Top 2018 choices for online-only banks

RapidVPN/ October 8, 2018/ Blog/

Top 2018 choices for online-only banks

Days of poor service delivery and endless queuing in banks are gradually becoming history with the advent online-only banks. There are more online-only banks available now than ever before. These online banks are making efforts to improve their services and win more customers over to their side from the traditional banks.

These online-only banks allow operating your bank accounts only with a PC and mobile devices. There are quite a lot of things possible with the online-only banks. You can pay bills, transfer funds, and withdraw from ATM. They have no physical branches but offer lower fees and higher rates than traditional banks.

This write-up gives you pertinent information about the top 2018 choices for online-only banks.


  1. Revolut

You can get some of the services provided by the brick-and-mortar banks. Revolution offers a prepaid card, P2P, cryptocurrency and currency exchange. It is a perfect alternative to the traditional banking. An account gives you a free UK current account, and you hold different currencies at the same time. You can access loan via their P2P loans and enjoy fair exchange rate when you use your card abroad. Revolut is in partnership with PensionBee, and it offers insurance options.

However, certain features are available for premium users and there is a limit on the amount you can withdraw with a regular account, a maximum of £200.


  1. Monzo

Monzo offers a UK current account and has fantastic customer support. It carries its customers along in its app updates. It comes with a MasterCard, and it runs almost fee-free spending, which makes it attractive to users. Users can switch their current accounts by using CASS.

However, you have to join the waiting list before you can get your prepaid card. Besides, Monzo does not have interest paying accounts or savings, and you would be charged some fees for withdrawing large amounts of money abroad.



  1. N26

Launched in Germany in 2015, N26 is famous in Ireland and will be available entirely in the UK by November 2018. N26 has acquired a full European banking license since 2016; consequently, customers’ fund is safe and backed by the German Bank guarantee.

N26 offers a bank account that can receive salary and other forms of payments electronically since the bank does not have any branches. It has a web-based app, which can also be accessed from a PC and mobile devices.

The bank offers a MasterCard debit card that can be used on any ATM globally.


  1. TransferWise

TransferWise was launched in 2011, and it is one of the cheapest online-only banks. It has a set of strict procedures for transferring money internationally. It offers more competitive rates of transferring money to other countries.

The good thing about TransferWise is that it is regulated by the Financial Conduct Authority in the same way the UK banks are regulated. It is safe and best suited for business and personal use. It offers a MasterCard debit card with a bank account that can hold over 40 different currencies.