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Why getting an online account is even easier

Online, digital and app-based banks come without the large branch networks of the traditional banks, but typically offer slicker digital experiences. 

MoneyHub Expert says: When is a bank not a bank? Here you will find a list of the most prominent digital banking service providers. But beware, there is a difference between a Fintech company and an EU regulated bank. Whilst companies like Wise are highly regulated and are unlikely to go bankrupt. They do not provide the guarantees that you will get your money back if there’s an issue. This is because a banking license costs more money to obtain and there is a higher regulatory overhead. If your money is in a bank then the EU banking authority automatically guarantees the first 100,000 euros of your money is safe.

However don’t let that put you off digital banks have their benefits

Online, digital or app-based banking is growing phenomenally, not only for tech-savvy minds but across generations. Online accounts offer far more incentives, rewards and savings interest than your typical high street banks, making them attractive to all. If your working or traveling abroad and want to keep funds separate from your everyday banking and the payments apps are very convenient and fast.

We have listed which companies are actual banks so you can stay informed. Also whilst most we’ve listed don’t charge a fee if your account is in regular use. They may charge extra you for upgrading your account or issuing cards. Also some have limitations so for example as time of print n26 and Wise cannot make cross border payments to the UK. So they have their use but don’t put your life savings in them.

ReguleeritudPankToetusMinimaalne tasu EURParim jaoksMeie hinnang
n26SaksamaaJahInglise0Parim tasuta arvelduskontoVaata lähemalt
WiseFintechEiInglise0Mitu valuutatVaata lähemalt
RevolutLeeduJahInglise0ÜmberringiVaata lähemalt
BunqHollandJahInglise2.99Parima tasuga arvelduskontoVaata lähemalt
TomorrowFintechEiInglise3SäästevVaata lähemalt
VividFintechEiInglise0InvesteeringuidVaata lähemalt
MonzoSuurbritanniaJahInglise5 GBPKasutamine SuurbritanniasVaata lähemalt
MoneseFintechEiEesti/Pусский/Inglise0Eesti EttevõteVaata lähemalt

Online Accounts FAQs

How do we calculate our star ratings?

Our star ratings are based on the headline rate offered, our consumer base feedback, additional charges, ease of business, and value-added benefits.

What is an online account?

If you ‘do’ digital banking, it means you use an app for all, or most, of your online banking. Our focus in this guide is on app-based banks, which have great tech and features that help you know where you’re spending, and help you save towards your goals, all within the same app and same account.

We know that some of the traditional high street banks have popular apps, and are catching up with their app-only competitors, so we feature the best of these too.

While the online account banks don’t have a high-street presence, most have in-app customer support, with dedicated teams on hand to offer assistance if you’ve any questions or issues.

All online account apps featured are free to download – though some have costs associated with running them, which we clearly explain in our best buys below. You’ll also need a relatively up to date smartphone running iOS or Android.

Are online accounts more secure?

Banks have security systems in place that ensure fraudsters can’t hack into your account whether you’re logged in online or on your phone. But still be careful – never share your online/mobile banking information with anyone.

If using one of the mobile apps featured in this guide, make sure you download the official version from your app store, and update the app regularly to make sure you benefit from any new security features. You should also protect your phone by setting a password, PIN or other screen lock (eg, pattern, fingerprint).

It’s also worth keeping your computer up-to-date with free antivirus software, so you’re protected from viruses and spyware.

Are online banks actually non-banks?

It depends. An ‘online bank’ primarily prioritises digital solutions within its product and service range. Whilst some, like N26, are registered and regulated banks, many exist in a regulatory ‘grey zone’ between traditional banking, money transfer services and financial technology firms.

How do online banks make any profit?

Similar to traditional high-street banks, online banks generate revenue from individual clients via service fees related to account opening, maintenance, and usage. Yet, due to factors such as the absence of physical branches, online banks can offer lower pricing, allowing them to surpass traditional banks in terms of competitiveness.

Are online banks regulated?

Indeed, online banks fall under the same laws and regulations as other financial service providers within the EU/EEA. This entails supervision by the central banks of their respective nations, along with compliance with financial compensation directives.

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