Are online banks safe?

Yes. UK-licensed digital banks like Monzo, Starling, and Chase are fully regulated by the FCA and PRA. Your deposits are protected by FSCS up to £85,000 — the same as traditional high street banks. Revolut now also has a UK banking licence with FSCS protection.

What is the best digital bank in the UK?

It depends on your needs. Starling is excellent for a main account with great budgeting features and no foreign fees. Monzo is popular for budgeting pots and a strong community. Chase offers 1% cashback and competitive savings rates. Revolut is best for multi-currency and trading features.

Can I use a digital bank as my main account?

Absolutely. Millions of people use Monzo, Starling, or Chase as their primary account. They offer everything you need: salary payments, Direct Debits, standing orders, contactless cards, and often better features than traditional banks. The main trade-off is no branch access.

Online and Digital Banks UK — Monzo, Starling, Revolut + More Compared | PocketWise

Digital banks have transformed UK banking — offering instant notifications, clever budgeting tools, fee-free foreign spending, and slick mobile apps. Here is how the main players compare.

Quick Comparison

Bank	FSCS Protected	Foreign Fees	Savings	Cashback	Joint Account
Starling	✅	None	3.25%+	No	Yes
Monzo	✅	None (weekend markup)	4%+ (paid plan)	No (free)	Yes
Chase	✅	None	3.5%+	1%	No
Revolut	✅	None (limits apply)	3.5%+	Yes (paid plans)	No

Detailed Breakdown

Starling Bank

Feature	Detail
FSCS protection	Yes (£85,000)
Monthly fee	None
Foreign spending	Free (no fees, Mastercard rate)
ATM withdrawals abroad	Free
Overdraft	15–35% EAR (competitive)
Savings	Spaces with competitive interest
Joint accounts	Yes
Business account	Yes (excellent)
Budgeting	Spaces (saving pots), spending insights
Best for	Main account, self-employed, those who travel

Pros: Excellent all-rounder, competitive overdraft, great business account, truly free foreign use. Cons: No cashback, savings rates not the highest.

Monzo

Feature	Detail
FSCS protection	Yes (£85,000)
Monthly fee	None (free) / £5 or £15 (Plus/Premium)
Foreign spending	Free (weekday Mastercard rate; 0.5% weekend markup)
ATM withdrawals abroad	£200/month free, then 3%
Overdraft	39.9% EAR
Savings	Pots with 4%+ (paid plans better)
Joint accounts	Yes
Business account	Yes
Budgeting	Salary sorting, pots, categories, trends
Best for	Budgeting obsessives, those who love app features

Pros: Best budgeting features, vibrant community, instant notifications, easy bill splitting. Cons: Overdraft expensive, premium features cost extra, weekend currency markup.

Chase

Feature	Detail
FSCS protection	Yes (£85,000)
Monthly fee	None
Foreign spending	Free (no fees, Mastercard rate)
ATM withdrawals abroad	Free
Overdraft	Not currently offered
Savings	Linked saver at 3.5%+
Cashback	1% on card spending (uncapped year 1, then categories)
Joint accounts	No
Business account	No
Budgeting	Round-ups
Best for	Cashback earners, savers, those wanting simplicity

Pros: 1% cashback is generous, good savings rate, no fees anywhere. Cons: No joint account, no overdraft, fewer features than Monzo/Starling.

Revolut

Feature	Detail
FSCS protection	Yes (UK banking licence granted)
Monthly fee	Free / £7.99 (Plus) / £13.99 (Premium) / £45 (Metal)
Foreign spending	Free (limits on free plan; unlimited on paid)
ATM withdrawals abroad	Limited free (varies by plan)
Overdraft	Not offered
Savings	Vaults with competitive rates
Multi-currency	30+ currencies at interbank rate
Trading	Stocks and crypto (limited on free plan)
Business account	Yes
Best for	Frequent travellers, multi-currency needs, trading

Pros: Best for travel and multi-currency, stock/crypto trading, premium cards. Cons: Free plan has limits, not ideal as a main account, complex pricing.

Feature Comparison

Budgeting Features

Feature	Starling	Monzo	Chase	Revolut
Spending categories	✅	✅	✅	✅
Saving pots/spaces	✅	✅	✅	✅
Salary sorting	❌	✅	❌	✅
Round-ups	✅	✅	✅	✅
Bills tracking	✅	✅	✅	✅
Spending insights	✅	✅	✅	✅

Practical Features

Feature	Starling	Monzo	Chase	Revolut
Apple Pay / Google Pay	✅	✅	✅	✅
Instant notifications	✅	✅	✅	✅
In-app card freeze	✅	✅	✅	✅
Virtual cards	✅	✅ (paid)	❌	✅
Joint accounts	✅	✅	❌	❌
Business accounts	✅	✅	❌	✅
Cash deposits	Post Office	PayPoint	Varies	❌
Cheques	✅ (via app)	✅ (via app)	❌	❌

Which Should You Choose?

Your Priority	Best Choice
All-round main account	Starling
Budgeting and pots	Monzo
Cashback	Chase
Travel and multi-currency	Revolut
Joint account	Starling or Monzo
Business banking	Starling (best reviews)
Self-employed	Starling
Teen/child account	GoHenry, Starling Kite, or Revolut Junior

Multiple Apps Strategy

Many people use more than one digital bank:

Setup	Why
Starling (main) + Chase (cashback)	Best of both worlds
Monzo (budgeting) + Revolut (travel)	Great for holidays
Traditional bank + Starling	Branch access when needed + digital benefits

Security Tips

Tip	Why
Enable biometric login	Fingerprint/face ID for security
Set spending limits	In-app controls
Enable instant notifications	Spot fraud immediately
Use virtual cards for online shopping	Protect your main card
Freeze card when not in use	Extra security

For more on finding the right account, see our best current accounts guide and bank switching guide.