Digital banks - online-based with no physical branches - have become very popular in the UK in recent years. According to research from Finder, around 40 per cent of UK adults already have a digital bank account - attracted by lower fees and better savings rates than traditional high street banks.
However, not all digital banks offer the same benefits.
Some cater primarily to personal banking, while others are tailored for business use or frequent travellers. With many different features, pricing plans, customer support and rewards structures, it can be hard to figure out which digital bank account is right for you.
So to help decide which you should use, we've analysed four of the UK's most popular digital banking providers: Monzo, Revolut, Starling, and Chase UK.
Here's how they compare for personal banking - rates or fees mentioned are correct at time of publication but are subject to change.
Monzo is well-known for its budgeting tools and fee-free spending within the UK. Its app provides real-time spending insights, savings pots, and early salary access. You can also create separate pots for saving, which can be automated based on your spending habits. Additionally, Monzo's split-bill feature allows you to split expenses so you only pay for what you order - after all, who likes the old-fashioned way of splitting the bill 'equally' when you order Bucks Fizz but your friends always get Dom Perignon?!
Revolut is a good pick for frequent travellers. The UK's largest digital banking provider (by customer base) offers multi-currency accounts and access to stock investing or crypto trading from just £1. Revolut's wide choice of currencies make it a popular option for those who frequently make or receive international payments. With the paid plan, you benefit from more features like disposable virtual cards, travel insurance and even discounted airport lounge access.