To help you choose the best online bank in Europe that suits your needs we have compiled this list of top European banks for 2020 – 2021 online banking.
In Europe today online banking is the most common way to make financial transactions. 70% of European adults now access their online bank at least once a month and use of online banking has doubled since 2007. In some EU countries, internet banking is used by as many as 90% of adults. People use their online banking for basic tasks like checking their balance; following their transaction history; making transfers between accounts and making payments. As Internet banking becomes more and more advanced customers are now able to do even more with their online bank account like applying for loans, making investments and researching or buying financial products.
The Challenge for Top Online Banks in Europe
With online banking now a part of most people’s everyday lives digital banks need to offer more advanced online banking services than ever before. Not only do top online banks have to provide solutions for customers’ present needs but they also need to anticipate future customer needs. The challenge for top online banks in Europe today is to provide a complete digital banking solution.
Top online banks in Europe offer a full range of banking services; low fees; support services and a user-friendly interface. Some of the financial institutions offering online banking are EMIs (Electronic Money Institutions). These are not traditional banks and the services they offer are limited mainly to money transfers and currency exchange. Online customers still see EMIs as banks and use their services as they would with a regular bank.
How this list of Top Europe Online Banks was compiled
We have chosen online banks that are digital-only and have their own brand which is marketed as a full solution to banking needs. These online banks are not just a mobile app provided by your traditional bank but rather an alternative to traditional branch-based banks. For online banks linked to a network of physical branches through a parent company, we have not counted the branch access as one of the bank’s selling points but rather focused on the services these banks offer online.
Top Banks in Europe:
Monese – The UK’s first digital bank, focussing on current accounts, contactless prepaid debit cards and money transfers. Monese gets points for its streamlined application process. Currently available in 20 countries and supportive of GBP and Euro. Monese is focused on high-quality service and offers customer support in 11 languages.
Revolut – Operating out of London, Revolut is one of the top Fintech companies. Their alternative to traditional banking includes peer-to-peer payments, contactless MasterCard, prepaid cards, and it supports several cryptocurrencies and over 20 traditional currencies. Already with over 2 million users, Revolut gets 6,000-8,000 new users each day.
B – As part of the Clydesdale Bank & Yorkshire Bank group, the UK-based digital bank called simply “B” offers among its services debit and credit cards, current accounts with up to £2,000 interest and instant savings accounts. B uses Touch ID, Android Pay and Apple Pay.
Fidor – Fidor Bank has its headquarters in Germany and offers a current account with interest rates influenced by Facebook Likes. They also have a “Smart Community” platform where users can discuss finance.
First Direct – Based in the UK this veteran financial institution was established in 1989 and offers a wide range of banking services and products. With First Direct you can apply for home loans, make investments, take out insurance and apply for personal loans all online.
HelloBank – This large Belgium-based digital bank offers sophisticated banking services including brokerage services, loans, insurance and current and saving accounts.
Loot – Loot is a British online bank where you can open a current account with contactless Loot MasterCard with PFM-style savings goals.
N26 – N26 operates out of Germany and offers customers a checking account with a debit card; cash withdrawals from ATMs; a rewards program and money transfers.
Starling – This is a mobile-only digital bank based in the UK. They offer a “Pulse” at-a-glance overview of your account as well as savings goals, real-time alerts, PFM tools and strong security that uses Touch ID.
Monzo – This British digital bank can provide customers with a real-time breakdown of spending, rapid money transfers and integration with other online services like Uber.