RevolutOne of the biggest plus points of Revolut is its travel spending and payment splitting features (enabling users to share costs for bills with other users of Revolut) For example, Revolut provides a better rate than the Mastercard rate offer by giving the market exchange rate, and it is also possible for users to exchange between euros and dollars for no extra cost. It also provides free withdrawals and fee free-spending abroad too. With a Revolut account, users receive a sort code and account number in order to carry out normal banking tasks such as paying bills and receiving your salary. There is also the opportunity to use tools to analyse spending, as well as being able to receive notifications whenever the debit card is being used. These aren’t the only services provided by Revolut. Through the smartphone app, customers can also borrow money through peer-to-peer loans, take out insurance and also be able to take advantage of offers from partner companies. To get a Revolut card, you will need to pay £5 to have it delivered to you, and there is a top-up limit of between £1,000 and £3,000 per day. However, you should be aware before deciding to get a card that it has not yet become a fully licensed bank. This means that should the bank go bust, you would not be able to receive FSCS protection, and you are charged 2% each month if you withdraw more than £200.
Atom BankAtom Bank accounts work slightly different to the other digital banks on the market. Rather than focusing on foreign exchange services or providing current accounts it instead sells mortgages and savings accounts. Atom Bank’s rates are some of the best on the market. At this moment in time, it pays from 1.95% on Fixed Saver accounts, with this increasing to 2.4% on the five-year version for the five-year version. Whilst with mortgages, these are provided strictly through brokers but you have the chance to track and accept your offer through the smartphone app. Another advantage of being an Atom Bank customer is that you are covered by the FSCS deposit scheme, and it is fully licensed. The downsides of being an Atom Bank user may be that these excellent market-leading rates typically last for very short periods of time.
MonzoMonzo is one of the most popular and largest digital banks out there, with over 600,000 customers since launching less than three years ago. Much like Revolut, it also enables customers to carry out normal banking functions by providing users with a current account. Monzo accounts have a number of different features, including:
- The ability to set spending goals
- Receiving notifications on your phone if you are running down your balance too quickly
- Receive notifications each time the card is used
- Provides customers with a breakdown of what they’ve spent
- Fee-free spend spending abroad