Best Online Bank Accounts – Forbes Advisor UK

Although technically an e-money institution rather than a bank, Revolut is a strong contender if you want to open a digital checking account.

A standout feature is its own investment platform where you can buy and sell stocks and cryptocurrencies. You’ll get one commission-free trade each month and then pay a fee of 0.25% or £1 per trade, whichever is greater.

If you want to learn more about crypto, you can take the in-app “Learn and Earn” course and be rewarded with a small amount of cryptocurrency when you take a quiz.

Revolut is also a solid choice for international payments. Through the app, you can send and receive money in over 30 different currencies without paying any fees. Abroad, you can make purchases and ATM withdrawals as usual.

More regular features include requesting money via a link or QR code, splitting bills, and setting aside cash in a savings account. However, this pays a credit interest of 0.55% AER (variable). You can also set up automatic savings that round transactions to the nearest £1 and set aside change.

However, with a Revolut Standard account, you can only make five ATM withdrawals per month, amounting to £200. After that, you will be charged a 2% fee on all withdrawals, and a minimum of £1 per withdrawal.

Another benefit of Revolut is the ability to earn rewards when you spend. Through the app, you can search for offers with brands to earn cashback and other discounts.

Keep in mind that your money will not be covered by the Financial Services Compensation Scheme (FSCS). Instead, the funds are protected by “safeguard” laws.

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David A. Albanese