6 Best Digital Banking Apps in the UK in 2024: Fees and Features

Starling Bank in Short

UK-based digital-only Starling Bank was founded by Anne Boden in 2014. The neobank received its UK banking licence in 2016 and launched the UK’s first mobile-only current account in 2017.

Starling Bank offers personal and joint accounts for families. Parents can also manage accounts and cards for their younger children and teenagers. For businesses, Starling offers business accounts for both UK companies and sole traders.

What Monito Likes About Starling Bank

• Categorised spending insights that make it easier to budget.
• Among the most interest paid on account balances in the UK.
• No monthly account fees.
• Fee-free ATM withdrawals and transactions abroad.
• Google Pay, Samsung Pay, Apple Pay, Fitbit Pay, Garmin Pay compatibility.

What Monito Dislikes About Starling Bank

• Overdrafts are charged at 15% EAR.
• Replacing a card lost overseas could cost £60.
• Interest of -0.5% is payable on balances in the Euro account of over €50,000.

Monzo in Short

Opening a Monzo account is completely free. Thanks to its user-friendly design, the banking app will help you manage your spending, save money in pots, and put money into interest-bearing accounts.

Monzo has a 3% fee on UK cash machine withdrawals that exceed £250 per month. If you travel abroad, you will have to pay a 3% fee on ATM withdrawals over £300/per month. Good news is that Monzo does not charge foreign transaction fees. In addition, you'll also pay £0.50 per day fee if your account falls into overdraft.

What Monito Likes About Monzo

• Fee free UK bank transfers.
• Easy to set up and free to use.
• Flexibility over savings goals.
• Handy in-app bill splitting feature that works instantly.
• Joint accounts can manage rent and bills.
• AER of up to 3.5%.

What Monito Dislikes About Monzo

• Free withdrawals abroad are limited to £200 per 30 days.
• No multi-currency accounts supported.
• Debit and credit card top-ups aren't supported.

Monzo Plans

Monzo offers three different types of accounts:

• Monzo: The simple Monzo account has no monthly fee. Cashpoint withdrawals are free up to £250 a month in EEA countries and the UK, and up to £200 a month in countries outside the EEA. After that, you’ll be charged 3%.
• Monzo Plus: This account costs £5 per month. You’ll get fee-free cash machine withdrawals in EEA countries and the UK, but they are limited to £400 per month in non-EEA countries. Anything over is charged at 3%. Access virtual cards and get 1 free UK cash deposit.
• Monzo Premium: This account costs £15 per month. Cash machine withdrawals in EEA countries and the UK are free, while withdrawals outside the EEA are free for up to £600 each month. Anything over your allowance is charged at 3%. Get a metal card, worldwide travel insurance, and airport lounge discounts.

Wise in Short

Applying for a Wise Multi-Currency Account is fast, free, and can be done with a UK proof of residence. Any proof of residence in the EU/EEA and many other countries worldwide will work as well. The Wise account gives you access to 10 local bank details: the UK, Eurozone, the US, Australia, New Zealand, Singapore, Romania, Canada, Hungary, and Turkey;

You will also get a multi-currency account, which allows you to hold, exchange, and top-up up to 56 currencies. The best part is that they charge no FX-rate markup — you get the mid-market exchange rate with Wise.

Lastly, you can access Wise's powerful international money transfer service right from your account balance.

What Monito Likes About Wise

• Account details in as many as 10 currencies.
• Hold money in 50+ currencies.
• Send money to 80+ countries from your account.
• Some of the lowest money transfer fees available on the market.
• Pricing is accessible and transparent.
• Mid-market exchange rate offered for currency transfers.
• Debit card can be used to avoid foreign transaction fees.
• No setup fees or monthly charges.

What Monito Dislikes About Wise

• Cash or cheque payments aren't supported.
• Overdraft and loans aren't available.
• Negative interest on large Euro account balances.
• Fees to top up the account via debit and credit card.
• Tight limits and conditions to fee-free cash withdrawals.

How Wise Works

Unlike most currency exchange services, Wise charges no exchange rate markup. Instead, it charges one very low, transparent commission fee. For popular currencies like GBP to EUR, the rate can be as low as 0.4%.

With the Wise Multi-Currency Account, you'll be able to travel like the following:

1. Send British pounds from your bank account to your Wise GBP account;
2. Convert GBP to Euros at a low fee (e.g. if you add €1,000 and pay with British pounds, the total fee will be around 0.4% or £4*);
3. Pay with your Wise debit card in the Eurozone like a local.

We think Wise is the best online multi-currency account available to UK nationals and a product we firmly recommend for holidaymakers, online spenders, digital nomads, and expats.

* Conversion made on 17/11/2022

Monese in Short

In addition to Monese's instant account opening feature, its other strong points include its insurance, credit builder, and joint accounts. You'll also get bank account details for GBP and EUR.

Monese's weakest point is its pricing for foreign currency spending and cash machine withdrawals. Monese's 'Starter' plan, for example, charges £1.50 per cash withdrawal, 2% on all non-GBP, EUR, SEK, and RON foreign currency transactions, and an additional 1% on weekends.

What Monito Likes About Monese

• Available even without a UK or EU proof of residence.
• Money transfers to over 30 other countries.
• Offers a credit builder with no credit check required.
• Supports joint accounts and virtual cards in the UK.

What Monito Dislikes About Monese

• Does not offer overdraft, interest, or loans.
• Upgrading plans usually does not equal lower costs.
• High conversion fees for non-GBP, EUR, SEK, and RON spending.
• Weekend surcharges apply to currency exchange.

Monese Plans

Here are four types of current accounts by Monese:

• Starter: This is a full UK current account with no monthly costs and includes a free debit card. However, you will be charged £1.50 on all cash machine withdrawals and a 2% fee on foreign card transactions. Monese charges a 2.5% fee for sending money abroad to other banks abroad. This rate increases to 3.5% on weekends.
• Classic: Classic accounts cost £5.95 per month and offer free ATM withdrawals up to £900 a month. After this, a 2% fee applies. Monese charges no foreign card transaction fees. Foreign currency exchange transfers to non-Monese accounts incur a 0.5% fee.
• Premium: Premium accounts cost £14.95 per month and offer unlimited UK ATM withdrawals, free foreign currency card spending, and free foreign currency exchange transfers. You can read more about this plan in our dedicated Monese Premium review.

All Monese plans can be paid annually with a discounted monthly rate of anywhere between 20% and 40%.

Tide in Short

When you open a free Tide business bank account, you will get a UK sort code, a business MasterCard, a payment system, and smart time-saving tools.

Tide automatically categorizes your transactions into customizable categories, making accounting easier. It will track your invoices and revenue too. You can hold up to five different business accounts, and integration with accounting software like QuickBooks or Xero.

Tide does not allow clients to hold foreign currency. If your business is expanding globally and you need to carry out international transfers, then we suggest looking at international business bank alternatives such as Wise Business and Payoneer.

Tide Advantages

• Free invoicing included in all membership plans;
• FSCS protection for ClearBank deposits;
• Fee-free card transactions abroad (£1 for ATM withdrawals);
• No credit checks are required at application;
• Option to create separate accounts for different purposes;
• Ability to sync accounts with accounting software.

Tide Disadvantages

• Doesn’t support international payments (for most members);
• No multi-currency accounts or foreign currency storage;
• Must pay extra for dedicated support;
• Fee applies to direct debits and cash deposits;
• Cheque deposits not accepted.

Tide Plans

Tide accounts break down into three tiers as follows:

• Free: For no monthly fee, you get UK bank account details and a business Mastercard that is linked to Tide's software for tracking spending, tax reporting, and receiving payments. Extra cards cost £5 and bank transfers in and out cost 20p per transfer.
• Plus: For £9.99 per month, get dedicated in-app and phone support plus legal advice. The plan includes 1 extra card for your team. 20 transfers per month are free.
• Cashback: At £49.99 a month, you get a dedicated account manager and 0.5% cashback with your Tide card. Your team gets 3 extra cards, and you are allotted 150 transfers a month for free.

Tide is dedicated to supporting small businesses in the UK. For a business checking account, well-rated customer support, and high-quality business management software at no monthly fee, we recommend Tide to UK businessowners without reservation.