Mobile Only Bank Accounts
What is a mobile-only bank?
A mobile bank (sometimes called a challenger bank) are firms that try to 'challenge' traditional banks like Barclays, Lloyds and Santander. All your banking needs can be done on mobile as there are no branches to visit.
Why choose a mobile only bank account?
Generally, there are no fees with these bank accounts and you can benefit from real-time payment notifications so you can keep an eye on your account activity. A lot of mobile banks offer deals with the places you regularly spend money. Check out each mobile bank product page to find out more.
Is my money and data safe with a mobile-only bank account?
Like most things, the more attention you pay to your data, the better protected it will be. Companies like Monzo and Starling invest huge amounts of money to keep customers' money and data safe. Most of the mobile-only bank accounts offer biometric security, where a face, fingerprint and voice recognition is required. If you are worried about your money, use a bank that is protected by the FSCS. This means your money will be protected up to £85,000.
What happens if I lose my phone?
If you lose your phone, you are able to block the app once you contact the bank provider. If you have lost your card but still have access to your app, you can instantly freeze your card.