Challenger banks provide a modern and technology focused approach to banking. Although they are branchless (fully online) they have challenged the high street banks and enticed customers with their nifty features. 

 

All of the banks listed here allow users to:

 

  • Freeze their card

  • Set-up ‘smart’ saving pots

  • Easily pay other members of the bank

  • Use Google and Apple pay

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Monese

The card...

£4.95 |

3 - 5 business days

CRedit options

No overdraft option

Loans: No

Current Account Interest

No interest paid on current account

GFY OFFERS🌟

Use code 'GFYHELLO' for a FREE 15 GBP/EUR bonus after the 1st card transaction

The overview:

Specialises in multi-currency accounts so it's great for travellers and expats. Easy to switch between currency in app. Easy set up with no proof of address needed. Charges 2% fee for international money transfers but FREE to other Monese users. Frequent travellers/those transferring often might consider upgrading to remove all fees.

Upgrade options:

CLASSIC - £4.95 per month: £800 free ATM withdrawals per month. 0.5% fee for exchanging currency

PREMIUM - £14.95 per month: Unlimited free ATM withdrawals. Free to transfer/send currencies

What's it like abroad?

£200 free ATM withdrawals per month (2% charged after this)

International money transfer fees: 2% Send money in 17 other currencies.

Additional Features

Open a European account and easily switch between £ and € in app

​🎁

N26

The card...

Free |

5 - 7 business days

CRedit options

Overdraft Coming Soon

Loans: No

Current Account Interest

No interest paid on current account

GFY OFFERS🌟

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The overview:

Well established challenger bank across Europe, launched in the UK in 2018. Available on desktop in addition to app. Metallic cards. Limited number of saving pots. Good for European travellers given free ATM withdrawals in €

Upgrade options:

N26 YOU - £4.90 per month: Unlimited free ATM withdrawals. Discount & offers. Extra saving pots

N26 METAL - £14.90 per month: Includes all the features from N26 You + Priority customer support. Travel insurance. Discounted airport lounge access

What's it like abroad?

Free ATM withdrawals in £ (up to £500). Charged 1.7% of withdrawal elsewhere

International money transfer fees: 0.35%-2.85% depending on
the currency (via TransferWise) Send money in 19 other currencies

Additional Features

Change pin in app. Transparent card as standard, aluminium cards as upgrade

​🎁

Revolut

The card...

£4.99 |

Up to 9 business days

CRedit options

No overdraft option

Loans: Yes

Current Account Interest

No interest paid on current account

GFY OFFERS🌟

FREE card (usually £4.99)

The overview:

Able to hold different currencies, crypto and investments. Mark-up of 0.5% added on currency exchange on weekend.

Upgrade options:

PREMIUM - £6.99 per month: £400 free ATM withdrawals per month. Travel insurance. Airport lounge access. 8 free stock trades. 20% off device insurance. Speedy card delivery

METAL - £12.99 per month: Includes all the features from premium + £600 free ATM withdrawals per month. 1% cachback. Concierge service

What's it like abroad?

£200 free ATM withdrawals per month (2% charged after this). 0.5% fee if spending £5,000+/month

Transfer up to £5,000 abroad FREE (at the interbank exchange rate). 0.5% fee for anything more. Hold and send 29 other currencies.

Additional Features

Bill splitting. Round-up saving feature. Hold cryptocurrencies. Invest in US Stocks, FX, Insurance, perks

​🎁

Monzo

The card...

Free |

2 - 7 business days

CRedit options

Overdraft costs £0.5 per day & has a limit of £1,000 (flat rate makes small overdrafts expensive relative to competitors)

Loans: Yes

Current Account Interest

Access a range of saving providers via the app: AER 1% -1.5%

GFY OFFERS🌟

-

The overview:

Nearly entirely fee free. Clean and easy to use app. Adding more features as it grows.

Upgrade options:

No upgrade options

What's it like abroad?

£200 free ATM withdrawals per month (3% charge after this)

International money transfer fees: 0.35%-2.85% depending on
the currency (via TransferWise)

Additional Features

Bill splitting. Early payday (one day early). Notifies you if bill goes up or down. Online reciepts. Round-up saving feature. Customers are also able to open joint accounts

​🎁

Starling

The card...

Free |

3 - 5 business days

CRedit options

Overdraft charges 15% EAR & has a limit of £5,000

Loans: Yes

Current Account Interest

0.5% AER on CA up to £2,000. 0.25% AER on CA up to £85,000

GFY OFFERS🌟

-

The overview:

Great for travelling and provides a competitive overdraft in comparison to other challenger banks

Upgrade options:

No upgrade options

What's it like abroad?

Unlimited free ATM withdrawals per month

International money transfer fees: 0.4% fee to the currency conversion + £5.50 for Swift).

Additional Features

Bill splitting. Round-up saving feature. Through marketplace: insurance, mortgages and investment options. Customers are also able to open join current accounts, euro accounts or a business account

​🎁

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