fee is reportedly charged. Alternatively, this fee can be waived if you open an account via one of Starling Bank’s partner networks. Moreover, if you decide to close your account, this fee is charged once more for administration.
As well as these fees, you owe tax on your savings at the end of the year. The government charges a tax of 50p per £100 of savings with a minimum amount of a fiver.
3. Bank of Scotland – Top-Rated Online Bank Accounts Provider
Bank of Scotland offers a range of banking services, including savings, current and long-term accounts, mortgages and investments.
It’s part of the Lloyds Banking Group, with a platform that is easy to use and available on all devices.
It has all the features you would expect from a modern online banking platform, including mobile banking, account balances and transactions, money transfer, budgeting and more.
Bank of Scotland offers many high-quality banking services. It has competitive rates and low fees, including no monthly account maintenance fees and no online service charges.
Customers can also get the added peace of mind provided by the bank’s Easy Access Guarantee, which protects them if they ever become unable to access their money. The bank also has a wide range of investment options, including stocks, bonds, funds and shares. It also has a range of insurance products, including car and home insurance.
How to Register
Registering for Bank of Scotland online banking is easy and can be done in a few simple steps.
You will need to provide some basic details like name and address, date of birth and address of your current account. After that, you can begin using the bank’s online banking platform. The bank will make an electronic copy of your account details and corresponding passbook for safekeeping.
This process takes approximately two weeks. You can also take advantage of the bank’s mobile banking services, which are available on most mobile devices. The bank’s mobile apps are easy to use, making it possible to manage your finances on the go.
- Easy access - The ease of access to your money is one of the best features of the Bank of Scotland online banking platform. With the help of a pin number, you can access your money anytime, anywhere.
- Multiple accounts – You can easily manage multiple accounts at the same time; switch between checking and savings accounts.
- Online account transfer – Another great feature of the Bank of Scotland online banking platform is the online account transfer option. This option allows you to quickly transfer funds between your different accounts.
- Smart budgeting – The online banking platform allows you to create a budget and track your spending. This saves you from overspending and helps you stay on track with your finances.
- Emergency access - You can also create an emergency access account to receive money from a third party. The account is automatically set up in your online banking profile.
4. Barclays – Popular Online Bank Accounts Choice
Barclays, established in London in August 1838, provided banking services and opened the first branch in the UK.
The bank has over 250 years of history and continues to grow. In 1965, Barclays acquired the Institute Bank, and in 1969, Barclays National Provincial, both of which were established before 1838.
Barclays is now the fourth largest bank in the UK. It was awarded the SafeNet Global Security Award in 2016. This award recognizes companies that utilise the highest levels of security. The bank uses cutting-edge authentication and encryption technologies to protect customers’ information.
Barclays Online Banking App
The Barclays mobile app is well-designed and easy to use. It also comes with an advanced search function that lets you find and sort transactions by category, type and date. You can also create and send a payment, view your account balance, deposit or withdraw money, or transfer funds.
You can access your account information both on your computer and mobile devices. The app is available for both Android and Apple devices. The app lets you view your balances, manage your account’s online transactions, set up alerts, and more.
You can also perform a balance check to make sure your transactions are listed correctly. With the app, transfer funds between accounts, pay bills, and make electronic payments. Or view your account’s information, such as recent transactions and account balances.
Best Online Bank Accounts – Buying Guide 📒
There are several benefits to having an online bank account. Check out the following section for more supporting information and the ins-and-outs.
What Are Online Bank Accounts?
An online bank account is an account that can be accessed through the internet. This allows you to access your money from any computer with an Internet connection. This is a way to manage your finances from the comfort of your home or office.
The account is still linked to a traditional bank, but instead of getting a physical cheque book, you'll get a virtual one. You can access it through an app or on the bank's website, and it comes with all of the same features as a traditional checking account.
You can access it through an app or on the bank's website, and it comes with all of the same features as a traditional checking account. It also means you don't have to go to a physical bank branch in order to deposit money or get cash.
You can sign up for this type of bank account from home, and even manage it from other countries! But they allow you to do much more than just deposit and withdraw money. You can also use the account to transfer funds between other accounts, pay bills online, monitor your spending, and even invest in stocks or mutual funds.
You can also set up alerts for when a specific amount of money is available in your account or when you have spent too much.
Why Open An Online Bank Account?
An online checking account offers many advantages over its physical counterpart. These include:
☑️ • Convenience – With an online bank account, you can access your money anytime, anywhere. It doesn't matter where you are in the world!
Plus, if you get paid via direct deposit, you won't have to worry about rushing to the bank during business hours in order to deposit your check before it's too late.
This option is great for anyone who works a 9-5 job and needs their paycheck deposited directly into their account without fail every week. An online bank account will save you time and effort by allowing you a secure way of getting paid at any time.
Just about every online checking account offers 24/7 access to your money via an ATM card or debit card. You can easily transfer funds from your account as needed, and you won't need to carry around cash or checks for simple shopping purchases like coffee or groceries.
☑️ • Security – Online banking is one of the most secure ways to manage your finances. Most banks use advanced encryption technology that protects all information entered on their site as well as any data transmitted between the site and its users' computers or mobile devices (this means that no one can steal your password or other data while using public Wi-Fi).
Many banks also offer multi-factor authentication, which requires you to provide more than just a password in order to log in. This means that even if someone did try to hack into your account, they wouldn't be able to get in without knowing that second piece of information (the most common being something you have like an ATM card).
Many people find peace of mind knowing that their money is safe online. It's much more secure than carrying cash around in your wallet or purse and much safer than having physical checks lying around the house that could be stolen or destroyed by fire or water damage. The chances of identity theft are also greatly reduced because there aren't any checks floating around with your personal information on them.
☑️ • Benefits - There may be some perks included with an online bank account such as free bill pay services and ATM fee reimbursements. Many banks offer bundled services such as discounts on car insurance and cell phone plans when you open certain accounts with them. You should research all available options before deciding which one is best
Track Your Money Anywhere
One of the biggest benefits of an online bank account is the ability to track your money anywhere. Online banking is available through virtually all devices with an Internet connection, including computers, smart phones, and tablets.
When you have an online bank account, you can access your account from virtually any device and see your current balance and transactions. Online banking provides an easy way to keep track of your money, including cash flow and a convenient way to transfer money to other people or pay bills - or even to start eradicating debt.
This can also help you better manage your finances by tracking spending and seeing how your money is moving between accounts. You can also use it to set up automatic transfers and bills payment, which can keep you on top of your finances and avoid missing bills and other payments.
Banks that have mobile apps for your smartphone or tablet allow you to access your account from anywhere at any time. This is particularly helpful for people who travel a lot and want to take advantage of all their bank has to offer without having to carry around a physical card or other device that allows you to use your account information between different locations.
What Is an Online Banking API?
An online banking API is a tool that allows you to connect your bank account with other apps and websites. An online banking API can be useful when integrating your account with other apps and services.
Online banks can typically access your account information and make transactions using the API. This can help you access your account information and make transactions through third-party apps or websites.
Another reason to use an online bank account is to save on fees. Some banks charge monthly fees, while others charge fees only when you make a transaction.
Online banks are generally able to avoid monthly fees and charge fees only when you make a transaction. Which means they typically offer lower overall fees than traditional brick-and-mortar banks, which may have higher fees for customers who have certain account types.
They are also able to avoid some fees that may be charged by the local branch. For example, online banks are often able to avoid the minimum debit card transaction fee charged by many brick-and-mortar banks.
Online banks can also offer lower rates on loans and other financial products. Which means lower rates on mortgages, auto loans, credit cards, and other financial products - and the list may mean lower fees and better deals for other services like checking and savings accounts. In fact, online banks could be a better option for all of your banking needs.
Which Online Bank Account Should You Choose?
When deciding which online bank account to use, you’ll want to consider a few different factors.
First, you’ll want to make sure that the online account is offered by a bank you’re comfortable with. Next, you’ll want to consider the fees and features of the online account. Finally, you’ll want to make sure that the online account is offered by a bank that has a good reputation.
This can be helpful when considering which online bank account to use. Online banks can vary in terms of features, like fees and available funding options. This can help you choose an online bank that has the right features for your needs.
Should You Use An Online Banking API?
When looking at different online banks, you may notice that some offer an “online banking API.” APIs are tools that help companies connect with other apps and websites.
Online banking APIs can be useful when integrating your account with other apps and services. Which means they can typically access your account information and make transactions using the API. This can help you access your account information and make online payments through third-party apps or websites.
They can also typically access your account information and make transactions using the API. This can help you access your account information and make transactions through third-party apps or websites.