Top 10 Online Bank Accounts

Top 10 Online Bank Accounts

With everything moving online, it was only a matter of time before banks started allowing customers to control their accounts solely online.

 

There were a lot of new, modern banks such as Monzo and Revolut that entered the market over the last few years enticing customers with fancy and efficient apps. 

 

The warm welcome these banks got for their new view on banking convinced the large, traditional banks to follow suit and move online.

 

With so many banks to choose from offering all the same services, it can be hard to choose between them.

 

That is why we have gone to the trouble of understanding what ‘online’ banks are and which are the top 10 online bank accounts.

 

What is an Online Bank?

An online bank lets you access your bank account via the internet. This could be through an app or from a web browser. You will be able to make a transaction, check your balance and everything else you are usually able to do, apart from withdrawing cash.

 

This now includes most big-name banks, and as the bigger banks are able to offer smaller fees, they make up the majority of the top 10

 

How to choose the Best Bank for you?

There are multiple things to consider when choosing a bank. You need to consider the monthly fees, account requirements such as depositing a certain amount, overdraft limit and fees and the interest rate on your balance.

The Top 10 Online Bank Accounts

  • Santander Everyday Current Account
  • No monthly fees
  • Arranged overdraft = 39.94% EAR variable 
  • Interest rate = 0%

 

  • No minimum monthly funding to maintain the account
  • Arranged Overdraft facility (subject to status) – learn more in the ‘Overdrafts and charges’ section below
  • Stress-free account switching in 7 days with the Current Account Switch Service
  • Earn up to 15% cashback with Retailer Offers. Just switch on, choose your offers and shop with any of your Santander cards

 

 

  • TSB Spend and Save
  • No monthly fees
  • Arranged overdraft = 39.9% EAR variable 
  • Interest rate = 0%
  • No charge for everyday transactions when you’re in credit
  • Arranged overdraft available if eligible
  • Opportunity to earn £5 Cashback for the first six months when you make 30 payments or more each month.
  • Option to use savings pots which can help you separate your money and save money for a specific occasion or payment. 

 

  • Starling Bank Current Account
  • No monthly fees
  • Arranged overdraft = 15% EAR variable 
  • Interest rate = 0.05% AER (on up to £85,000)
  • 100% online baking – you can control all your finances online or through the app
  • No charge when using your card abroad to pay or withdraw money
  • Easily lock your card if it goes missing
  • Pay back nearby friends when they are close by easily

 

  •  Barclays Bank Account
  • No monthly fees
  • Arranged overdraft = £15 buffer then 35% EAR variable 
  • Interest rate = 0% AER 
  • Arranged overdraft available if eligible
  • 24/7 customer support

 

  • Nationwide FlexAccount
  • No monthly fees
  • Arranged overdraft = 39.9% EAR variable 
  • Interest rate = 0% AER
  • Freedom to bank how you want whether that be online or in-store
  • Arranged overdraft available
  • Withdraw up to £500 for an ATM
  • Nationwide FlexDirect
  • No monthly fees – pay in £1,000 a month
  • Arranged overdraft = 39.9% EAR variable 
  • Interest rate = 2% AER (on up to £1,500)
  • Freedom to bank how you want whether that be online or in-store
  • Arranged overdraft available
  • 2% interest for the first 12 months

 

  • Santander 123 Lite Current Account
  • £2 per month – Pay in £1,000+ a month
  • Arranged overdraft = 39.94% EAR variable 
  • Interest rate = 0% AER
  • You can get 15% cashback with online retailers
  • Up to 3% cashback on selected household bills
  • Join Santander’s 123 world offers program

 

  • Nationwide FlexPlus
  • £13 per month
  • Arranged overdraft = 39.9% EAR variable 
  • Interest rate = 0% AER
  • No charge when using your card abroad to pay or withdraw money
  • UK and European breakdown assistance
  • Worldwide mobile phone insurance

 

  • Monzo Current Account
  • £0 per month
  • Arranged overdraft = 39% EAR variable 
  • Interest rate = 0% AER
  • No charge when using your card abroad to pay or withdraw money
  • 24/7 customer support
  • 100% online baking – you can control all your finances online or through the app

 

  • Revolut
  • £0 per month
  • No overdraft available yet
  • Interest rate = 0% AER
  • No charge when using your card abroad to pay or withdraw money
  • Options to invest through the app
  • 100% online baking – you can control all your finances online or through the app

 

You can open any of these bank accounts by visiting the website and entering your details. Opening an online bank account is really easy these days and will take you no longer than 15 minutes.