Tired of your traditional high street bank? It could be time to sign up to one of Britain’s challenger banks. There are plenty of them about, with more likely on their way, with some of the more famous including Monzo, Starling, and Metro. There are many advantages and benefits to using these new banks, like…
Signing up is easy
It’s pretty straightforward to get started with a challenger bank. You’ll typically just need to download the app, or check your chosen bank’s website, and pop your details in. Rather than waiting weeks or having to visit your bank, you should get a near-instant decision if you’ve been successful. After that, you should receive a debit card in a couple of days – and in the meantime, you should be given your debit card details, which can be connected to Google Pay and Apple Pay, so you can start spending straight away.
There are different accounts for your needs
One of the biggest myths about challenger banks is that it’s only good for personal accounts. However, almost all challenger banks offer an array of different account types to suit your needs. So, whether you’re looking for a simple current account or need a bank for your business, challenger banks will be just as able to meet your needs as the big-name brands.
It’s seriously convenient
Most challenger banks are mobile-only. That means you can access support when the time’s right for you – rather than queueing up in a branch to speak to someone. It gives them a 24-hour feel you just don’t get from high street banks. And, for banks with bricks-and-mortar premises like Metro, that convenience extends to opening up on Sundays, when your traditional bank will certainly be closed. As such, these banks tend to be a lot more customer-focused than their rivals.
You can still make cash transactions
These days, we manage our money digitally – from checking our balance on an app to using a contactless debit card. However, that doesn’t mean that using a challenger bank leaves you entirely cashless. Although money management is done through your mobile, you can still use your debit card to withdraw cash from an ATM. And, if cash is still king for you, then the Post Office is the royal court: this is where you can withdraw and deposit cash, just as you would at your bank’s local branch.
They’ll help you track your spending
Since most challenger banks are mobile-focused, it means they’ve really gone to town with their banking apps. Many, including Starling, feature extras not always present in the apps of high street counterparts, such as the ability to accurately track all your incomings and outgoings. In other words, these banks make it easier for you to look after your money.
You could get better deals
If there’s one thing most people hate about their banks, it’s that the ‘deals’ on offer – the low interest rates, the loans, the restrictive credit cards… And challenger banks are switched on to this frustration. That’s why, plenty of them offer far better financial products that genuinely compete with what’s on offer on the high street.