Revolut vs Monzo vs Starling: Which is the best online bank?
As many as 87pc of UK adults now use online or remote banking services, according to research from Finder. In the face of a rapidly disappearing presence on the high street, it's hardly surprising that more of us are turning our backs on traditional banks and switching to new digital current account providers instead.
In fact, at the start of this year, an estimated 40pc of adults had opened an account with a digital bank, up from 24pc in 2023.
Here, Telegraph Money sizes up the big three – Revolut, Monzo and Starling – if you're not sure where to start.
Revolut
This global money app currently boasts over 55 million customers globally, with more than 10 million in the UK, and offers a range of banking, saving and investment services.
Its range of personal current accounts goes beyond the basics, and includes a freelancer Pro account and an under-18s account, in addition to the expected individual and joint accounts. It also offers banking services to businesses.
Personal account holders can choose between five plans, some of which you have to pay for monthly. They include: Standard (free), Plus (£3.99), Premium (£7.99), Metal (£14.99) and Ultra (£45 under an introductory offer, rising to £55 thereafter). The more expensive plans come with statement metal and platinum cards.
Although Revolut launched in 2015, it only got its UK banking licence in July 2024, and is currently in the process of completing its one-year mobilisation process. This means that, for the time being, it's still functioning as an 'e-money institution', rather than a full bank.
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