The latest developments in mobile app baking have different functions which work for a new generation of on-the-go technologically fluent customers.
It’s important to flag that these apps do not offer the most competitive rates for savings – what they do offer is savings with ease and on the go.
We have broken down the features of each of these app-based banks to give you an overview of the saving functions available on each server.
Virgin Money Account
- Savings “pots” feature
- Competitive 1.00% interest rate for savings account
- 0.50% interest rate for current account
- No fee for maintaining account
- Money withdrawal via Virgin Money Current Account
- Fully protected up by FSCS to £85,000
More info on The Virgin Money Current Account »
N26
- Offers fixed rate only savings
- Money is locked in the account for the fixed term
- Fixed term for a minimum of 3 months
- Open the account in-app
- £2000 minimum deposit amount
- 1.57% interest rate on savings account
- Works with partner banks
- German deposit scheme (up to £89,000)
Revolut
- “Vault” accounts available in-app
- Ability to save in any currency, including cryptocurrencies
- Bitcoin Vault options available
- Spare change round-up function when spending
- Withdrawal from savings available anytime
- “Group Vault” functions available to save with others
- Currently, these accounts do not generate interest
Monese
- Monsese savings “pots” function
- In-app categories making saving visually easy to sort
- In-app savings accounts with interest
- Partnered with Raisin to allow for savings functions
- These are available in UK, Spain, Austria, the Netherlands and Germany
Monzo
- 30% fixed AER
- Full protected by the FSCS up to £85,000
- Yearly interest rate of 1% over £1000
- Uses “Pot” function in order to segregate saving
- Round-up options when spending to save in other pots
- Ability to add images to pots to motivate spending
- Open accounts in-app
- Easily move money between accounts
- Easy to withdraw savings
Atom
- Fully FSCS protected
- Offer fixed savings accounts with interest rates up to 2.49%
- Open accounts in-app
- 3-6 month fixed savings account at 0.75%
- 1 year fixed term savings account at 1.65%
- 2, 3, 4 and 6 year fixed term savings accounts at 1.75%
- App function to calculate projected savings with interest
- Limited to £100,000
Starling
- No dedicated “savings” account function
- Pay interest on all account balances
- 0.5% AER on account balances below £2000
- 0.25% on account balances below £85,000
- Fully FSCS protected up to £85,000
These features and services were accurate January 2020. But banks are very aware of customer demands: features may change or be extended.