Introduction
Revolut has been one of the most popular digital banking apps in recent years, offering innovative features and competitive rates. However, it’s not the only app on the market. In this article, we’ll explore the top alternatives to Revolut, including their unique features, benefits and drawbacks.
1. Monzo
Monzo is a UK-based digital bank that offers a range of banking services, including current accounts, savings accounts and loans. Like Revolut, Monzo allows you to manage your finances through a mobile app, with features such as instant notifications, budgeting tools and fee-free spending abroad.
One of the key differences between Revolut and Monzo is that Monzo is a fully licensed bank, meaning that your deposits are protected by the Financial Services Compensation Scheme. However, Monzo’s premium features are quite limited compared to Revolut.
2. N26
N26 is a German digital bank that has been rapidly expanding across Europe and the US. The app offers a range of features, including a free basic account, fee-free spending abroad and instant notifications. N26 also offers premium accounts with additional features, such as travel insurance and cashback on purchases.
One of the drawbacks of N26 is that it charges fees for certain transactions, such as withdrawing cash in foreign currencies. Additionally, N26 is not yet available in all countries.
3. TransferWise
TransferWise is a popular app for sending money abroad, offering competitive exchange rates and low fees. The app also offers a borderless account, which allows you to hold and manage multiple currencies in one place.
While TransferWise doesn’t offer all the features of a traditional bank account, it’s a great option for those who frequently send money abroad or need to hold multiple currencies.
4. Chime
Chime is a US-based digital bank that offers a range of banking services, including checking accounts, savings accounts and debit cards. The app also offers features such as fee-free overdrafts, early direct deposit and automatic savings.
One of the drawbacks of Chime is that it’s only available in the US, so it may not be a suitable option for those living abroad.
5. Varo
Varo is another US-based digital bank that offers a range of banking services, including checking accounts, savings accounts and debit cards. The app also offers features such as fee-free overdrafts, early direct deposit and automatic savings.
While Varo doesn’t offer as many features as Revolut, it’s a good option for those looking for a basic digital banking experience.
6. Simple
Simple is a US-based digital bank that offers a range of banking services, including checking accounts, savings accounts and budgeting tools. The app also offers features such as fee-free overdrafts and early direct deposit.
One of the benefits of Simple is that it offers a high-interest savings account, with rates up to 2.02%. However, Simple is only available in the US.
7. Ally Bank
Ally Bank is a US-based online bank that offers a range of banking services, including checking accounts, savings accounts and loans. The app also offers features such as fee-free overdrafts, early direct deposit and cashback on debit card purchases.
One of the drawbacks of Ally Bank is that it charges fees for certain transactions, such as wire transfers and foreign transactions. Additionally, Ally Bank is only available in the US.
8. Tandem
Tandem is a UK-based digital bank that offers a range of banking services, including savings accounts and credit cards. The app also offers features such as automatic savings and fee-free spending abroad.
One of the benefits of Tandem is that it offers cashback on purchases made with its credit card. However, Tandem doesn’t offer a full range of banking services, such as current accounts and loans.
9. Starling Bank
Starling Bank is a UK-based digital bank that offers a range of banking services, including current accounts, savings accounts and loans. The app also offers features such as fee-free spending abroad and real-time notifications.
One of the benefits of Starling Bank is that it offers a high-interest current account, with rates up to 0.5%. Additionally, Starling Bank is a fully licensed bank, meaning that your deposits are protected by the Financial Services Compensation Scheme.
10. Atom Bank
Atom Bank is a UK-based digital bank that offers a range of savings accounts and mortgages. The app also offers features such as automatic savings and a range of competitive interest rates.
One of the drawbacks of Atom Bank is that it doesn’t offer current accounts or loans. Additionally, Atom Bank is not yet available in all countries.
Conclusion
While Revolut is a popular digital banking app, there are many other options on the market. Whether you’re looking for a fully licensed bank or a specialised app for sending money abroad, there’s an app for you. By considering the unique features and benefits of each app, you can find the perfect solution for your banking needs.
