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: Good for budgeting and everyday banking
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?!
Key features:
International payments fees:
Drawbacks:
Best for: Everyday banking, budgeting, and saving in the UK.
*Annual Equivalent Rate (AER), variable, up to £500,000
Revolut: Good for travel and currency exchange
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.
Key features:
International payments fees:
Drawbacks:
Best for: Frequent travellers, people interested in investing and international spenders.
*Annual Equivalent Rate (AER), variable, interest paid daily
Starling Bank: Good for human support
Starling Bank offers a comprehensive digital banking experience with human-based customer support and no hidden fees. You can organise your money in different 'Spaces', which act like virtual change jars in your account, for simpler day-to-day budgeting. The Easy Saver account has no minimum deposit requirement.
Key features:
International payments fees:
Drawbacks:
Best for: Full-featured digital banking, freelancers, business owners
*Annual Equivalent Rate (AER), based on deposits between £2,000 and £1m
Chase UK: Good for cashback and automatic saving
Overview: Backed by JPMorgan Chase, Chase UK offers 24/7 customer support and focuses on cashback rewards and automatic savings with its round-up account. You’ll get cashback on all spending for the first year, which will appeal to anyone looking to earn rewards on regular transactions (the maximum monthly reward is £15 per month).
Key features:
International payments fees: You can't use your Chase UK digital bank account for international payments
Drawbacks:
Best for: Cashback, high-interest savings, and everyday spending.
*Annual Equivalent Rate (AER)
Comparison table
Feature |
Monzo |
Revolut |
Starling |
Chase UK |
|---|---|---|---|---|
Customer service rating on Trustpilot |
||||
FSCS protection |
Yes |
No |
Yes |
Yes |
Cashback |
Eligible purchases |
Eligible purchases |
No |
1%, for 12 months |
Interest on balances |
No |
No |
No |
Yes, on roundups |
Fee free UK transactions |
Yes |
Yes |
Yes |
Yes |
Fee free overseas transactions |
Limited |
Limited |
Yes |
Not with UK card |
Which digital banking provider is right for you?
The best digital bank account depends on your needs.
Each digital banking provider has its pros and cons, so think about which features matter most to you before making a decision. Always compare the latest rates and terms to ensure you get the best deal.
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results.
