online bank accounts uk best

With EQ Bank Canada digital banking, you'll get great value on our savings, investing, and payment products and services. Sign up online in minutes. Looking for easy, on-demand access to your money? View our range of hassle-free online savings accounts that can be applied for in minutes. Find out everything you need to know about how savings accounts work and what to consider when choosing an account. The best interest rates available differ.

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The Best Business Bank Accounts in the UK - Top tips on How to Choose the Best Business Bank Account

High-Yield Savings

  • Take advantage of one of the nation’s top rates while enjoying the freedom of no monthly fees.

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    Earn up to 0.60% APY with a High-Yield Savings account.
  • Earn 1.00% cash back on debit card purchases & get unlimited ATM fee rebates while earning up to 0.15% APY.

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  • Business interest checking with no hidden fees. Now earn 1.00% cash back on your signature based purchases! 

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  • The best online bank of 2020 is now even better. Radius has joined America’s largest personal loan company to offer our members access to fair credit, competitive rates, and the financial tools to help you get out of debt and make the most of your money.

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Built for You

At LendingClub, we’re committed to delivering superior products and services to help our clients meet their financial goals.

  • Marketplace Businesses

    Partner Marketplace

    We’ve partnered with some of the best financial products available to help you spend, save, and protect your money (and life).

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  • Free ATMs

    Fee-Free Checking

    It’s your money—you shouldn’t have to pay to use it. All LendingClub accounts have no monthly maintenance fees or low balance requirements and pay no fees to use a SUM or MoneyPass ATM.

    Additionally, our Rewards Checking and Tailored Checking customers receive unlimited monthly reimbursements for out-of-network ATM fees.

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  • Earn Interest

    High-Yield Savings

    Earn up to 0.60% APY on balances of $2,500 & up and meet your savings goals faster. Don’t quite have $2,500? High-Yield Savings accounts still earn 0.05% APY on balances of $0.01 to $2,499.99.

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  • Rewards Checking

    Get rewarded for everyday purchases and earn cash back with Rewards or Tailored Checking every time you use your debit card.

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  • Direct Deposit

    Get Paid Up to 2 Days Early

    Set up direct deposit into your LendingClub deposit account and you’re eligible to receive your money up to two days early. Your paycheck will be available as soon as your employer submits their payroll files to the Federal Reserve. For many, this means receiving your funds as early as Wednesday on pay week.

  • Cash

    Rewards Checking

    Get a free interest checking account that rewards you for keeping a high balance.

    • – Earn 0.10% APY on balances of $2,500-$99,999.99
    • – Earn 0.15% APY on balances of $100,000 & up
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  • Debit card security

    Manage Card Controls

    Misplacing your debit card happens. Luckily, we have you covered with the Cards section in your LendingClub Mobile app. You can turn your debit card on/off should your card ever become lost or stolen. 

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  • Business

    Tailored Checking

    Earn 1.00% cash back on your signature based purchases. Get unlimited transactions with no upcharge, free ATMs worldwide, and earn 0.10% APY on balances of $5,000 & up. No documents needed. Apply online in minutes and get back to running your business.

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  • Integrated Finance Tools

    Create a budget, track your spending, analyze trends, develop an action plan to pay off debts, and calculate your net worth—all included with personal Online & Mobile Banking.

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  • Mobile Device

    Pay on the go with mobile wallets

    Add your debit card to Apple Pay®, Google Pay™, and Samsung Pay. When you’re ready to pay, open the app, tap your phone to compatible registers and complete your purchase!

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  • Mobile deposit

    Deposit checks with the LendingClub mobile app

    Securely deposit checks into your checking or savings account with just a few taps. Endorse your check with “Mobile Deposit Only” on the back, take a picture, and you’re all set!

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  • Pay Bills and People

    Make payments to businesses and individuals

    Whether you’re paying a utility bill or chipping in for a gift, schedule and make payments in Online & Mobile Banking.

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Open an account online in under 3 minutes—right now, wherever you are, on any device!

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Awards & Recognition

  • Awarded Best Cash Back Checking Account of 2022 by Newsweek

  • Nerdwallet Best Checking Account Award for Radius Bank

    Awarded Best Online Checking Account of 2020 by Nerdwallet

  • Bankrate Best Online Bank 2020 Radius Bank

    Awarded Best Online Bank of 2020 by Bankrate

Best Cash Back Checking Account 2022

Rewards Checking was voted Best Cash Back Checking Account on Newsweek’s America’s Best Banks list for 2022. Heavy debit card users can get rewarded for their swiping with a checking account that returns a percentage of their purchases, similar to the way a cashback credit card operates. The winner pays interest on top of that, offers unlimited ATM reimbursements and doesn’t charge a monthly maintenance fee or require a minimum balance.

America’s Best Banks of 2022

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Radius is now LendingClub

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Источник: https://bank.lendingclub.com

Top 16 Free Business Bank Accounts

When your business is still quite new, a free bank account has lots of benefits. You’ll be able to keep at least one of your overheads down while you’re establishing yourself and your relationships with clients and customers.

Many mainstream UK banks offer a free period for new businesses and switching customers, ranging from 6 to 30 months. Many online-only bank accounts offer a free version with limited features. There are even a few banks on this list that are 100% free forever!

Featured: Starling Bank*

Starling business bank account

  • Free electronic payments, domestic transfers and ATM withdrawals for businesses with fewer than 10 employees and less than £1.7m in annual turnover.
  • No monthly fee. You’re charged for any extra features you use.
  • Up to £85,000 covered by FSCS.
  • Fast and straightforward to set up.
  • Digital bank account that can be managed through the app or on a desktop.
  • Designed for contractors, freelancers and small businesses.
  • No charges for spending and withdrawing money abroad.
  • Real-time notifications of money entering or leaving your account.
  • Arranged overdrafts available.
  • Best British Bank, Best Banking App, Best Current Account Provider & Best Business Banking Provider at the British Bank Awards 2021.

Website: Starling Bank Business Banking
Read the full Starling Bank Business Bank Account review.

free business banking

Please note companies are ranked in no particular order.

Bank accountFree for?RestrictionsNormal monthly fee
Starling BankForeverMost features are free for small businesses with fewer than 10 employees and less than £1.7m in annual turnover.No monthly fee. Some charges for paying in physical cash.
TideForeverNone, but you do pay per transactionTide Plus is £9.99 + VAT
Barclays12 monthsFor small businesses setting up their first business bank account in the first 12 months of trading.Up to £8.50
NatWest18 monthsTrading for less than a year and turnover is less than £1 million.No monthly fee. Transaction charges apply.
HSBC12 months12 months' free for new businesses and those switching to HSBC.From £6.50
Lloyds12 monthsDay-to-day banking only. 12 months' free for new businesses.£7.00
Bank of Scotland12 monthsIncludes day-to-day banking features. For new business start ups only.£7.00
TSB25 monthsFor new businesses and businesses switching.
£5-£40
Royal Bank of Scotland24 monthsTrading for less than a year and turnover is less than £1 million.No monthly fee. Transaction charges apply.
Ulster Bank18 monthsTrading for less than 12 months and have a projected or existing annual turnover of under £1 million. £8.00 per quarter
Co-operative Bank30 monthsEveryday business banking only. There's no monthly fee or charges at all if your balance stays above £1000.£7.00
Anna BankDependent on income.Free whenever your monthly income is below £500.£4.90-£19.90
RevolutForeverFree account available.£7.00-£100
CountingupForeverFree account available dependent on income being £500 per month.£4.95-£9.95
MettleForeverEverything's free!n/a
Carter Allen Private BankForeverNo account fee and 30 free day-to-day transactions per month.n/a
AirwallexForeverNo account or card fees but exchange rates applyNo monthly fee applies

 

1. Tide

 

Business bank account

  • No monthly or annual fees
  • Full UK sort code and account number
  • Business Mastercard, with free purchases at home and abroad
  • Automatic categorisation of your transactions, for easy online bank accounts uk best invoice payment and creation
  • Up to £150,000 of credit, straight through the app
  • Mobile and web access
  • Instant notifications
  • Get paid by Direct Debit
  • Trusted by 350,000+ UK businesses

Website: Tide Business Banking
Read the full Tide Business Account review.

2. NatWest

Business bank account

  • New businesses get 18-months’ free business banking.
  • Awarded ‘Best Banking App’ at the 2018 British Banking Awards.
  • 24/7 online and mobile banking.
  • Quick wings financial credit union locations mn easy application.
  • Local Enterprise Managers to support you.
  • Business Account holders can access the Business Builder and MentorDigital.
  • Includes FreeAgent accounting software.
  • No monthly charge, only pay for what you use at the end of the free banking period.
  • Provides debit, credit and charge cards.
  • Savings, borrowing, and credit cards are also available.

Website: NatWest Business Banking
Read the full NatWest Business Account review.

3. HSBC

Business bank account

  • 12 months’ free banking for new businesses and switchers.
  • Choice of bank accounts at the end of the free banking period.
  • Offers a new Kinetic account that is app based.
  • Awarded a Moneyfacts 5-star rating for Business Current Account in 2017.
  • 24/7 online and mobile banking.
  • Usually from £6.50 a month.
  • Debit card and Visa Commercial Card are available.
  • Telephone support available 8am-10pm every day.
  • Integrate with Sage.
  • Borrowing, savings, and credit cards are also available.

Website: HSBC Business Banking
Read the full HSBC Business Account review.

4. Lloyds Bank

Business bank account

  • 12 months’ free banking for new businesses.
  • 24/7 online and mobile banking.
  • Usual account fees are £7 a month.
  • Two types of tariffs – electronic or mixed transaction tariff.
  • Receive support from a UK-based business management team.
  • Provides free tools, guides and interactive webinars.
  • To be eligible your turnover needs to be below £3m.
  • Ranked 6th in an independent regulatory survey of the 14 largest business banks.
  • Awarded Moneyfacts Best Service from a Business Bank 2020 and Best Start-up Bank of the Year 2015.
  • Borrowing, savings, and credit cards are also available.

Website: Lloyds Bank Business Banking
Read the full Lloyds Bank Business Account review.

5. Bank of Scotland

Business bank account

  • 12 months’ free for new businesses.
  • 24/7 online and mobile banking.
  • Usually £7 a month.
  • Free electronic payments.
  • Pay in cheques through the banking app.
  • Personalised banking alerts.
  • Dedicated business management team to support you.
  • Offers bespoke guides and reports that support your business.
  • Ranked 8th in an independent regulatory survey of the 14 largest business banks.
  • Borrowing, savings, and credit cards are also available.

Website: Bank of Scotland Business Banking
Read the full Bank of Scotland Business Account review.

6. TSB

Business <b>online bank accounts uk best</b> account

  • Free for 25 months for new businesses and businesses switching.
  • Free period includes specialist support from TSB’s range of partners to help you start, run and grow your business.
  • 24/7 online and mobile banking.
  • Offers simple banking tariffs are the free period.
  • Debit cards and credit cards are available.
  • Free card payment reader from Square is available.
  • Usually £5-£40 a month, depending on tariff.
  • Make deposits at branches or Post Office counters.
  • Savings and loans are also available.
  • Ranked 11th in an independent regulatory survey of the 14 largest business banks.

Website: TSB Business Banking
Read the full TSB Business Account review.

7. Royal Bank of Scotland

Business bank account

  • 24-months’ free for new businesses.
  • 24/7 phone, online, and mobile banking.
  • Quick online application.
  • Includes free FreeAgent accountancy software.
  • No minimum monthly fee after the free period, just pay for what you use.
  • Overdraft available subject to approval.
  • Use Tyl to make it easier for customers to pay you.
  • Access a business network and experts.
  • Savings, credit cards, loans, foreign exchange, and insurance products are also available.
  • Access to Entrepreneur Accelerator programme and local Business Growth Events.

Website: Royal Bank of Scotland Business Banking
Read the full Royal Bank of Scotland Business Account review.

8. Ulster Bank

Business bank account

  • Free for startups for 18 months.
  • 24/7 online and mobile banking.
  • Business Visa Debit Card.
  • Allows international payments.
  • Usually costs £8.00 per quarter.
  • Includes FreeAgent accounting software.
  • Apply online.
  • Cheque book.
  • Business finance, savings, and investment products are also available.
  • Businesses must be registered in Northern Ireland to apply.

Website: Ulster Bank Business Banking
Read the full Ulster Bank Business Account review.

9. Co-operative Bank

Business bank account

  • New customers get 30 months free.
  • 24/7 online and mobile banking.
  • Awarded Moneyfacts Best Service for a Business Account 2017-2019, and Best Charity Banking Provider 2016-2021.
  • Unlimited deposits and withdrawals.
  • Usually costs £7 a month.
  • No monthly fee or admin charges if your balance stays above £1,000.
  • Open to sole traders and directors of limited companies.
  • Apply online.
  • Lending and savings products are also available.
  • Ranked 11th in an independent regulatory survey of the 14 largest business banks.

Website: Co-operative Bank Business Banking
Read the full Co-operative Bank Business Account review.

10. Anna Bank

 

Business bank account

  • Free whilst your income is below £500 per month.
  • Mobile business account, accessible on the app 24/7.
  • £4.90-£19.90 monthly fee depending on monthly income.
  • Set up in 10 minutes.
  • Business debit Mastercard within 5 working days.
  • 1% cashback on selected debit card purchases.
  • Create and send invoice form the app.
  • Schedule invoice payments.
  • Integrate with Xero accounting software.
  • Suitable for startups, freelancers and creatives.

Website: Anna Business Banking
Read the full Anna Business Bank Account review.

11. Revolut

 

Business bank account

  • Free version available with limited access.
  • Mobile business account, accessible online and on desktop 24/7.
  • Trade in 30+ currencies with no fees.
  • Offers virtual debit cards.
  • Manage employee spending through company cards.
  • Receive real-time notifications on your spend.
  • Integrate with accounting software such as QuickBooks and Xero.
  • Monthly account fees range from £7-£100, depending on usage.
  • Quick and easy online signup.
  • Also loans, overdrafts and payroll solutions.

Website: Revolut Business Banking
Read the full Revolut Business Bank Account review.

12. Countingup

Business bank accountonline bank accounts uk best account available for businesses depositing under £500 each month.

  • Manage your account 24/7 using the app.
  • £4.95-£9.95 a month, depending on how much you deposit.
  • Offers a contactless MasterCard.
  • Bookkeeping and invoicing tools included.
  • Estimate tax to help savings.
  • Business management tools including profit and loss and expense management.
  • Designed for freelancers and limited companies.
  • Open an account in as little as 5 minutes.
  • 4.5 stars on Trustpilot.
  • Website: Countingup Business Banking
    Read the full Countingup Business Bank Account review.

    13. Barclays

    Business bank account

    • 12 months’ free banking for small businesses in their first 12 months of trading.
    • Business Moneyfacts Business Start-up Bank of the Year 2017-2021.
    • 24/7 online and mobile banking.
    • Call the Everyday Banking team 7am-8pm, Monday to Friday.
    • Apply online, over the phone, and in person.
    • Normal monthly account fee – up to £8.50, depending on account type.
    • Includes free invoicing features.
    • Savings, borrowing, and credit cards are also available.
    • Payment services are available through Barclaycard.
    • Offer extra support for businesses exporting goods or working abroad.

    Website: Barclays Business Banking
    Read the full Barclays Business Account review.

    14. Mettle

    Business bank account

    • Completely free.
    • Created by NatWest.
    • Manage your current account on the app 24/7
    • Apply in minutes through their app.
    • Allows you to send and receive payments in the UK.
    • Create and send invoices.
    • Categorise business transactions to reduce admin and assist tax admin.
    • Sync with accounting software such as FreeAgent, Xero and QuickBooks.
    • For sole traders and limited companies with up to 2 owners.
    • If pricing ever changes, Mettle will let you know in advance.

    Website: Mettle Business Banking
    Read the full Mettle Business Bank Account review.

    15. Cater Allen Private Bank

     

    • Accounts available for sole traders, limited companies, and charities.
    • Manage your account online, over the phone, and through the post.
    • Includes contactless Visa debit card.
    • No monthly or annual account fee.
    • 30 free day-to-day transactions per calendar month.
    • Interest is paid on balances over £500,000.
    • No conversion charges for transferring money between pounds, Euros and US dollars.
    • Offers debit cards in pounds, Euros and US dollars.
    • Part of the Santander Group.
    • Fixed-term savings account available.

    Website: Cater Allen Private Bank Business Banking
    Read the full Cater Allen Private Bank Account review.

    16. Airwallex

    Airwallex logo

    • No monthly fee or card fees
    • Provides a multi-currency account
    • Trade in over 34 currencies and 130 countries
    • Allow you to collect, send and hold money in a range of currencies
    • Accounts can be held in GBP, EUR, USD and AUD
    • International fees don’t apply
    • Offers competitive exchanges rates
    • Make settlements in foreign currencies
    • Offers virtual cards
    • Integrate with Xero and popular online stores

    Website: Airwallex Business Banking

    How to open a free business bank account.

    Most free accounts can be opened online. Mobile bank accounts are exclusively managed online and can set your account up within hours, or even minutes. Traditional banks accept applications online, over the phone, and in branch.

    You’ll usually need to provide:

    • Companies House registration number.
    • Your business details, including turnover, age, and tax information.
    • Details of all directors or partners, including name, date of birth, address and National Insurance numbers.

    What types of restrictions are there with free business bank accounts?

    Most free banking periods are restricted to new businesses, usually operating in their first 12 months. Your business will also need to be a brand new customer. Some banks and current account providers will also give you a few months free if you’re switching from a different provider.

    Do free business bank accounts have any charges?

    Most banks give new customers free access to all features for the fixed period, so there won’t be any other charges.

    Sometimes new businesses will just have access to ‘everyday’ banking features, which usually include normal transactions like transfers, withdrawals, payments, and Direct Debits. If you need to use other features, there could be a charge. There will also be a charge if you use an unarranged overdraft during your free period.

    Will my free business bank account always stay free?

    Not usually. Some accounts are always free, or have a free version you can choose. However, most banks will have a fixed free period that will revert to the normal monthly charge when it ends.

    What is the best free business bank account?

    The best free business current account for you depends on what your business needs. Most sole traders and small businesses will be able to find something that suits them – there’s a huge amount of choice out there.

    Before you commit, you should check the usual price and make sure what’s included in the free trial is all useful stuff you’ll actually need. You will need to understand how you will use your bank account such as electronic transactions, cash and cheques over the counter transactions, and foreign currency transactions to see which offers the best package for your business. It’s also a good idea to look for the longest free period available, so you can benefit from full access without paying for anything for as long as possible.

    * Please note we have an affiliate relationship with Starling and Tide.

    Источник: https://businessfinancing.co.uk/free-business-banking/
    Here are my top places to put your cash.

    We’re a long way now from when we could get 5%, with rates slowly dropping over the last few years. And following the Bank of England base interest rate cut to an all-time low of 0.1%. those cuts have happened even faster. Accounts can disappear days after becoming available, and rates continue to fall, though have steadied in recent months.

    You want to make sure you’re getting the best rate on your savings, and this article will take you through the best options right now.

    Some articles on the blog contain affiliate links, which provide a small commission to help fund the blog. However, they won’t affect the price you pay or the blog’s independence. Read more here.

    Latest inflation rate

    Though it’s not always possible at the moment, your aim should be to ensure you earn more on your savings account than the current rate of inflation. This really is key as anything below that rate is losing value in real terms,

    The latest inflation rate (for October 2021) is a huge 4.2% – the highest in a decade. This rate means it’s practically impossible to get accounts that beat it. It’s forecast to reach 5% in 2022, but if you look at this chart you’ll see the current climate makes it very unpredictable.


    source: tradingeconomics.com

    My latest savings update

    Every month on my YouTube channel I take you through the latest savings news and chat about some of the accounts featured on this page. Here’s my monthly video roundup from early November 2021, or read more here.

    (This article is updated regularly but check the published date to see when this last happened. New videos are usually at the start of the month.)

    Best Regular Savings accounts – up to 3.04%

    These accounts are all “Regular” or monthly savers which work differently to normal saving accounts.

    For a start, there’s a limit to how much you can save each month, and the interest is calculated on the balance each month. After 12 months the interest is paid and your saver closed. But you can then open up another and begin again.

    These are ideal if you only have a certain amount of money to put aside each month, or to move money every month from a lower-paying easy access account. Here’s my full guide to how they work.

    You can only open the top accounts if you have or open a current account with these banks – but that’s no reason to put you off.

    Sadly the market leading accounts from First Direct, HSBC and M&S Bank all cut rates for new customers to 1% in late November 2020.

    Natwest / RBS (3.04%)

    Account nameDigital Regular Saver
    Interest rate3.04% AER (variable)
    Max monthly deposit£50
    Min monthly deposit£1
    Max amount earn interest on£1,000
    Account closesNo
    WithdrawalsEasy access with no penalty
    RequirementsMust have a Natwest or RBS current account

    This account offers a massive rate but with a few restrictions. The biggest is you can only save £50 every month. Not far behind is that interest will online bank accounts uk best be paid on the first £1,000 saved.

    It’s only open to Natwest or RBS customers – though you can have one at each bank. Here’s my review of the account and more information on how it works.

    Apply at Natwest

    Nationwide (2%)

    Account nameFlex Regular Saver
    Interest rate2% AER (variable)
    Max monthly deposit£200
    Min monthly deposit£0
    Account closesAfter 12 months
    WithdrawalsYou can make three withdrawals a year without impacting the interest rate. More than this and the rate drops to 0.35% for the rest of the term
    RequirementsHold a current account with Nationwide
    Online or app only

    If you have a Nationwide account then it’s worth looking at this Flex Regular Saver.

    Apply at Natiownide

    TSB (2%)

    Account nameMonthly Saver
    Interest rate2% AER (fixed)
    Max monthly deposit£125
    Min monthly deposit£25
    Account closesAfter 12 months
    WithdrawalsInstant access but you can’t replace the funds
    RequirementsHold a current account with TSB

    This TSB Monthly Saver (2% fixed) is only for people with a TSB current account. You’ll get 2% fixed for 12 months, though the most you can pay in each month is £125. If you do deposit the max you’ll get £16.20 interest after a year.

    If you already have a TSB account it’s worth opening this up, but I wouldn’t bother opening a new one just to get the cash. Focus instead on other current accounts that have better rewards (eg Halifax pays £5 a month) and get their linked regular saver (likely around 1% – more on these below).

    Apply at TSB

    Coventry Building Society (1.05%)

    Account nameRegular Saver
    Interest rate1.05% AER (variable)
    Max monthly deposit£500
    Min monthly deposit£0
    Account closesAfter 12 months
    Withdrawals30 days interest penalty for early withdrawals
    RequirementsNone

    This regular saver from Coventry Building Society doesn’t require a current account so anyone can open it. The rate is variable so it can change at any time (and dropped mid-Feb from 1.3%). You can however pay in a decent £500 a month. 

    Apply at Coventry Building Society

    Other monthly savers (1%)

    There’s is a 3.5% rate for existing Skipton Building Society members who joined prior to 16 August 2021, but that’s not going to be any good for most people.

    These first accounts are only open to current account customers, new and old. Though a long way from their previous high rates, they are still among the highest paying. However, I wouldn’t bother opening one of these specifically to access the monthly savers.

    There are also these accounts which don’t require a current account. Ecology BS is a decent ethical option.

    It’s also worth checking your local building society to see if they offer a better regular saver for those who live nearly and can go into a branch to open an account.

    Best high-interest current accounts & apps – up to 2.02%

    Some of the next best rates are in current accounts. All of these accounts can be opened by anyone, though you will be credit checked. You can access your money at any time, however, the amount of money you can earn interest on is limited.

    Virgin Money M Plus (2.02%)

    Account nameM Plus Current Account
    Interest rate2.02% AER (variable)
    Max savings interest paid on£1,000
    WithdrawalsEasy access
    Multiple accountsYes
    RequirementsOnline only

    This account from Virgin Money will pay 2.02% on up to £1,000. You can also have more than one account and earn interest on the money there too. There’s no limit to how many you can have, though of course Virgin Money doesn’t have to accept you for each new application.

    You can also get a linked 0.35% savings account which isn’t too much lower than the best easy access accounts (more on these below).

    If you switch into a new M Plus account you can also get a £150 Virgin Experience voucher as a switching bonus. More details in my full review of this Virgin Money current account.

    Apply at Virgin Money

    Claro (2%)

    Account nameClaro
    Interest rate2% variable
    Max savings interest paid on£3,000
    WithdrawalsEasy access (can take 48 hours)
    Multiple accountsNo
    RequirementsVia Claro app only

    Claro is a new financial coaching and tracking app that is tempting new customers with 2% interest on up to £3,000 saved. The interest is paid quarterly.

    The app normally operates on a subscription system but it’s currently free for the first year. Sadly it’s iOS only, so Android phone users can’t currently get the account.

    I’ve looked in more detail on how this works in October 2021’s savings update.

    Sign up for Claro and earn 2% interest

    Nationwide FlexDirect (2%)

    Account nameFlexDirect Current Account
    Interest rate2% AER (fixed for one year)
    0.25% AER (variable after year one)
    Max savings interest paid on£1,500
    WithdrawalsEasy access
    Multiple accountsYes (one personal and one joint)
    RequirementsNone

    You can get 2% for one year on a balance of up to £1,500 with the FlexDirect account. You do need to pay in £1,000 a month to account in order to get this rate.

    After the first year it will drop to 0.25%, but you can always switch away when that happens (and hopefully get a nice cash bonus for doing so).

    It’s worth noting that you only get this interest rate when you first open the account. This means if Nationwide were to bring back referral offers or increase the rate you’d miss out. On that basis I’d say give this account a miss for now as you’re not missing out too much. Here’s more in my full review of the FlexDirect account.

    You’re able to get the 2% on both a solo account and a joint account, so it’s worth opening a joint account too if you’re in a relationship (though watch this video first).

    You can also open a 1% monthly savings account.

    Apply at Nationwide

    Halifax Reward (1.2% equivalent)

    Account nameReward current account
    Interest rate1.2% AER equivalent
    Max savings interest paid on£5,000
    WithdrawalsEasy access
    Multiple accountsNo
    Requirements£5,000 must stay in the account every day of the month
    Pay in £1,500 a month to the account

    The Halifax Reward account gives account holders get £5 a month as a “reward”. There are two ways to get this.

    One is spending £500 on your debit card, or you can get if there is £5,000 in your account every day of the month.

    If you do this every day of the year, you’ll get £60, which though it’s not interest, is the equivalent of 1.2%.

    However, have less in the account for just one day of a month and you get nothing. And £5k is a lot of money for most people, especially as you can get better rates elsewhere

    So it’s better to use the debit card option and see it as cashback rather than a savings option. Here’s my rundown of how this Rewards account works.

    Read my full Halifax Reward account review

    Club Lloyds (0.78% equivalent)

    Account nameClub Lloyds current account
    Interest rate0.6% AER (£0.01 to £3,999)
    1.5% AER (£4,000 to £5,000)
    Max savings interest paid on£5,000
    WithdrawalsEasy access
    Multiple accountsYes (one personal and one joint)
    RequirementsPay in £1,500 a month to the account
    Pay out two Direct Debits each month

    With all the recent rate cuts, this current account has suddenly become a lot more appealing for savings. As long as you have two direct debits going out, you’ll get 0.6% on balances up to £3,999 and then 1.5% between £4,000 and £5,000. So that’s the equivalent to 0.78% if you have the full £5.000 saved.

    You also get access to the above mentioned 1% regular saver, and there are freebies with the account such as monthly movie rentals or a magazine subscription. Make sure you pay in £1,500 a month to avoid a £3 monthly fee. Here’s my review.

    Read my full Club Lloyds account review

    £50 savings account bonus

    Raisin welcome bonus

    If you sign up to the savings platform Raisin and then put £10,000 or more in a savings account via them you’ll get a £50 bonus.

    If you put in exactly £10,000, that £50 works out as the equivalent of an extra 0.5% on the interest rate for one year – though obviously if you have more money in there it reduces that impact.

    If you open an easy access account then the bonus is only paid if the balance remains about £10,000 for at least six months.

    You can only get the bonus once per customer. You’ll also need to claim the bonus – details of how to do this can be found here.

    Sign up for Raisin

    Top Raisin accounts

    Make sure you compare these accounts with other interest rates available elsewhere as they won’t always be the best option. However, if you are using the welcome bonus and factor in the equivalent of 0.5%, then it could push these accounts higher.

    • Charter Savings Bank via Raisin (1.27% AER) + £50 bonus for some: one year fix (min £1,000 / max £85,000)
    • Oak North via Raisin (1.23% AER) + £50 bonus for some: one year fix (min £1,000 / max £85,000)
    • Investec via Raisin (1.23% AER) + £50 bonus for some: one year fix (min £1,000 / max £85,000)
    • Aldermore Bank via Raisin (0.86% AER) + £50 bonus for some: six month fix (min £2,000, max £85,000)
    • Investec via Raisin (0.8% AER) + £50 bonus for some: 32 days notice (min £1,000, max £85,000)

    Get the best of Andy’s money saving content every Thursday, straight to your inbox

    Get a £17 Quidco bonus (new members only). More details

    Get the best of Andy’s money saving content every Thursday, straight to your inbox

    + Get a £17 Quidco bonus (new members only). More details

    Best fixed savings accounts – up to 1.35%

    The above accounts all have caps on how much you can save, though a mix of some or all of them would cover a large chunk of the money you’d need in cash savings. You could also look at Premium Bonds.

    But what should you do with any additional money? You can still beat most standard savings or current accounts where you’re likely to get less than the base rate of 0.1%.

    You can also fix your savings for a year or longer and get a slightly better rate in return. However, you need to be sure you won’t need access to that cash over that time. The longer you fix, the greater the risk you’ll lose out if rates were to rise. But at the same time, they’re protected if rates were to continue to fall.

    With £50 bonus (read more about Raisin above):

    Best notice account – up to 1.10%

    A notice account means you have to request to get your money and interest, which will be released after a set time. They often have a variable rate but if there’s a cut you’ll normally have notice.

    Best easy access savings accounts – online bank accounts uk best to 0.75%

    Rates are incredibly poor for these accounts but have started to get slightly better. Though the app Chip offers an account at 0.7%, you have to pay to access the rate, making the top option below a better bet.

    Best Cash ISA – up to 0.67%

    Though most of us don’t need the tax-free “wrapper” offered by an ISA, if you are wanting to use one then the same goes in terms of finding the best rate.

    You can’t pay in more than £20,000 each financial year into any combination if ISAs, and you can only pay money into one Cash ISA.

    Flexible ISAs allow you to withdraw money and pay it back in without impacting your annual allowance. Look for ones that allow transfers in if you have money from previous tax years you want to move.

    • Shawbrook Bank (0.67% variable): (min £1,000 / max £85,000)
    • Cynergy Bank (0.65% AER variable) – transfers in allowed / not flexible
    • Marcus (0.6% AER variable) – no transfers / not flexible
    • Tesco Bank (0.55% AER variable) – transfers in allowed / flexible

    Premium Bonds

    Read my article looking at how Premium Bonds compare to other savings accounts.

    Broadly, if you have £10,000 saved you’ll likely win £75 in a year, the equivalent to 0.75%, increasing to above 0.9% the more saved.

    Best children’s savings account

    I’ve written in more detail about the different savings accounts for kids, so do check that article out.

    Halifax Kids’ Monthly Saver (2.5%)

    You can save between £10 and £100 a month into this regular saver with Halifax and earn 2.5% AER (Fixed) for 12 months.

    Various Building Society Junior ISA (2.5%)

    The best rate on a Junior ISA is with Bath BS or Darlington BS.

    HSBC MySavings (2.5%)

    The MySavings account from HSBC pays 2.5% AER (variable) on up to £3,000 saved. Above this amount you’ll only get 0.25%. There’s a minimum deposit of £10.

    Best ethical savings account

    The money you hold in your savings is used by the banks to invest and lend money. This could mean it’s used for things you might disagree with, such as fracking, tobacco or arms manufacturing.

    There are banks with ethical policies such as Triodos, while building societies must lend 75% of their funds to home buyers, meaning they don’t have the cash to invest elsewhere. Sharia accounts can’t be used for things against Islamic law, like tobacco or gambling and I’ve listed the top ones further down the article.

    Nationwide FlexDirect (Current account) – 2%

    This current account gives 2% on up to £1,500. It’s fixed for one year. You can also open the 1% Start to Save regular saver. Read more about these above.

    Ecology Building Society (Regular saver) – 0.8%

    This is a variable rate regular saver from Ecology paying 0.8% with a minimum of £25 and a maximum of £250 a month.

    Tandem (easy access) – 0.55%

    This Instant Access Saver offers 0.55% from Tandem. The bank says it will support green lending initiatives. You can only open it via the Tandem app.

    Nationwide (triple access) – 0.45%

    You can only make three withdrawals a year, but you can be assured your money in this Nationwide is better invested than with the other major lenders.

    Top Sharia savings accounts – up to 1.3%

    Paying interest isn’t allowed in Islam, so a Sharia-compliant savings account instead promises a return on the money saved – an expected profit rate. Though technically this means the rate isn’t guaranteed, it’s not happened yet. They’re open to everyone, not just Muslims.

    Finding the latest savings rates

    I’ll update this page regularly (check the published date to see when it last happened), but if you find a rate has been cut or isn’t available, you can check the Savers Friend website.

    Источник: https://becleverwithyourcash.com/cash-savings-beat-inflation/

    Everything you expect from a bank. And yet, fundamentally different.

    • Mobile banking app with over 100,000 5-star ratings

    • No minimum balance and easy-to-waive low fees1

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    • Stability that comes with being part of BNP Paribas, the ninth largest bank on the planet

    See Why We Are Different
    Источник: https://www.bankofthewest.com/

    How to choose the right bank account

    This guide to choosing the right bank account is for you if you’re trying to decide what type of account best fits your needs or you want to know which features of an account you should compare. It can also help if you’re thinking of switching your bank account.

    This guide to choosing the right bank account is for you if you’re trying to decide what type of account best fits your needs or you want to know which features of an account you should compare. It can also help if you’re thinking of switching your bank north carolina central university athletics the type of account that suits your needs

    Current accounts

    Most people use a current account with a bank or building society to manage their day-to-day money.

    It allows you to:

    • pay bills by Direct Debit or standing order
    • receive automated payments such as salary, wages or benefits
    • access to an overdraft, although this will need to be authorised by the bank
    • pay for things with a debit card and withdraw money from cashpoint machines.

    To help you manage your money you can:

    • make use of the secure bank app, to check and make payments
    • set up text alerts, to warn you of a low balance.

    If you’ve dipped into your overdraft in the past make sure you check fees and charges for going overdrawn. Read our guide to find out more information on current accounts.

    Packaged accounts

    If you’re thinking about opening a packaged account, be sure to check out how many of the additional benefits you would actually use and whether you can get them cheaper elsewhere.

    Some current accounts offer extra features for which they charge a fee (often between £10 and £15 a month).

    These are known as packaged accounts.

    Extras include:

    • Special offers (e.g preferential interest rates on overdrafts).
    • Car breakdown cover.
    • Insurance cover (e.g travel or mobile phone insurance).
    • Extra services.

    Read more about packaged accounts.

    Fee-free basic bank accounts

    A fee-free basic bank account may be worth considering if you can’t open a standard current account, possibly because your credit rating is low or because you’ve not got a credit history. Once you’ve had one for a while a bank may offer you a current account.

    A basic bank account doesn’t have an overdraft facility but does allow you to:

    • pay bills by Direct Debit or standing order
    • receive payments such as salary, wages or benefits.

    Want to find out more about fee-free basic bank accounts? We’ve pulled together a collection of guides, tips and handy links to make sure you get the best deal.

    Jam jar accounts

    These accounts are sometimes called budgeting accounts or rent accounts and are designed to help you budget.

    They let you divide your money into different ‘pots’ or ‘jars’.

    You decide how much money goes into each pot by working out how much you need for your bills and how much is left over for spending or saving.

    They also allow you to:

    • pay bills by Direct Debit or standing order
    • receive payments such as salary, wages or benefits.

    One disadvantage of these accounts is that they charge a monthly fee. You’ll also often have to go through a Credit Union or housing association, but they may pay for the fees for you.

    A jam jar account might be right for you if:

    • you want an account that helps you to budget
    • you want to avoid charges for refused Direct Debits
    • you rent a council or housing association property – in which case your landlord might pay the monthly fee for you.

    Read more about jam jar accounts.

    Bank accounts for students and graduates

    Most banks offer a specific student account, usually with an interest-free overdraft up to an agreed amount.

    Banks often offer attractive accounts to graduates to try to secure them as long-term customers.

    Find out more about bank accounts for students and graduates.

    Bank accounts for prisoners or people with convictions

    If you’re in prison or have a conviction, you may be able to get a basic bank account. Banks don’t have access to criminal records, but they do have systems to detect applications from people who have a record of fraud or related illegal activities.

    All banks and building societies can reject applications from people who have a record of fraud.

    They can also reject you if you’re an undischarged online bank accounts uk best, which is when you’re still going through the process of becoming bankrupt.

    Find out more about banking if you’re in prison or have a conviction on theInformationHub website.

    Comparing account charges and features

    Fees, charges and overdraft costs

    Fees can vary a lot between banks and between accounts, with one of the highest fees being charged for going over your agreed overdraft limit (if you have one). Did you know you could save hundreds of pounds with an account that better suits your needs?

    If you regularly spend more than you have in your account, choose one that will give you an overdraft up to an agreed limit without charging fees and/ or with a low interest rate.

    Read our Overdrafts explained page to understand how they work and how to cut the costs and avoid charges.

    Interest rates on credit balances

    If you’re careful about your spending and never go overdrawn, have a look at the accounts that pay interest on your credit balance.

    However, if your earnings are on the low side and you do sometimes use your overdraft, don’t pay too much attention to the credit interest – focus more on the charges instead.

    Incentives

    Comparing your accounts

    Banks can also offer account dashboards, which let you see accounts from multiple banks and building societies side by side online. This lets you see the differences in things like charges and fees.

    Many banks offer deals to attract new customers, but be sure to check if there are strings attached.

    Look beyond any short-term offer and make sure that, when it ends, the account will still be the best for you.

    Deals include:

    • a cash incentive
    • higher interest for a period
    • a monthly credit of usually around £5.

    Customer service

    You can use the Which? quality rating customer score to find the banks with the best customer score. The rating takes into account things like service performance and dealing with complaints so you can find a bank that suits you.

    Decide how you want to deal with your bank

    Do you like dealing with a person in a branch or would you prefer the convenience of telephone or internet banking? Not all banks will have a branch near you or let you have internet access to your account, for example.

    When you’re looking for your account, check how the bank lets you access it and which ways are important for you:

    • Telephone banking.
    • Internet or mobile banking.
    • Cashpoint machine near you that’s free of charge to use.
    • By post.
    • Branch service - if you like going into a branch, choosing a bank you can easily get to will be the most important factor.

    Compare different accounts using comparison sites

    Comparison websites are a good starting point for anyone trying to find a current account tailored to their needs.

    Use our Bank account fees and charges comparison tool to see all the fees and charges that apply to bank accounts – it shows everything from overdraft fees to foreign cash withdrawal charges.

    We also recommend the following websites for comparing current accounts:

    In Northern Ireland, you can also try the Consumer Council Comparison Tool.

    Remember:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.

    Find out more in our guide to comparison sites.

    Is it worth switching your bank account?

    If you’re unhappy with the service you are getting from your current bank or building society, it’s easy to change.

    Your new bank will do the work for you and there’s no need to deal with your old bank.

    It’s worth checking every year that your bank is offering everything you need. If not, think about switching.

    It takes just seven working days to switch your account under the Current Account Switch Service, almost all banks and building societies offer this.

    You choose the date you want to switch, and agree this with your new bank.

    They will arrange to move all your incoming and outgoing payments to your new account.

    It’s backed by a guarantee that means you’ll be refunded any interest and charges on your old and new accounts if anything goes wrong.

    Find everything you need to know about switching bank account on the Current Account Switch Service website.

    If switching is not for you, there still may be steps you can take with your existing bank account to minimise fees and charges. Read our page on making the most of your bank online bank accounts uk best.

    This article is provided by the Money Advice Service.

    Источник: https://www.nidirect.gov.uk/articles/how-choose-right-bank-account

    Best Online Banks In The United Kingdom

    UK Banks

    Are you thinking of switching to an online bank? 

    The United Kingdom (U.K.) banking industry may still be dominated by the "big four" banks (Barclays, HSBC, Lloyds Banking Group, and the Royal Bank of Scotland/NatWest), however, digital banks with their innovative technology and consumer-driven approach to banking are starting to make their mark in the financial services industry and have begun to disrupt the big bank monopoly.

    Many of the digital banks are headquartered in the UK and you have many options to choose from if you are looking for a different banking experience.

    We have listed the top 5 online banks in the U.K. in this blog. Before we get to the list, we shall discuss what digital banks are and whether they are safe or not. 

    What Are Digital Banks?

    As the name suggests, these banks known by different names like online banks, digital-only banks, mobile banks, app-based banks, neobanks, or challenger banks exist only in digital form-they don't have an established physical location aka brick-and-mortar branches, like the traditional banks. 

    They are usually app-based, hence are easily accessible on your smartphone. Traditional banks do offer online banking and mobile banking but digital-only banks exist entirely on digital platforms. 

    Banking services and products ranging from current/savings accounts to investment in mutual funds, stock trading or trading in cryptocurrencies are all accessible through your hand-held devices, eliminating the need to visit a bank branch. Digital banking is the digitization of every level of banking, from front to back-end.

    Digital banking has grown massively in recent years, thanks to the advancements in financial technology or fintech and the increasing demands of tech-savvy consumers for efficient ways of banking. According to UK-based research firm Juniper Research, the digital banking users in the world will exceed 3.6 billion by 2024, a 54% increase from 2.4 billion users in 2020. 

    As per the latest stats, in the UK, 27% of adults have an account with a digital-only bank equating to about 14 million Brits as of January 2021. The number of people with a digital bank account could reach 23 million by 2026.

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    Should You Switch From A Traditional Bank To An Online Bank? Are They Safe?

    Unlike the traditional banks that rely on outdated legacy systems and old ways of doing things, this new breed of banks are more agile, technologically driven, and focus more on user experience which adds a competitive edge. 

    Additionally, digital banks have low to no interest fees, competitive rates on foreign exchanges, high annual percentage yield (APY), better budgeting features, intuitive banking online bank accounts uk best and are generally user friendly. 

    As mentioned earlier, online banks don't have any physical branches, might have fewer financial products in comparison to traditional banks, and have no face-to-face customer support and advice (instead, you get the customer support via a phone line or a live chat feature in-app).

    Most importantly, these app-based banks namely, Starling Bank, Monzo, Atom Bank, are fully licensed and protected by Financial Services Compensation Scheme (FSCS) which means your money (up to 85,000 pounds) is protected in case the bank goes under. 

    For digital banks not covered by FSCS (do not hold UK banking licenses), such as Revolut and Monese, they are covered by the Financial Conduct Authority (FCA). In other words, if the app-based banks are not backed by the FSCS, then chances are that they are working with one of the traditional banks, and your funds are protected in a licensed bank that your digital bank has partnered with. 

    Thus, it is important to note that, although the two types of banks are technically seen as "rivals", they do work together alongside each other, bringing superior banking services to customers. 

    Many people still use traditional banks for savings accounts (because traditional banks tend to have marginally higher interest rates), credit cards, and overdraft facilities among others. 

    They also make use of the services offered by digital banks to manage their finances such as everyday spending and daily budgeting.

    When choosing the best online or digital bank, look at the services that they offer, unique features, and online reviews. The best online banks will depend on your financial needs and goals. 

    Top 5 Digital Banks In The UK

    Starling Bank: Best For Everyday Accounts

    Voted as the Best British Bank and the Best Current Account 2021, Starling Bank is the top digital bank for a well-rounded current account. 

    Starling has over 2 million users and has a 4.3/5 rating of 24,089 reviews (at time of writing) on Trustpilot. 

    App store rating is 4.9/5 of 255,211 reviews and Google play rating is 4.5 of 57,559 reviews. 

     Services offered by Starling Bank:

    • A variety of accounts-personal, joint (maximum 2 people), business 
    • Fee-free spending abroad (uses Mastercard's exchange rates with no extra fees)
    • Interest on current accounts 
    • Overdrafts 
    • Free cash deposits into your personal and joint account via any Post Office 
    • Insights into your spending habits
    • Savings goals 
    • Real-time notifications every time you spend
    • Desktop features 
    • Loan facilities
    • Freeze and unfreeze bank cards in-app
    • 0.05% in-credit interest 
    • Mobile cheque deposits 
    • Regulated and authorized by the FCA and FSCS up to 85,000 pounds 

    Monzo: Best For Budgeting 

    Monzo is a well-established name in the digital bank world. YouGov named the bank as the UK's most recommended brand in 2019. The number of users now is over 5.5 million. Monzo started as a prepaid card but achieved a full banking license in 2017.

    Trustpilot rating is 4.5/5 of 18,272 reviews. 

    App store rating is 4.9/5 of 69,605 reviews and Google Play rating stands at 4.7/5 of 69,269 reviews.

    If you are looking to save money, this is the bank for you. The company has gradually added features to manage your money better such as tools to set budgets, create saving pots and pay bills. 

    Services offered by Monzo:

    • Accounts- personal, joint, business
    • Real-time notifications after every spend
    • Saving pots that set money aside by rounding up payments 
    • Set Direct Debits and standing orders to be paid directly from a pot
    • Interest on saving pots 
    • Free spending overseas (Mastercard exchange rates with no extra charges)
    • Create shared tabs with friends for splitting bills 
    • Set spending limits 
    • Free ATMs withdrawals within the UK/European Economic Area (EEA)
    • Overdrafts 
    • Personal Loan facilities
    • Energy switching 
    • 'Get Paid Early' salary advance feature 
    • Regulated and authorized by the FCA and FSCS up to 85,000 pounds 
    • Extra features on Monzo Plus and Premium accounts but comes with monthly fees

    Revolut: Best For International Payments 

    Revolut is the first British digital-only bank to reach unicorn status (privately held start-up company with more than $1 billion valuation). It is one of the fastest-growing digital banks in the UK, garnering 15.5 million users in Q1 2021, the largest number of users by a UK Digital Bank.

    Revolut's multi-currency accounts let you hold 30 different currencies for free. It is handy for traveling abroad and sending international payments. Revolut claims that they use the exchange rates that you see on Google, so you can avoid paying hefty fees and marked-up online bank accounts uk best rates when sending money abroad. 

    Note that many banks charge hidden fees on money transfers. The best way to find out the best deals on international money transfers is by comparing their exchange rates and fees side by side. 

    The most notable feature is you can buy and exchange cryptocurrencies

    Revolut's Trust Pilot rating is 4.5 of 93,238 reviews. 

    App Store and Google Play ratings are 4.7/5 of 24,240 reviews and 4.7/5 of 1,249,375 reviews respectively. 

    Services offered by Revolut: 

    • Account types available: personal, business, joint
    • Trade stocks, commodities, and cryptocurrencies
    • Get various perks, discount offers, and reward schemes with Revolut account 
    • Real-time spending notifications 
    • Budgeting and analytics to track spending and avoid overspending
    • Splitting and settling bills 
    • Free-fee spending overseas
    • Transfer money to 200+ countries at competitive exchange rates 
    • Hold or transfer money in 30+ currencies with online bank accounts uk best hidden fees
    • Open Banking to link all your accounts in one place 
    • Free debit card 
    • Freeze and unfreeze card in-app
    • Saving vaults with interest rates up to 0.65%
    • Regulated by FCA, has a European banking license from the Bank of Lithuania 
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    Atom Bank: Best For Mortgages And Savings

    Atom Bank is the UK's first all-digital bank to get a full UK banking license. Though it doesn't offer current accounts or use it for day-to-day spending like other digital banks we have discussed, it specializes in savings accounts and mortgages. It offers higher rates on savings accounts than its competitors. 

    If you are looking to build your savings with a digital bank, Atom Bank is your best bet. For 4 years in a row, Atom Bank has been named as the Best Online Lender at the What Mortgage Awards 2021.

    Trustpilot's score is 4.6/5 of 5,884 reviews. 

    App Store and Google Play ratings stand at 4.7/5 of 20,020 reviews and 4.6/5 of 4,207 reviews respectively.

    Services offered by Atom Bank:

    • Fixed-rate saving accounts 
    • Savings account interest rates ranging from 0.15%-1.40% AER)
    • Instant savers 
    • Mortgages 
    • Vigorous biometric security 
    • Regulated and authorized by the FSCS and the FCA up to 85,000 pounds

    Monese: Best For International Students 

    One of the most attractive features of Monese is that you don't need to have proof of address or credit history or regular income to open an account. For students or immigrants who have just arrived in the UK, you can open a current account straight away. The classic account is available for free for 12 months, after which there is a monthly fee. As of January 2020, it has over 2 million users. 

    Trustpilot rating is 3.5/5 of 20,935 reviews. 

    App Store rating is 4.8/5 of 43,789 reviews and Google Online bank accounts uk best rating of the app is 4.4 of 76,613 reviews.

    Services offered by Monese: 

    • Current accounts in GBP and EUR at no extra charge
    • Business accounts 
    • Deposit cash through Post Office and Paypoint 
    • Real-time spending notifications
    • Free spending overseas 
    • Transfer money abroad to over 30 countries at competitive exchange rates
    • Transfer money to your account from abroad using the Monese European IBAN
    • Freeze and unfreeze card instantly in the app
    • Partnership with travel rewards scheme Avios and Paypal
    • Regulated by the FCA 

    Takeaway

    Before you decide which bank suits you best, better to determine what your banking needs and compare your options. 

    The future of banking is digital and it is on your smartphone. From saving money, budgeting, and stock market trading. The bank of the future will be driven by changing customers' expectations, emerging technologies, and new business models. 

    Источник: https://www.compareremit.com/

    Online bank accounts uk best -

    How to choose the right bank account

    This guide to choosing the right bank account is for you if you’re trying to decide what type of account best fits your needs or you want to know which features of an account you should compare. It can also help if you’re thinking of switching your bank account.

    This guide to choosing the right bank account is for you if you’re trying to decide what type of account best fits your needs or you want to know which features of an account you should compare. It can also help if you’re thinking of switching your bank account.

    Choose the type of account that suits your needs

    Current accounts

    Most people use a current account with a bank or building society to manage their day-to-day money.

    It allows you to:

    • pay bills by Direct Debit or standing order
    • receive automated payments such as salary, wages or benefits
    • access to an overdraft, although this will need to be authorised by the bank
    • pay for things with a debit card and withdraw money from cashpoint machines.

    To help you manage your money you can:

    • make use of the secure bank app, to check and make payments
    • set up text alerts, to warn you of a low balance.

    If you’ve dipped into your overdraft in the past make sure you check fees and charges for going overdrawn. Read our guide to find out more information on current accounts.

    Packaged accounts

    If you’re thinking about opening a packaged account, be sure to check out how many of the additional benefits you would actually use and whether you can get them cheaper elsewhere.

    Some current accounts offer extra features for which they charge a fee (often between £10 and £15 a month).

    These are known as packaged accounts.

    Extras include:

    • Special offers (e.g preferential interest rates on overdrafts).
    • Car breakdown cover.
    • Insurance cover (e.g travel or mobile phone insurance).
    • Extra services.

    Read more about packaged accounts.

    Fee-free basic bank accounts

    A fee-free basic bank account may be worth considering if you can’t open a standard current account, possibly because your credit rating is low or because you’ve not got a credit history. Once you’ve had one for a while a bank may offer you a current account.

    A basic bank account doesn’t have an overdraft facility but does allow you to:

    • pay bills by Direct Debit or standing order
    • receive payments such as salary, wages or benefits.

    Want to find out more about fee-free basic bank accounts? We’ve pulled together a collection of guides, tips and handy links to make sure you get the best deal.

    Jam jar accounts

    These accounts are sometimes called budgeting accounts or rent accounts and are designed to help you budget.

    They let you divide your money into different ‘pots’ or ‘jars’.

    You decide how much money goes into each pot by working out how much you need for your bills and how much is left over for spending or saving.

    They also allow you to:

    • pay bills by Direct Debit or standing order
    • receive payments such as salary, wages or benefits.

    One disadvantage of these accounts is that they charge a monthly fee. You’ll also often have to go through a Credit Union or housing association, but they may pay for the fees for you.

    A jam jar account might be right for you if:

    • you want an account that helps you to budget
    • you want to avoid charges for refused Direct Debits
    • you rent a council or housing association property – in which case your landlord might pay the monthly fee for you.

    Read more about jam jar accounts.

    Bank accounts for students and graduates

    Most banks offer a specific student account, usually with an interest-free overdraft up to an agreed amount.

    Banks often offer attractive accounts to graduates to try to secure them as long-term customers.

    Find out more about bank accounts for students and graduates.

    Bank accounts for prisoners or people with convictions

    If you’re in prison or have a conviction, you may be able to get a basic bank account. Banks don’t have access to criminal records, but they do have systems to detect applications from people who have a record of fraud or related illegal activities.

    All banks and building societies can reject applications from people who have a record of fraud.

    They can also reject you if you’re an undischarged bankrupt, which is when you’re still going through the process of becoming bankrupt.

    Find out more about banking if you’re in prison or have a conviction on theInformationHub website.

    Comparing account charges and features

    Fees, charges and overdraft costs

    Fees can vary a lot between banks and between accounts, with one of the highest fees being charged for going over your agreed overdraft limit (if you have one). Did you know you could save hundreds of pounds with an account that better suits your needs?

    If you regularly spend more than you have in your account, choose one that will give you an overdraft up to an agreed limit without charging fees and/ or with a low interest rate.

    Read our Overdrafts explained page to understand how they work and how to cut the costs and avoid charges.

    Interest rates on credit balances

    If you’re careful about your spending and never go overdrawn, have a look at the accounts that pay interest on your credit balance.

    However, if your earnings are on the low side and you do sometimes use your overdraft, don’t pay too much attention to the credit interest – focus more on the charges instead.

    Incentives

    Comparing your accounts

    Banks can also offer account dashboards, which let you see accounts from multiple banks and building societies side by side online. This lets you see the differences in things like charges and fees.

    Many banks offer deals to attract new customers, but be sure to check if there are strings attached.

    Look beyond any short-term offer and make sure that, when it ends, the account will still be the best for you.

    Deals include:

    • a cash incentive
    • higher interest for a period
    • a monthly credit of usually around £5.

    Customer service

    You can use the Which? quality rating customer score to find the banks with the best customer score. The rating takes into account things like service performance and dealing with complaints so you can find a bank that suits you.

    Decide how you want to deal with your bank

    Do you like dealing with a person in a branch or would you prefer the convenience of telephone or internet banking? Not all banks will have a branch near you or let you have internet access to your account, for example.

    When you’re looking for your account, check how the bank lets you access it and which ways are important for you:

    • Telephone banking.
    • Internet or mobile banking.
    • Cashpoint machine near you that’s free of charge to use.
    • By post.
    • Branch service - if you like going into a branch, choosing a bank you can easily get to will be the most important factor.

    Compare different accounts using comparison sites

    Comparison websites are a good starting point for anyone trying to find a current account tailored to their needs.

    Use our Bank account fees and charges comparison tool to see all the fees and charges that apply to bank accounts – it shows everything from overdraft fees to foreign cash withdrawal charges.

    We also recommend the following websites for comparing current accounts:

    In Northern Ireland, you can also try the Consumer Council Comparison Tool.

    Remember:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.

    Find out more in our guide to comparison sites.

    Is it worth switching your bank account?

    If you’re unhappy with the service you are getting from your current bank or building society, it’s easy to change.

    Your new bank will do the work for you and there’s no need to deal with your old bank.

    It’s worth checking every year that your bank is offering everything you need. If not, think about switching.

    It takes just seven working days to switch your account under the Current Account Switch Service, almost all banks and building societies offer this.

    You choose the date you want to switch, and agree this with your new bank.

    They will arrange to move all your incoming and outgoing payments to your new account.

    It’s backed by a guarantee that means you’ll be refunded any interest and charges on your old and new accounts if anything goes wrong.

    Find everything you need to know about switching bank account on the Current Account Switch Service website.

    If switching is not for you, there still may be steps you can take with your existing bank account to minimise fees and charges. Read our page on making the most of your bank account.

    This article is provided by the Money Advice Service.

    Источник: https://www.nidirect.gov.uk/articles/how-choose-right-bank-account
    Here are my top places to put your cash.

    We’re a long way now from when we could get 5%, with rates slowly dropping over the last few years. And following the Bank of England base interest rate cut to an all-time low of 0.1%. those cuts have happened even faster. Accounts can disappear days after becoming available, and rates continue to fall, though have steadied in recent months.

    You want to make sure you’re getting the best rate on your savings, and this article will take you through the best options right now.

    Some articles on the blog contain affiliate links, which provide a small commission to help fund the blog. However, they won’t affect the price you pay or the blog’s independence. Read more here.

    Latest inflation rate

    Though it’s not always possible at the moment, your aim should be to ensure you earn more on your savings account than the current rate of inflation. This really is key as anything below that rate is losing value in real terms,

    The latest inflation rate (for October 2021) is a huge 4.2% – the highest in a decade. This rate means it’s practically impossible to get accounts that beat it. It’s forecast to reach 5% in 2022, but if you look at this chart you’ll see the current climate makes it very unpredictable.


    source: tradingeconomics.com

    My latest savings update

    Every month on my YouTube channel I take you through the latest savings news and chat about some of the accounts featured on this page. Here’s my monthly video roundup from early November 2021, or read more here.

    (This article is updated regularly but check the published date to see when this last happened. New videos are usually at the start of the month.)

    Best Regular Savings accounts – up to 3.04%

    These accounts are all “Regular” or monthly savers which work differently to normal saving accounts.

    For a start, there’s a limit to how much you can save each month, and the interest is calculated on the balance each month. After 12 months the interest is paid and your saver closed. But you can then open up another and begin again.

    These are ideal if you only have a certain amount of money to put aside each month, or to move money every month from a lower-paying easy access account. Here’s my full guide to how they work.

    You can only open the top accounts if you have or open a current account with these banks – but that’s no reason to put you off.

    Sadly the market leading accounts from First Direct, HSBC and M&S Bank all cut rates for new customers to 1% in late November 2020.

    Natwest / RBS (3.04%)

    Account nameDigital Regular Saver
    Interest rate3.04% AER (variable)
    Max monthly deposit£50
    Min monthly deposit£1
    Max amount earn interest on£1,000
    Account closesNo
    WithdrawalsEasy access with no penalty
    RequirementsMust have a Natwest or RBS current account

    This account offers a massive rate but with a few restrictions. The biggest is you can only save £50 every month. Not far behind is that interest will only be paid on the first £1,000 saved.

    It’s only open to Natwest or RBS customers – though you can have one at each bank. Here’s my review of the account and more information on how it works.

    Apply at Natwest

    Nationwide (2%)

    Account nameFlex Regular Saver
    Interest rate2% AER (variable)
    Max monthly deposit£200
    Min monthly deposit£0
    Account closesAfter 12 months
    WithdrawalsYou can make three withdrawals a year without impacting the interest rate. More than this and the rate drops to 0.35% for the rest of the term
    RequirementsHold a current account with Nationwide
    Online or app only

    If you have a Nationwide account then it’s worth looking at this Flex Regular Saver.

    Apply at Natiownide

    TSB (2%)

    Account nameMonthly Saver
    Interest rate2% AER (fixed)
    Max monthly deposit£125
    Min monthly deposit£25
    Account closesAfter 12 months
    WithdrawalsInstant access but you can’t replace the funds
    RequirementsHold a current account with TSB

    This TSB Monthly Saver (2% fixed) is only for people with a TSB current account. You’ll get 2% fixed for 12 months, though the most you can pay in each month is £125. If you do deposit the max you’ll get £16.20 interest after a year.

    If you already have a TSB account it’s worth opening this up, but I wouldn’t bother opening a new one just to get the cash. Focus instead on other current accounts that have better rewards (eg Halifax pays £5 a month) and get their linked regular saver (likely around 1% – more on these below).

    Apply at TSB

    Coventry Building Society (1.05%)

    Account nameRegular Saver
    Interest rate1.05% AER (variable)
    Max monthly deposit£500
    Min monthly deposit£0
    Account closesAfter 12 months
    Withdrawals30 days interest penalty for early withdrawals
    RequirementsNone

    This regular saver from Coventry Building Society doesn’t require a current account so anyone can open it. The rate is variable so it can change at any time (and dropped mid-Feb from 1.3%). You can however pay in a decent £500 a month. 

    Apply at Coventry Building Society

    Other monthly savers (1%)

    There’s is a 3.5% rate for existing Skipton Building Society members who joined prior to 16 August 2021, but that’s not going to be any good for most people.

    These first accounts are only open to current account customers, new and old. Though a long way from their previous high rates, they are still among the highest paying. However, I wouldn’t bother opening one of these specifically to access the monthly savers.

    There are also these accounts which don’t require a current account. Ecology BS is a decent ethical option.

    It’s also worth checking your local building society to see if they offer a better regular saver for those who live nearly and can go into a branch to open an account.

    Best high-interest current accounts & apps – up to 2.02%

    Some of the next best rates are in current accounts. All of these accounts can be opened by anyone, though you will be credit checked. You can access your money at any time, however, the amount of money you can earn interest on is limited.

    Virgin Money M Plus (2.02%)

    Account nameM Plus Current Account
    Interest rate2.02% AER (variable)
    Max savings interest paid on£1,000
    WithdrawalsEasy access
    Multiple accountsYes
    RequirementsOnline only

    This account from Virgin Money will pay 2.02% on up to £1,000. You can also have more than one account and earn interest on the money there too. There’s no limit to how many you can have, though of course Virgin Money doesn’t have to accept you for each new application.

    You can also get a linked 0.35% savings account which isn’t too much lower than the best easy access accounts (more on these below).

    If you switch into a new M Plus account you can also get a £150 Virgin Experience voucher as a switching bonus. More details in my full review of this Virgin Money current account.

    Apply at Virgin Money

    Claro (2%)

    Account nameClaro
    Interest rate2% variable
    Max savings interest paid on£3,000
    WithdrawalsEasy access (can take 48 hours)
    Multiple accountsNo
    RequirementsVia Claro app only

    Claro is a new financial coaching and tracking app that is tempting new customers with 2% interest on up to £3,000 saved. The interest is paid quarterly.

    The app normally operates on a subscription system but it’s currently free for the first year. Sadly it’s iOS only, so Android phone users can’t currently get the account.

    I’ve looked in more detail on how this works in October 2021’s savings update.

    Sign up for Claro and earn 2% interest

    Nationwide FlexDirect (2%)

    Account nameFlexDirect Current Account
    Interest rate2% AER (fixed for one year)
    0.25% AER (variable after year one)
    Max savings interest paid on£1,500
    WithdrawalsEasy access
    Multiple accountsYes (one personal and one joint)
    RequirementsNone

    You can get 2% for one year on a balance of up to £1,500 with the FlexDirect account. You do need to pay in £1,000 a month to account in order to get this rate.

    After the first year it will drop to 0.25%, but you can always switch away when that happens (and hopefully get a nice cash bonus for doing so).

    It’s worth noting that you only get this interest rate when you first open the account. This means if Nationwide were to bring back referral offers or increase the rate you’d miss out. On that basis I’d say give this account a miss for now as you’re not missing out too much. Here’s more in my full review of the FlexDirect account.

    You’re able to get the 2% on both a solo account and a joint account, so it’s worth opening a joint account too if you’re in a relationship (though watch this video first).

    You can also open a 1% monthly savings account.

    Apply at Nationwide

    Halifax Reward (1.2% equivalent)

    Account nameReward current account
    Interest rate1.2% AER equivalent
    Max savings interest paid on£5,000
    WithdrawalsEasy access
    Multiple accountsNo
    Requirements£5,000 must stay in the account every day of the month
    Pay in £1,500 a month to the account

    The Halifax Reward account gives account holders get £5 a month as a “reward”. There are two ways to get this.

    One is spending £500 on your debit card, or you can get if there is £5,000 in your account every day of the month.

    If you do this every day of the year, you’ll get £60, which though it’s not interest, is the equivalent of 1.2%.

    However, have less in the account for just one day of a month and you get nothing. And £5k is a lot of money for most people, especially as you can get better rates elsewhere

    So it’s better to use the debit card option and see it as cashback rather than a savings option. Here’s my rundown of how this Rewards account works.

    Read my full Halifax Reward account review

    Club Lloyds (0.78% equivalent)

    Account nameClub Lloyds current account
    Interest rate0.6% AER (£0.01 to £3,999)
    1.5% AER (£4,000 to £5,000)
    Max savings interest paid on£5,000
    WithdrawalsEasy access
    Multiple accountsYes (one personal and one joint)
    RequirementsPay in £1,500 a month to the account
    Pay out two Direct Debits each month

    With all the recent rate cuts, this current account has suddenly become a lot more appealing for savings. As long as you have two direct debits going out, you’ll get 0.6% on balances up to £3,999 and then 1.5% between £4,000 and £5,000. So that’s the equivalent to 0.78% if you have the full £5.000 saved.

    You also get access to the above mentioned 1% regular saver, and there are freebies with the account such as monthly movie rentals or a magazine subscription. Make sure you pay in £1,500 a month to avoid a £3 monthly fee. Here’s my review.

    Read my full Club Lloyds account review

    £50 savings account bonus

    Raisin welcome bonus

    If you sign up to the savings platform Raisin and then put £10,000 or more in a savings account via them you’ll get a £50 bonus.

    If you put in exactly £10,000, that £50 works out as the equivalent of an extra 0.5% on the interest rate for one year – though obviously if you have more money in there it reduces that impact.

    If you open an easy access account then the bonus is only paid if the balance remains about £10,000 for at least six months.

    You can only get the bonus once per customer. You’ll also need to claim the bonus – details of how to do this can be found here.

    Sign up for Raisin

    Top Raisin accounts

    Make sure you compare these accounts with other interest rates available elsewhere as they won’t always be the best option. However, if you are using the welcome bonus and factor in the equivalent of 0.5%, then it could push these accounts higher.

    • Charter Savings Bank via Raisin (1.27% AER) + £50 bonus for some: one year fix (min £1,000 / max £85,000)
    • Oak North via Raisin (1.23% AER) + £50 bonus for some: one year fix (min £1,000 / max £85,000)
    • Investec via Raisin (1.23% AER) + £50 bonus for some: one year fix (min £1,000 / max £85,000)
    • Aldermore Bank via Raisin (0.86% AER) + £50 bonus for some: six month fix (min £2,000, max £85,000)
    • Investec via Raisin (0.8% AER) + £50 bonus for some: 32 days notice (min £1,000, max £85,000)

    Get the best of Andy’s money saving content every Thursday, straight to your inbox

    Get a £17 Quidco bonus (new members only). More details

    Get the best of Andy’s money saving content every Thursday, straight to your inbox

    + Get a £17 Quidco bonus (new members only). More details

    Best fixed savings accounts – up to 1.35%

    The above accounts all have caps on how much you can save, though a mix of some or all of them would cover a large chunk of the money you’d need in cash savings. You could also look at Premium Bonds.

    But what should you do with any additional money? You can still beat most standard savings or current accounts where you’re likely to get less than the base rate of 0.1%.

    You can also fix your savings for a year or longer and get a slightly better rate in return. However, you need to be sure you won’t need access to that cash over that time. The longer you fix, the greater the risk you’ll lose out if rates were to rise. But at the same time, they’re protected if rates were to continue to fall.

    With £50 bonus (read more about Raisin above):

    Best notice account – up to 1.10%

    A notice account means you have to request to get your money and interest, which will be released after a set time. They often have a variable rate but if there’s a cut you’ll normally have notice.

    Best easy access savings accounts – up to 0.75%

    Rates are incredibly poor for these accounts but have started to get slightly better. Though the app Chip offers an account at 0.7%, you have to pay to access the rate, making the top option below a better bet.

    Best Cash ISA – up to 0.67%

    Though most of us don’t need the tax-free “wrapper” offered by an ISA, if you are wanting to use one then the same goes in terms of finding the best rate.

    You can’t pay in more than £20,000 each financial year into any combination if ISAs, and you can only pay money into one Cash ISA.

    Flexible ISAs allow you to withdraw money and pay it back in without impacting your annual allowance. Look for ones that allow transfers in if you have money from previous tax years you want to move.

    • Shawbrook Bank (0.67% variable): (min £1,000 / max £85,000)
    • Cynergy Bank (0.65% AER variable) – transfers in allowed / not flexible
    • Marcus (0.6% AER variable) – no transfers / not flexible
    • Tesco Bank (0.55% AER variable) – transfers in allowed / flexible

    Premium Bonds

    Read my article looking at how Premium Bonds compare to other savings accounts.

    Broadly, if you have £10,000 saved you’ll likely win £75 in a year, the equivalent to 0.75%, increasing to above 0.9% the more saved.

    Best children’s savings account

    I’ve written in more detail about the different savings accounts for kids, so do check that article out.

    Halifax Kids’ Monthly Saver (2.5%)

    You can save between £10 and £100 a month into this regular saver with Halifax and earn 2.5% AER (Fixed) for 12 months.

    Various Building Society Junior ISA (2.5%)

    The best rate on a Junior ISA is with Bath BS or Darlington BS.

    HSBC MySavings (2.5%)

    The MySavings account from HSBC pays 2.5% AER (variable) on up to £3,000 saved. Above this amount you’ll only get 0.25%. There’s a minimum deposit of £10.

    Best ethical savings account

    The money you hold in your savings is used by the banks to invest and lend money. This could mean it’s used for things you might disagree with, such as fracking, tobacco or arms manufacturing.

    There are banks with ethical policies such as Triodos, while building societies must lend 75% of their funds to home buyers, meaning they don’t have the cash to invest elsewhere. Sharia accounts can’t be used for things against Islamic law, like tobacco or gambling and I’ve listed the top ones further down the article.

    Nationwide FlexDirect (Current account) – 2%

    This current account gives 2% on up to £1,500. It’s fixed for one year. You can also open the 1% Start to Save regular saver. Read more about these above.

    Ecology Building Society (Regular saver) – 0.8%

    This is a variable rate regular saver from Ecology paying 0.8% with a minimum of £25 and a maximum of £250 a month.

    Tandem (easy access) – 0.55%

    This Instant Access Saver offers 0.55% from Tandem. The bank says it will support green lending initiatives. You can only open it via the Tandem app.

    Nationwide (triple access) – 0.45%

    You can only make three withdrawals a year, but you can be assured your money in this Nationwide is better invested than with the other major lenders.

    Top Sharia savings accounts – up to 1.3%

    Paying interest isn’t allowed in Islam, so a Sharia-compliant savings account instead promises a return on the money saved – an expected profit rate. Though technically this means the rate isn’t guaranteed, it’s not happened yet. They’re open to everyone, not just Muslims.

    Finding the latest savings rates

    I’ll update this page regularly (check the published date to see when it last happened), but if you find a rate has been cut or isn’t available, you can check the Savers Friend website.

    Источник: https://becleverwithyourcash.com/cash-savings-beat-inflation/

    If your savings account is at a bank other than where you do your primary checking, an important consideration is that moving your money between checking and savings will not be instantaneous. Transfers between the two will be possible through electronic funds transfers, which sometimes can take place in one day, but may take two or more days, depending on the bank and the time of day you initiate the transfer. So a little more advance planning will be necessary whenever you need to withdraw funds from savings.

    While an interim rule allows institutions to decide if they want to allow more than six transactions per month, rules and fees still vary by institution. So be sure you understand the possible fees and the account's statement cycle.

    For deposits into your savings account at another bank, this is similarly possible via electronic funds transfer. But some banks will also offer a smartphone app that allows mobile check deposits, the use of an ATM card, or mail-in envelopes for check deposits.

    Lastly, all FDIC banks, whether brick-and-mortar or Internet-only, and all NCUA credit unions, carry U.S. government-backed insurance on up to $250,000 of deposits per individual per institution. If you hold more than that amount in the bank, you'll want to take steps to split the deposits across multiple institutions and/or multiple individuals (such as a spouse) to make sure all of your deposits are insured.

    Источник: https://www.investopedia.com/personal-finance/banks-pay-highest-interest-rates-savings-accounts/

    Welcome to TD Bank Personal Banking

    Community means family.

    I think that's what it's turned into.

    I'm going to cry.

    I don't know why.

    Alright, your turn to talk.

    Hey everybody.

    Sam from Bonn Place Brewing Company here, and this is my wife.

    I'm Gina.

    Bethlehem is one of the greatest steel towns in America.

    When manufacturing had a downturn Bethlehem had to reinvent itself.

    When I first met Sam and Gina, they had this dream that they wanted to accomplish.

    When we first signed our lease on this building, people were questioning it, like "you sure you want to open a brewery on the south side of Bethlehem in the current climate?"

    We were certain that it was ready for what we wanted to do.

    We needed a bit of help to get this place opened...and everybody needs help.

    When anybody ever comes to us and says, "We need help. What can we do? We don't know how to get through this red tape."

    We say, "This is what we did. This might help you."

    We even went to City Hall for someone once.

    This is the community we can change.

    What we can change is right here and right now.

    Sam and Gina are very passionate about working with women entrepreneurs.

    It's hard to start a business.

    One thing Sam and Gina have been able to achieve is share the lessons they've learned with other business owners and convince them, "hey, it actually is possible."

    We want to see businesses succeed with the opportunities that we've had.

    So what better way than to mentor them.

    We're all in this together, and it's the bigger picture.

    Bonn Place is a catalyst for the regrowth of this community.

    They're also now helping other young entrepreneurs get started.

    Sam and Gina sat down with us and gave us tips and tricks of what to do to get started.

    We had this idea.

    And they believe in us.

    How much they're committed to the growth of Bethlehem as a whole.

    That's the real story.

    [Applause]

    They are the last two people who would want this bestowed upon them, but they are the most deserving.

    So we all want to gather here today and say thank you, because we value everything that you put into Bethlehem.

    There's a little bit more.

    So, the contribution we made to a female entrepreneurship program, in your name.

    We're absolutely thrilled.

    Next year, with this gift, we're going to be able to serve even more women entrepreneurs.

    The integrity of this community is real strong.

    This is just the beginning.

    Источник: https://www.td.com/us/en/personal-banking/

    Top current accounts for savers compared

    High street banks are paying current account customers as much as 2% credit interest – better than most savings accounts – and you can open a bank account online in a matter of minutes. 

    Our first table shows the best deals for credit balances of £1,000 (click 'more info' to find out how to qualify for interest on the accounts). The second table shows the top bank switching offers.

    If you want to maximise returns, read our step-by-step guide to opening multiple high-interest bank accounts below.

    Virgin Money M Plus 2.02% on £1,000 

    The digital banking service known simply as 'B' from Clydesdale Bank and Yorkshire Bank has been rebranded as the Virgin Money Current Account, following the £1.7bn takeover in 2018. 

    The Virgin Money account pays the top rate of 2.02% AER (2% gross) on balances up to £1,000 and you can apply for a linked savings account paying 0.35% AER.

    There are also no foreign transaction fees when you pay with your debit card or take out cash abroad – charges can be as high as 3.75% for withdrawals and purchases so this is a big saving for regular travellers. 

    Unlike most providers, Virgin Money doesn't insist that you pay in a certain amount every month to earn interest and there's no requirement to maintain a minimum number of direct debits.

    Find out more:Best and worst banks rated by customers

     

    Nationwide FlexDirect 2% on £1,500 fixed for a year 

    Nationwide's FlexDirect account pays 2% AER on balances of up to £1,500, fixed for the first 12 months. Thereafter, the rate reverts to 0.25% AER on balances up to £1,500.

    If you open a FlexDirect account, you won't pay any interest on any arranged overdraft for the first 12 months, but after this you'll be stung with a rate of 39.9% APR. 

    You can make payments with your debit card abroad without fees, but ATM withdrawals abroad incur a 2.99% fee.

    Using multiple high-interest current accounts to boost savings

    Given the poor rates of interest offered on savings accounts, many savers are opening multiple high-interest current accounts to maximise their returns. 

    The drawback with this type of account is that banks apply restrictions, such as minimum monthly payments.

    However, we explain how you can work within these rules to beat the limits and make the most of your cash savings.

    How to make the most of high-interest current accounts

    Step 1: Find the highest current account interest rates

    Our table above shows you the best rates available on current accounts, along with the number of accounts you can open.

    Step 2: Check the high-interest account requirements

    Banks often set specific account requirements – such as fees, minimum monthly deposits and direct debits – to qualify for interest or to avoid paying a monthly fee on the account.

    Each account limits the balance on which you can earn interest but, in most cases, banks will allow you to open a second main or joint account, essentially doubling that amount.

    Watch out for accounts with tiered interest (where you get a higher rate for having a higher balance) as you must have a balance within the top tier to earn the top rate of interest. At lower tiers, these accounts become less competitive.

    Step 3: Earn instant cash for switching 

    Before you start moving savings about, there's an easier way to save money.

    Banks often offer cash incentives to attract new customers – in some cases more than £100 – and switching should only take seven working days.

    Look out for conditions, such as depositing a certain amount, or using online banking services by a specific date.

    Step 4: Open multiple high-interest current accounts

    The number of accounts you'll need to open depends on how much money you're looking to save.

    This is because accounts will only pay interest on balances up to a certain amount – see the notes on the table above. You want to make sure there's no 'excess' money sitting in accounts, but not earning interest.

    Step 5: Circulate money between other high-interest current accounts

    Most banks also require you to pay a certain amount into accounts each month.

    Take a sum from your savings, equal to highest minimum deposit of the accounts you hold. So if you have three accounts, with minimums of £500, £1,000 and £1,500, put aside £1,500.

    This sum will be continually circulated between these accounts.

    Step 6: Deposit the rest of your savings in the other accounts

    Divide the rest of your money between all the accounts, starting with the highest-earning account.

    Once you've deposited the maximum sum the account will pay interest on, deposit money into the next highest-paying account and so on.

    Step 7: Repeat step 5 each month

    The easiest way to do this is to set up standing orders (instructions to your bank to pay a set amount at regular intervals to another account) so that the transfers take place automatically every month.

    This means you meet the requirements of all the accounts and earn the most interest possible on the whole sum.

    Find out more: Direct debits and standing orders – which is better for regular payments?

    Источник: https://www.which.co.uk/money/banking/bank-accounts/best-bank-accounts/best-bank-accounts-if-you-always-stay-in-credit-adq9q6k42qbw

    Best Online Banks In The United Kingdom

    UK Banks

    Are you thinking of switching to an online bank? 

    The United Kingdom (U.K.) banking industry may still be dominated by the "big four" banks (Barclays, HSBC, Lloyds Banking Group, and the Royal Bank of Scotland/NatWest), however, digital banks with their innovative technology and consumer-driven approach to banking are starting to make their mark in the financial services industry and have begun to disrupt the big bank monopoly.

    Many of the digital banks are headquartered in the UK and you have many options to choose from if you are looking for a different banking experience.

    We have listed the top 5 online banks in the U.K. in this blog. Before we get to the list, we shall discuss what digital banks are and whether they are safe or not. 

    What Are Digital Banks?

    As the name suggests, these banks known by different names like online banks, digital-only banks, mobile banks, app-based banks, neobanks, or challenger banks exist only in digital form-they don't have an established physical location aka brick-and-mortar branches, like the traditional banks. 

    They are usually app-based, hence are easily accessible on your smartphone. Traditional banks do offer online banking and mobile banking but digital-only banks exist entirely on digital platforms. 

    Banking services and products ranging from current/savings accounts to investment in mutual funds, stock trading or trading in cryptocurrencies are all accessible through your hand-held devices, eliminating the need to visit a bank branch. Digital banking is the digitization of every level of banking, from front to back-end.

    Digital banking has grown massively in recent years, thanks to the advancements in financial technology or fintech and the increasing demands of tech-savvy consumers for efficient ways of banking. According to UK-based research firm Juniper Research, the digital banking users in the world will exceed 3.6 billion by 2024, a 54% increase from 2.4 billion users in 2020. 

    As per the latest stats, in the UK, 27% of adults have an account with a digital-only bank equating to about 14 million Brits as of January 2021. The number of people with a digital bank account could reach 23 million by 2026.

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    Should You Switch From A Traditional Bank To An Online Bank? Are They Safe?

    Unlike the traditional banks that rely on outdated legacy systems and old ways of doing things, this new breed of banks are more agile, technologically driven, and focus more on user experience which adds a competitive edge. 

    Additionally, digital banks have low to no interest fees, competitive rates on foreign exchanges, high annual percentage yield (APY), better budgeting features, intuitive banking tools and are generally user friendly. 

    As mentioned earlier, online banks don't have any physical branches, might have fewer financial products in comparison to traditional banks, and have no face-to-face customer support and advice (instead, you get the customer support via a phone line or a live chat feature in-app).

    Most importantly, these app-based banks namely, Starling Bank, Monzo, Atom Bank, are fully licensed and protected by Financial Services Compensation Scheme (FSCS) which means your money (up to 85,000 pounds) is protected in case the bank goes under. 

    For digital banks not covered by FSCS (do not hold UK banking licenses), such as Revolut and Monese, they are covered by the Financial Conduct Authority (FCA). In other words, if the app-based banks are not backed by the FSCS, then chances are that they are working with one of the traditional banks, and your funds are protected in a licensed bank that your digital bank has partnered with. 

    Thus, it is important to note that, although the two types of banks are technically seen as "rivals", they do work together alongside each other, bringing superior banking services to customers. 

    Many people still use traditional banks for savings accounts (because traditional banks tend to have marginally higher interest rates), credit cards, and overdraft facilities among others. 

    They also make use of the services offered by digital banks to manage their finances such as everyday spending and daily budgeting.

    When choosing the best online or digital bank, look at the services that they offer, unique features, and online reviews. The best online banks will depend on your financial needs and goals. 

    Top 5 Digital Banks In The UK

    Starling Bank: Best For Everyday Accounts

    Voted as the Best British Bank and the Best Current Account 2021, Starling Bank is the top digital bank for a well-rounded current account. 

    Starling has over 2 million users and has a 4.3/5 rating of 24,089 reviews (at time of writing) on Trustpilot. 

    App store rating is 4.9/5 of 255,211 reviews and Google play rating is 4.5 of 57,559 reviews. 

     Services offered by Starling Bank:

    • A variety of accounts-personal, joint (maximum 2 people), business 
    • Fee-free spending abroad (uses Mastercard's exchange rates with no extra fees)
    • Interest on current accounts 
    • Overdrafts 
    • Free cash deposits into your personal and joint account via any Post Office 
    • Insights into your spending habits
    • Savings goals 
    • Real-time notifications every time you spend
    • Desktop features 
    • Loan facilities
    • Freeze and unfreeze bank cards in-app
    • 0.05% in-credit interest 
    • Mobile cheque deposits 
    • Regulated and authorized by the FCA and FSCS up to 85,000 pounds 

    Monzo: Best For Budgeting 

    Monzo is a well-established name in the digital bank world. YouGov named the bank as the UK's most recommended brand in 2019. The number of users now is over 5.5 million. Monzo started as a prepaid card but achieved a full banking license in 2017.

    Trustpilot rating is 4.5/5 of 18,272 reviews. 

    App store rating is 4.9/5 of 69,605 reviews and Google Play rating stands at 4.7/5 of 69,269 reviews.

    If you are looking to save money, this is the bank for you. The company has gradually added features to manage your money better such as tools to set budgets, create saving pots and pay bills. 

    Services offered by Monzo:

    • Accounts- personal, joint, business
    • Real-time notifications after every spend
    • Saving pots that set money aside by rounding up payments 
    • Set Direct Debits and standing orders to be paid directly from a pot
    • Interest on saving pots 
    • Free spending overseas (Mastercard exchange rates with no extra charges)
    • Create shared tabs with friends for splitting bills 
    • Set spending limits 
    • Free ATMs withdrawals within the UK/European Economic Area (EEA)
    • Overdrafts 
    • Personal Loan facilities
    • Energy switching 
    • 'Get Paid Early' salary advance feature 
    • Regulated and authorized by the FCA and FSCS up to 85,000 pounds 
    • Extra features on Monzo Plus and Premium accounts but comes with monthly fees

    Revolut: Best For International Payments 

    Revolut is the first British digital-only bank to reach unicorn status (privately held start-up company with more than $1 billion valuation). It is one of the fastest-growing digital banks in the UK, garnering 15.5 million users in Q1 2021, the largest number of users by a UK Digital Bank.

    Revolut's multi-currency accounts let you hold 30 different currencies for free. It is handy for traveling abroad and sending international payments. Revolut claims that they use the exchange rates that you see on Google, so you can avoid paying hefty fees and marked-up exchange rates when sending money abroad. 

    Note that many banks charge hidden fees on money transfers. The best way to find out the best deals on international money transfers is by comparing their exchange rates and fees side by side. 

    The most notable feature is you can buy and exchange cryptocurrencies

    Revolut's Trust Pilot rating is 4.5 of 93,238 reviews. 

    App Store and Google Play ratings are 4.7/5 of 24,240 reviews and 4.7/5 of 1,249,375 reviews respectively. 

    Services offered by Revolut: 

    • Account types available: personal, business, joint
    • Trade stocks, commodities, and cryptocurrencies
    • Get various perks, discount offers, and reward schemes with Revolut account 
    • Real-time spending notifications 
    • Budgeting and analytics to track spending and avoid overspending
    • Splitting and settling bills 
    • Free-fee spending overseas
    • Transfer money to 200+ countries at competitive exchange rates 
    • Hold or transfer money in 30+ currencies with no hidden fees
    • Open Banking to link all your accounts in one place 
    • Free debit card 
    • Freeze and unfreeze card in-app
    • Saving vaults with interest rates up to 0.65%
    • Regulated by FCA, has a European banking license from the Bank of Lithuania 
    Image%20from%20iOS%20(21).jpg

    Atom Bank: Best For Mortgages And Savings

    Atom Bank is the UK's first all-digital bank to get a full UK banking license. Though it doesn't offer current accounts or use it for day-to-day spending like other digital banks we have discussed, it specializes in savings accounts and mortgages. It offers higher rates on savings accounts than its competitors. 

    If you are looking to build your savings with a digital bank, Atom Bank is your best bet. For 4 years in a row, Atom Bank has been named as the Best Online Lender at the What Mortgage Awards 2021.

    Trustpilot's score is 4.6/5 of 5,884 reviews. 

    App Store and Google Play ratings stand at 4.7/5 of 20,020 reviews and 4.6/5 of 4,207 reviews respectively.

    Services offered by Atom Bank:

    • Fixed-rate saving accounts 
    • Savings account interest rates ranging from 0.15%-1.40% AER)
    • Instant savers 
    • Mortgages 
    • Vigorous biometric security 
    • Regulated and authorized by the FSCS and the FCA up to 85,000 pounds

    Monese: Best For International Students 

    One of the most attractive features of Monese is that you don't need to have proof of address or credit history or regular income to open an account. For students or immigrants who have just arrived in the UK, you can open a current account straight away. The classic account is available for free for 12 months, after which there is a monthly fee. As of January 2020, it has over 2 million users. 

    Trustpilot rating is 3.5/5 of 20,935 reviews. 

    App Store rating is 4.8/5 of 43,789 reviews and Google Play rating of the app is 4.4 of 76,613 reviews.

    Services offered by Monese: 

    • Current accounts in GBP and EUR at no extra charge
    • Business accounts 
    • Deposit cash through Post Office and Paypoint 
    • Real-time spending notifications
    • Free spending overseas 
    • Transfer money abroad to over 30 countries at competitive exchange rates
    • Transfer money to your account from abroad using the Monese European IBAN
    • Freeze and unfreeze card instantly in the app
    • Partnership with travel rewards scheme Avios and Paypal
    • Regulated by the FCA 

    Takeaway

    Before you decide which bank suits you best, better to determine what your banking needs and compare your options. 

    The future of banking is digital and it is on your smartphone. From saving money, budgeting, and stock market trading. The bank of the future will be driven by changing customers' expectations, emerging technologies, and new business models. 

    Источник: https://www.compareremit.com/

    This article contains affiliate links that can earn us revenue*

    The best all-round current account is offered by Starling Bank.

    With no added fees for using your card overseas and lower than average overdraft charges, it’s a step ahead of most other accounts on the market.

    If you prefer an in-branch experience there are plenty of other options, with the Co-operative, Barclays, Lloyds and NatWest also rated highly.

    In this article we cover:

    The products mentioned in this article have been independently chosen by Times Money Mentor to help you compare current accounts. If a link has an * by it, that means we may earn money. This helps fund the website and keeps it free to use. We do not allow any commercial relationship to affect our editorial independence.

    Top five current accounts

    Starling personal current account

    Best all-rounder

    Starling* is one of a new breed of app-based banks – which give you all the core banking functionality through your phone. Starling’s personal current account is the best all-rounder:

    • No fees for using your card or withdrawing cash overseas
    • Interest on savings: 0.05% AER on balances up to £85,000
    • Lower than average overdraft rate: 15% – 35% EAR variable subject to credit checking
    • No added charges for unarranged overdrafts
    • High limit of £25,000 for sending and receiving payments instantly through the Faster Payments Scheme
    • Highly rated app

    Starling’s only weakness is that it doesn’t offer bank branches – if you need access to a branch, you will have to look elsewhere. 

    • Overdraft interest rate (APR): 15%-35%
    • Maximum cash withdrawal per day: £300

    go to provider site*

    Co-operative Bank current account 

    Best for the ethically minded

    If you want to have a current account with an organisation that has an ethical approach to banking, Co-op Bank should be on your shortlist:

    • “Everyday benefits” option means the accounts pays a little cashback each calendar month – or generates a charity donation – ts&cs apply
    • Has a UK branch network
    • Arranged overdraft rates and overseas card charges are a little lower than some of its high street competitors

    While it is longer part of the Co-op Group, the bank still has to prove it adheres to strong ethics and values, in order to continue using the Co-op brand name.

    It does this by turning away businesses that conflict with its ethical policies and working to support those which are ethically strong.

    • Overdraft interest rate (APR): 35.9% 
    • Maximum cash withdrawal per day: £500

    go to provider site*

    Barclays Bank Account with Blue Rewards

    Best for cashback

    If you think you will take advantage of the perks that this account offers, then this may be a good option for you:

    • Free for the standard account
    • £4-a-month membership fee to join Barclays Blue Rewards:
      • get a host of tailored benefits
      • a monthly reward of £7
    • To receive this, you need to set up two direct debits to be paid out from the account
    • At least £800 needs to be paid into the account each month
    • Cashback is available from a number of well-known high-street retailers including Currys, Argos and Moonpig
    Источник: https://www.thetimes.co.uk/money-mentor/article/best-current-accounts/
    online bank accounts uk best

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