From filling out endless paperwork to waiting for your PIN numbers and cards to arrive in the mail, traditional banks aren’t always much fun. When you’re a business owner with extra concerns to consider when it comes to cashflow, keeping on top of your banking with an old-fashioned business can be a nightmare.
Fortunately, times are changing. The rise of fintech and online banking has given birth to a new era of cash management. Today, there are banks available that allow you to handle your cashflow almost entirely online, as well as through mobile apps. Today, we’re going to be looking at some of the best digital banks that you can cash in on as you head into the new decade.
Tide is a handy digital banking solution that comes with absolutely no fees on card payments within the UK or abroad. You get free transfers between your Tide accounts, and transfers outside of Tide are charged at 20p each. ATM withdrawals are also relatively cheap abroad too. What’s more, you can tie up to 35 team members to a single card for your business.
Tide also comes with a bunch of extra helpful features, including instant invoicing and the ability to set up automated and scheduled payments too. There’s even integration available with various useful tools, like FreeAgent and Xero.
Bunq is helping the environment one transaction at a time, while also helping you budget better. Every time you spend, the company will plant trees, enabling you to make a difference with zero effort. Bunq has also introduced its green card to help you create a greener world.
In fact, the green card itself is eco-friendly too. Made out of metal rather than plastic, the green card is better for the planet. What’s more, it has a 50% longer life than regular plastic cards. In turn, bunq are setting a new bar for handheld spending cards.
Crypterium is a challenger bank that helps you store and manage traditional money and cryptocurrencies. You can store, buy, and spend cryptocurrencies with ease through this website. As well as this, there’s an option to convert your digital currencies into fiat money whenever you choose.
Crypterium is particularly impressive because it comes with access to a global cryptocurrency card. This means that you can use your currencies in card payments around the world. No other digital banking brand can deliver the same service yet.
7. Atom Bank
While other companies have gone global over the years, Atom Bank has retained its focus on the UK. The great thing about this business is that it’s designed to make managing your cash simple. There are auto-saving and spending round-up features to help you save new money. There’s also access to flexible loans, savings accounts, and even mortgages.
Atom gives you all the functionality of a traditional bank, without the headaches. You can access the information you need digitally and manage day-to-day purchases without ever visiting a branch in person.
ANNA is a digital banking platform specifically designed for small business owners. With ANNA, any UK resident can open an account provided that they own a sole trader company, limited business, or partnership. Within the app, you have a bunch of features that are tailor-made for business leaders. This includes VAT information, corporation tax, self-assessment tax return deadlines, and invoicing tools.
You can track your money on your mobile with ease and access support from a 24/7 team of agents. What’s more, ANNA will look after your cash flow for you with automatically saved receipts, so you don’t have to worry about keeping track of your expenses.
Monese claims it isn’t a bank. Rather, it’s a specialist solution for companies that want to manage multi-currency accounts. With Monese, you can unlock unlimited transactions, quick bank transfers, and even global ATM withdrawals. From the moment you open an account on your smartphone, Monese will ensure that you have access to all the features you need.
Monese is supported in ten languages, and you can have accounts in both Euros and GBP or choose from a host of currencies like Australian Dollars, US Dollars, and more. To keep your money safe, the app even uses backend encryption and biometric unlock features too.
Mettle is an independent arm of the NatWest brand. You can set up an account with this company if you’re a limited company or sole trader, but you need to have a balance of less than £100k to apply.
One of the main highlights of Mettle is that you can use it to track your business bank accounts, and even access the app to send invoices directly from your device. There’s also the option to add your own logo to your invoices and get notifications you receive payments. Furthermore, it comes with tools for helping you chase overdue invoices and integrations with apps like Xero.
3. Starling Bank
Starling Bank claims to be the digital bank that’s changing the way people manage their finances forever. This app-based company offers a comprehensive current account to customers, complete with real-time notifications whenever you use your debit card, spending insights, and even custom savings goals. You can also earn small amounts of interest too.
One particularly handy feature of Starling Bank is that there are no fees when you’re withdrawing cash or spending it abroad. This is a great thing for people who regularly travel for business. What’s more, the Financial Conduct Authority completely regulate and approve Starling Bank.
Revolut is a digital bank with a global presence. Though it launched originally in 2015, it has gained significant popularity in recent years. In fact, today, it serves more than 30 countries and 6 million customers. Among a wide selection of great features, Revolut offers spending support and push notifications, as well as the option to round up your purchases and put spare change into investment accounts.
Aside from various mobile banking services on the mobile app, you can also use Revolut to access things like cryptocurrency and commission-free stock trading if you’re a premium customer too.
The name Monzo is quickly becoming synonymous with digital banking. Available in the UK and US, this business concentrates on fairness and transparency within banking. Monzo offers a range of basic, plus, and business accounts. All of your options will give you access to a contactless card that’s fee-free for payments in the UK. Additionally, you also get an app that smooths various components of your financial life.
You can also use Monzo to split bills, set up instant transactions, and more. There’s even in-app support chat if you have any problems. Anyone over the age of 16 can create an account easily and get more control over their cash.
Next, check out how organisations can overcome the language barrier between themselves and their customers.