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Digital banks are rapidly gaining popularity as most people spend more of their time shopping and connecting online, but knowing what the best digital banks are is a challenge in and of itself. Digital banking can be an excellent way to gain more control over your money, with access to things like financial apps to make various parts of cash management easier.
Many digital banks can also offer better value to their customers, thanks to their online structure. With fewer overheads to worry about, fully-online digital banks are popular among consumers who want to keep their fees low without compromising on APVs and innovative features. Today, we’re going to cover some of the best digital banks you can try.
A leader in the digital banking industry since 2000, the Axos bank helped to introduce consumers to the age of tech-driven finance. With an account, users can enjoy full-service banking, with access to their funds any time they need it, personalised support, and guidance when they need it most. There’s a range of services available from this company, including mortgages, small business banking, commercial banking and lending, and even investing.
Alternatively, you can use the Axos bank as a replacement for your basic savings and checking accounts. The company has been rated by a number of publications as one the best online banks available for modern users, and the app is wonderfully easy to use.
Committed to offering all-inclusive banking to people from all backgrounds, Varo makes finances more approachable for the masses. The completely digital banking company requires no credit check when you want to sign up, and there’s no minimum balance you have to stick to. If you want a basic checking account, you won’t have any monthly fees either.
When you sign up for your account, you’ll get comprehensive access to an easy-to-use app where you can track any and all of your money services in one place. You can also get an overdraft with no fees when you need extra help. Plus, there’s the option to get your money from virtually any ATM.
Chime’s digital banking service aims to take the stress out of managing your money. There’s a fee-free overdraft for up to $200, and a direct deposit feature, so you can access payments faster than you would with other banks. Chime doesn’t just help you to manage your money and track your savings; it also gives you an app you can use to track your credit-building opportunities and improve your chances of loans in the long term.
The Chime ecosystem is easy to use, with a convenient app you can access at any time to track information about your latest payments and transactions. You can also rest assured you won’t have any minimum balance or hidden fees to worry about.
Voted one of the best banks in the world by Forbes, N26 is the mobile digital bank, providing an easy way to manage your cash on the move. With N26, you can track your expenses, improve your budgeting strategy, and even set cash aside for your savings, all from your smartphone. You can even spend with your device before your card arrives.
The N26 company offers completely free bank accounts which you can get started with in less than 8 minutes. One of the biggest benefits of N26 is its dedication to security. The solution operates with a comprehensive European banking license, and protection for up to 100,000 euros. You can even create your own custom debit card too.
The Quontic adaptive digital bank is a state-of-the-art online banking solution and one of only 3% of banks currently equipped with a CDFI designation. The designation means the company can use the deposits from highly-rated accounts to make dreams come true for people all around the world. When you bank with this company, you’re supporting the goal to make the world a better place.
Highly rated among happy customers, Quontic is one of the most popular online banks available, offering low minimum deposits, access to thousands of free ATMs, and support from the US Treasury. The company also offers innovative deposit accounts with the ability to access decent interest returns on your savings.
Built around the convenience of an easy-to-use smartphone app, Revolut makes sure anyone can get the banking experience of their dreams. The Revolut system makes it easy to track all your money in one place, with extra tools for budgeting built-in, so you can achieve your goals. You can also make payments in seconds across over thirty countries.
From within your Revolut banking app, you’ll be able to set up Google and Apple pay, access information about your PIN, update security, and adjust settings. There’s also no need to worry about excess fees when you need to access your cash while travelling.
Both an award-winning online bank and a digital lender in one, the NBKC promises a convenient environment for money management and budgeting. The NBKC team won the title of “Best Mortgage Lender for Online Loans” from NerdWallet in 2020 and has attracted the attention of publications worldwide for its knowledgeable customer support and competitive rates.
NBKC bank can help anyone get started with online banking in no time, with a simple and straightforward application, hassle-free account, and easy to use app. There’s even the option to apply for personal loans when you need them within your app.
Monzo is one of the best-known names in digital marketing and a popular choice for consumers in the UK. You can spend, save, and manage your money all within an easy-to-use app on your smartphone, with no hidden fees to worry about. More than 5.5 million people are using the Monzo banking service today, and there are plenty of ways to join them.
Monzo offers a variety of different accounts to suit your specific needs. For instance, there’s a premium option if you need extensive travel and phone insurance and access to interest opportunities. You can also use Monzo plus for tracking loans, interest, savings, and other financial factors in one place.
The name many people associated with the transformation of online banking; Starling Bank is a digital-only company offering innovative saving and financial management. You can open a personal or business account on your phone in a matter of seconds and start managing your money in no time. The beautiful and well-designed app is easy to use and great for getting a better look at your financial situation. You can even get payment alerts, and spending insights sent straight to your phone.
Starling Bank offers online banking opportunities for all kinds of customers. There’s a Kite app for kids designed to help younger users manage their pocket money. Alternatively, business owners can access business, and sole trader accounts with 24/7 support and no monthly fees.
Another of the top-rated online bank accounts on the market today, Discover Online banking allows you to manage your money on your terms. You can open retirement accounts, money market tracking accounts, online saving accounts, and checking accounts in no time. There’s even a guide to help you find which account type is right for you.
Discover combines a simple and accessible mobile app with extra features like 1% cashback on your debit card purchases, and a fantastic 0.40% APY rate, so you can watch your money grow gradually over time. There are no minimum bank requirements or hidden fees either.