Top 5 Best Banking Apps in the UK 2023

Mobile banking apps are an indispensable resource for managing one's finances. They grant you access to your bank account and allow for convenient payment processing from anywhere.

Many UK banks have created mobile banking apps to give their customers a convenient and stress-free banking experience. Here are some of the best.

1. Revolut

Revolut is a money management app for both individuals and businesses alike. Its free account option is ideal for those who don't use much cash, while paid accounts unlock benefits like travel insurance, device insurance and group vaults - where friends can save money together.

Revolut is a pioneer of digital banking and one of the easiest to set up. Their multi-currency accounts offer excellent money management options if you work or travel abroad, allowing you to keep your cash in local currencies.

One of the great benefits of Revolut is its absence of foreign transaction or cash withdrawal fees - this means you can avoid expensive international bank charges. This could be especially advantageous for business travelers or digital nomads.

This app allows users to exchange currencies without transferring funds, and it keeps an eye on the exchange rate to detect potential gains. Available for both iOS and Android, the application provides convenient currency swapping capabilities.

Another fantastic feature is its free disposable virtual card - this credit-card-style virtual card that can be used for online payments. This handy tool helps business customers stay protected against fraudulence.

Revolut is a relatively new player on the money management scene, but it's quickly developing its platform and offering useful features such as analytics and savings vaults. Unfortunately, there are no physical branches where customers can speak directly with an agent; however, their in-app chat service is always available.

2. Starling

Starling is an excellent option for those seeking to open a bank account. It provides a free current account and numerous money management tools. Furthermore, with their app, users can pay and receive money from other Starling customers without needing a sort code or account number.

Apps for its products can be downloaded in both the Apple App Store and Google Play, with a Trustpilot rating of 4.3 out of 5 stars. Plus, customers have praised its customer service as excellent.

The bank's customer service team are accessible 24 hours a day, seven days a week via the app and phone. Furthermore, they have signed up to the Current Account Switch Guarantee which ensures that if you switch from another provider to their bank, they will do everything they can to assist.

Starling is also proud to be a founding member of TechZero, an organisation committed to reducing its own carbon emissions by one-third by 2030. This commitment to sustainability has gained popularity among younger generations who are becoming increasingly critical of investment decisions made by traditional banks.

In 2021, Starling unveiled a UK-first recycled debit card made of 75% recycled plastic. This card serves to promote savings habits by helping people save their spare change and connecting them to new financial services offerings through Starling's Marketplace.

Personal current accounts with Bank of Ireland offer interest on your balance - something not often seen among banking challengers. Furthermore, you can load cash to your account at Post Office branches in the UK at no cost up to PS1,000 for free.

3. Monzo

Monzo is a challenger bank that launched its current account in October 2017, offering features like no overdraft fees, easy account opening, Venmo-like P2P money sending and no credit check and making it an attractive option for young people.

Its user-friendly app is tailored to speak the customer's language, simplifying complex jargon and keeping things straightforward. Its support team is available via phone and live chat 24 hours a day to assist customers.

Monzo also features a forum where customers can voice their issues. Reading these conversations before signing up for an account with Monzo can give you a better insight into the app's features.

One of Monzo's standout features is its category-based spending feature, which helps you budget more efficiently. The app automatically sorts your expenses into categories like general, transport, groceries, eating out and personal care so that you can easily see where each penny goes.

It makes it simpler to track your daily spending and savings, helping you stay in control of your finances. Furthermore, bill pots make it easy to separate savings from bills and pay them directly from the pot when due.

Monzo offers a basic current account as well as personal loans and overdrafts that are insured by the Financial Services Compensation Scheme (FSCS), guaranteeing up to PS85,000 of your money.

4. Barclays

Barclays is the go-to option for those looking to save money for long-term goals. Their savings accounts and CDs offer competitive APYs without fees, as well as no minimum balance requirements.

Barclays Online Savings Account offers an attractive 3.70% Annual Percentage Yield with no minimum balance requirement or monthly maintenance fee, as well as the lack of any nonsufficient funds fee, which is rare among online savings accounts.

Another excellent feature of Barclays online savings account is their savings assistant, which helps users visualize how much money they need to save and how long it will take them to reach their objectives. Furthermore, it's user-friendly as it can be accessed on any device - including mobile!

Deposit checks into a Barclays savings account through their mobile app or uploading a photo of the check. ACH transfers from other Barclays accounts may also be initiated.

Barclays does not offer checking accounts, unlike some online savings accounts; thus it may not be suitable for those who like all their banking in one place. Furthermore, its ATM network lacks a dedicated withdrawal network, meaning funds must be withdrawn through direct deposit or electronic transfer to an external bank.

Barclays enjoys a strong reputation in the United Kingdom, particularly for its credit cards and high-yield savings and CDs. It is currently the 20th largest bank globally; however, its branch locations are limited in the U.S.

5. HSBC

If you're searching for a bank with an excellent reputation, HSBC is an ideal option. As one of the world's largest institutions, it has physical branches around the globe and offers global banking accounts to those who live or travel internationally.

It's user-friendly and offers a good range of features. HSBC also has a Budget tool that helps you track your spending across all accounts. It breaks down daily expenses into 18 categories so you can see where your money goes each month, as well as compare it over time.

HSBC offers attractive cash bonuses to new customers who meet certain criteria. Furthermore, the bank provides competitive loan rates and special financing options for high net worth individuals.

Unfortunately, HSBC only has 20-25 physical locations and less than 150 branches in the US. If you don't live near one of those locations, lack of branch accessibility may be a deterrent.

HSBC provides customers with a selection of checking accounts, such as an interest-bearing Premier Checking account and an Annual Percentage Yield (APY) starting at 0.01%. While these accounts come with a monthly fee and require a minimum balance, they could be worth considering if you're a frequent shopper who appreciates having access to your money from anywhere worldwide.

6. Lloyds

Small business owners or those searching for a new bank account will find the Lloyds app to be packed with features that make banking simple. It has earned an impressive 4.1 out of 5 rating on the App Store and boasts over 3,300 reviews on Trustpilot.Its retail operations provide mortgages, credit cards and current accounts while Lloyds Insurance & Wealth Operations offer life assurance, pension solutions and high-net-worth asset management services.

When considering borrowing, the main factor to consider is how much you wish to borrow and for how long. Your lender will also conduct a credit check and confirm that you can afford making all of your repayments on time.

When selecting an interest rate, the term length you select matters. Options range from one year to 25 years.

Our survey of UK business owners revealed that this was the fifth most influential factor when selecting a loan, as it allows you to pick an interest rate and term that works for your needs.

As a business, you must demonstrate your ability to pay off debt promptly and fully. The lender will conduct a credit check and inquire about any other borrowing arrangements you may have.