Best online Banks in EU

If you use an online bank, you’ll be one of the first people to try out the newest fintech innovations, since digital banks are always testing and releasing new products, features, and services.

We found a list of the best online banks in the EU/ EEA by looking into dozens of mobile challenger banks in the EU and around the world. We’ll start by looking at the best digital banks in each category, then move on to the best online banks overall.

On the European banking market, where there is so much competition, the customer is finally king. We can choose the online bank account that works best for us.

When choosing a mobile bank, you should always check sites like TrustPilot to see what other users have to say and where these banking apps fall short.

Most of the following challenger banks have their own reviews on our website, which you can also read.

Let’s see what online banks are the best in EU.

Best online Banks in EU

Wise

Best online Bank in the EU for free personal account. 

We think that the free personal account on Wise is one of the best online banks in EU. For a physical card, you only have to pay €7 once. You can use the account without the card, of course, if you have the app.

Their personal account gives you 10 local account details, including USD, EUR, and GBP, that anyone can use to pay you like a local. You can use your card in more than 200 countries and get cash from 2.3 million automated teller machines. Use Google Pay and Apple Pay in countries where they work.

But Wise is best known for exchanging currencies and transferring money. They help you avoid sneaky fees and fees that aren’t fair when you do business abroad.

Revolut Metal

Best online Bank in the EU for paid personal account

The top account from Revolut has everything and more. In the Eurozone, the Metal Account costs €13.99 and express shipping is free.

Revolut can be considered as one of best online banks in EU. 

You can get your sleek Revolut Metal Card in 5 different colors, all of which look great but aren’t too loud. They are contactless, of course, and the Metal account as a whole has a lot of features.

You get access to 5 Junior accounts, cashback on payments made with metal cards, purchase protection of up to £10,000 per year, ticket protection, return protection, an unlimited number of disposable virtual cards, and a daily interest rate of up to 0.65% AER on savings.

Revolut is a jack of all trades, which is clear from the fact that it also lets you trade cryptocurrencies, stocks, and precious metals.

Other benefits of Revolut Metal include the ability to spend in more than 150 currencies at the interbank exchange rate, exchange in 28 or more fiat currencies with no monthly limit, make up to €800 in fee-free ATM withdrawals per month, get overseas medical insurance and delayed baggage and flight insurance, and get free lounge passes for you and up to 3 friends if your flight is delayed for an hour or more.

N26

Best online Bank in the EU for metal cards

If you sign up for the premium account and pay €16.90 per month, you can get the N26 metal card. Charcoal Black, Slate Grey, and Quartz Rose are the three colors. Like Revolut, N26 metal cards have a simple look that will appeal to a wide range of people.

The N26 Premium account is also a powerful financial tool with many features and benefits.

N26 can be considered as one of best online banks in EU. 

Frequent travelers will be able to make free, unlimited payments in any currency, no matter where they are. They will also have access to medical travel insurance, up to €10,000 in compensation if they have to cancel or shorten their trip, up to €500 if their flight is delayed for more than 4 hours, up to €500 if their luggage is delayed for more than 12 hours, and up to €2,000 if it goes missing.

Their “lifestyle” insurance also covers accidents that happen while they are doing winter sports, renting a car, getting phone insurance, and sharing a vehicle.

Curve

Best online Bank in the EU for cashback

Curve offers a rewards program called Curve Cash. There are several cash-back programs in the program, and you can take advantage of more than one at the same time:

Welcome Cashback lets you earn 1% cash back on almost every purchase you make with your Curve Card for at least the first 30 days. Curve Cash lets you choose 3–6 favorite stores from a list of over 100 popular stores, like Amazon, Deliveroo, TfL, and more. You will get 1% cash back on each purchase.
All you have to do to get points is buy something from one of the stores on the list. Once you have enough points, you can use them to buy things anywhere your Curve Card is accepted, except at ATMs.

Lunar

Best online Bank in the EU for investing

Lunar has made investing as simple as possible and made buying stocks easier than ever. There are no hidden fees, and each trade will cost you 19kr. Invest in the brands you like from around the world and in different industries. In the Lunar app, it’s easy to find them by searching for the company’s name or logo.

There are no minimum deposits or trade amounts, and they will even send you a tax report automatically.

Wise

Best online Bank in the EU for international money transfers

Since its start in London in 2011, Wise has worked to make international money transfers cheaper and more clear.

Wise just finds the best exchange rate and adds a small fee on top of that. This is different from big banks and other money transfer services like PayPal, which mark up their “free” transfers by a huge amount.

Smart people use technology to link their bank accounts in different countries. In practice, this means that you don’t send money directly to the person you want to help. Instead, you send money to a Wise account, which then sends money in the local currency to the person you want to help.

The person sending the money saves money on fees, and the person getting it gets it for free in their own currency.

Revolut

Best online Bank in the EU for Bitcoin and Crypto investing 

Revolut is a great way for people who are just starting out to learn about BTC and other, less well-known cryptocurrencies. Revolut adds a flat fee of either 1.5% or 2.5% (depending on your account) to the price of buying and selling cryptocurrencies to cover the risk of trading. So, it’s easy to invest in cryptocurrency through Revolut, but it could cost you a lot of money.

On the platform, you can use the following cryptocurrencies:

Bitcoin (BTC),
Bitcoin Cash (BCH),
Ethereum (ETH),
Stellar (XLM),
EOS (EOS),
OMG Network (OMG)
Litecoin (LTC),
Ripple (XRP),
0x (ZRX), and
Tezos (XTZ).

In some countries, it’s just as easy to buy stocks and goods as it is to buy cryptocurrencies. This can turn you into a real investor in just a few minutes.

Holvi

Best online Bank in the EU for freelancers

Holvi is a modern bank account for freelancers and business owners that can only be used online. Holvi gives you everything you need to run your business in one powerful current account.

Your Holvi business MasterCard works with the mobile app, so it will automatically keep your account up to date. It’s easy to save receipts, and it’s easy to share documents with your accountant or bookkeeper.

Best online banks in EU

Anytime

About:

• Started in 2012
• CEO Dupouy and Thierry Peyre started the company.
• Parent bank: Orange Bank – SA
• There are both personal and business accounts.

Features:

• A quick and convenient application process
• Online payments in France and abroad
• There are many types of accounts to meet the needs of different businesses.
• Accept cheques
• As many MasterCards as needed for business and personal use
• Budget management tools
• No fees for transactions in other countries
• Partnership with SumUp makes it easy for merchants to take card payments anywhere.

Anytime is a neobank with offices in Belgium and France. It offers banking services to individuals, professionals, businesses, and organizations. Their service is meant to replace your current bank account or work with licenses from the Bank of France (ACPR) and the Financial Conduct Authority (FCA) (Bank of England).

Anytime offers one of the most advanced and complex business banking services that neobanks have to offer right now. There are a lot of features that are meant to make money management much easier.

Bnext

About:

• Started in 2018
• Founders: Guillermo Vicandi (CEO),
• Juan Antonio Rullán
• Personal accounts

Features:

• Simple to start online
• Can be bought in Spain
• Trade Bitcoin and Ethereum BTC/ETH
• More than 400k people use it
• Market for loans, insurance, mortgages, etc.
• No hidden fees

More than 400,000 people use Bnext, the largest independent mobile bank in Spain. It has a free Standard account and a Premium account that costs €8.90 per month. This Spanish fintech company offers bank accounts, but it also has a large marketplace where you can find financial products from partner companies. These products include mortgages, loans, insurance, savings and investments, and more.

Bnext also trades in cryptocurrencies like Bitcoin and Ethereum, which its customers can use.

Bunq

About:

• Started in 2012
• Founder: Ali Niknam (CEO)
• Accounts for personal and business use

Features:

• Simple to start online
• Monthly costs range from €7.99 to €19.99
• Good for going places
• Only sold in the EEA
• Every €100 you spend, it plants a tree.
• You can choose from three different cards.

Bunq is a cool challenger bank that wants to attract young people from all over Europe with its green message and travel features. It did some great things in this area, but there are still some problems with security and apps that hold it back.

In 2019, Bunq went to every market in the European Union, Norway, and Iceland. Bunq plants a tree for every €100 spent by a Green Card holder, which helps bring back trees.

Online, it only takes a few minutes to open a mobile-first account at Bunq bank. You don’t have to live in the Netherlands to open an account with bunq, unlike many other banks. This means that anyone who lives in the European Economic Area can sign up.

Curve

About:

• Started in 2015
• Founders: Anna Mostyn-Williams, Shachar Bialick (CEO), and Tom Foster-Carter
• Personal accounts

Features:

• Mix all of your cards into one
  Curve offers up to 100,000€ in customer protection.
• Up to €600/m free withdrawals from ATMs abroad
• 1% Money Back
• Insurance for travel everywhere
• Collision insurance for rental cars
• The Curve app can be used in 31 European countries, from the UK to Spain and Sweden.

Curve Blue is free, and there is no monthly fee. During the first 90 days of your plan, you will get things like 1% cash back from stores like Amazon and Netflix. Curve Black costs €9.99 a month and gives you 1% cash back from three selected stores for an undetermined amount of time.

Curve Metal costs €14.99 and gives you a metal card, mobile phone insurance, rental car collision waiver insurance, access to LoungeKey in airports around the world, and fee-free withdrawals of up to €600/m from ATMs in other countries.

Ferratum

About:

• Started in 2005
• Founders: Jorma Jokela
• Personal accounts

Features:

• Simple to start online
• Accounts for more than one currency
• App with tools to help save money and reach goal
• No hidden fees
• 2021: New app

Ferratum Bank is active in 25 countries in Europe, North America, South America, and Asia-Pacific. It has fast bank services like savings accounts and loans online, and it’s easy to use a mobile banking app.

Even though the main office of Ferratum Bank is in Helsinki, Finland, it is a PLC registered in Malta and licensed as a credit institution by the Malta Financial Services Authority. Ferratum Bank is a member of the Depositor Compensation Scheme, which can give up to €100,000 in compensation if something goes wrong.

With a mobile banking package that makes it easy to get to your money, Ferratum Bank can be a helpful way to manage your money.

Fidor

About:

• Started in 2009
• Founder: Matthias Kroener
• Boris Joseph CEO.
• Accounts for personal and business use

Features:

• Simple to start online
• Available in Germany
• Loans
• Investing
• Crypto
• Overdraft

Fidor is a digital-only bank in Germany that was started in 2009. They went into the UK market in 2015, but because of Brexit, they left in 2019.

They have accounts for both individuals and businesses. And if you use both accounts more than 10 times a month, you can get a €5 bonus for each account.

Fidor made the first bank for cryptocurrencies along with bitcoin.de and Kraken. Through an API, they have made it possible for their customers to connect crypto wallets directly to their Fidor account. You can also have the status of your cryptocurrency wallet show up on your dashboard.

Holvi

About:

• Started in 2011
• Founders: Kristoffer Lawson, Mikko Teerenhovi, Teemu Hukkanen, Tuomas Toivonen
• CEO: Antti-Jussi Suominen
  Accounts for business

Features:

• Simple to start online
• One business account for everything
• Invoicing
• Bookkeeping
• Holvi Lite €6/m
• Holvi Pro €12/m

Since 2011, freelancers and small business owners who work with the fintech company Holvi in Helsinki have been able to do all of their banking online. Holvi is licensed to do business across the EU by the Financial Supervisory Authority of Finland (FIN-FSA) and SEPA. It offers business accounts with extra tools for managing money.

They do business in Finland, Germany, Austria, Belgium, Ireland, and the Netherlands right now.

Lunar

Monese

About:

• Started in 2013
• Founder: Norris Koppel (CEO)
• Personal accounts

Features:

• Offered in the EEA
• Users can open an account without showing proof of a physical address, utility bills, or a credit history.
• Use-friendly
• Complete electronic transactions
• Use a MasterCard debit card to buy things in person
• Options for multiple currencies (€ or £)
• Getting cash out is free.

In 2016, Monese was one of the first companies in the UK to offer only digital money. Monese is used by more than a million people in the European Economic Area (EEA) for their banking needs, and more than three billion transactions are made each year.

Users can open a currency account on Monese without having to show proof of address or go through a credit check. Even though many people think of Monese as a bank, it is not a bank according to federal law.

N26

About:

• Started in 2013
• Valentin Stalf and Maximilian Tayenthal were the founders.
• Nick Kopp is the CEO.

Accounts for personal and business use

Features:

• Sign up online for free
• No fees every month
• No minimum balance
• Get paid early
• Cashback and special savings
• Instant N26 transfers

Valentin Stalf and Maximilian Tayenthal started the German bank N26 in 2013. The company’s main office is in Berlin, but it provides banking services all over the Eurozone, the United States, and Switzerland.

N26 has over 1,500 employees and more than 7 million customers in 25 markets. The German mobile bank has a lot going for it, like the fact that you can use your card anywhere without worrying about fees and that the online application process is quick and easy.

The app is fun to use, and the extra features that help you keep track of your money work well.

Nuri

About: 

• Started in 2015
• Founders: Benjamin Jones (CEO), Jan Goslicki, Jorg von Minckwitz
• Partner bank: Solarisbank AG
• Personal Accounts

Features:

• Offered in the EEA
• Investing in cryptocurrencies
• Bitcoin can earn up to 5% interest per year
• Free ATM withdrawals as much as you want

Nuri is available to people who live in the European Economic Area, which includes Switzerland and the UK. It also accepts IDs from more than 70 different countries. They were also called Bitwala until 2018, when their card provider forced them to close.

In the same year, Nuri was launched with help from Solarisbank. They offer a basic bank account and the chance to invest in cryptocurrency (BTC and ETH). When you buy Bitcoin, you can earn up to 5% interest per year when you invest in cryptocurrencies.

Orange

About:

• Started in 2017
• CEO: Paul De Leusse
• Orange S.A. is the parent company.
• Accounts for personal and business use

Features:

• Simple to start online
• Available in France
• Personal loans
• Accounts for savings

Orange Bank is a branch of the same-named French phone company. They offer three accounts for people:

• Standard (Free)
• Premium Card (€4.99/m)
• Premium Pack (€9.99/m)

This French digital bank has more than 1,100,000 customers already. It has both personal and business accounts for freelancers and small and medium-sized businesses.

Payoneer

About:

• Started in 2015
• Founders: Yuval Tal
• CEO Scott Galit
• Business accounts

Features:

• Signing up online is easy.
• Good option for small businesses and freelancers
• Free Mastercard pre-paid
• Connects to a lot of different markets
• Withdrawal options that are flexible
  If used fairly often, there are no account fees.

Businesses and independent workers often use Payoneer. They give you a prepaid Mastercard so that you can use your money right away.

They’ve teamed up with so many online marketplaces that it’s easy to get paid for your services, products, or rentals, for example. Payoneer works with Airbnb, Amazon, Booking.com, Fiver, and Upwork, among others.

Payoneer is used by almost everyone who does business online. Almost everyone who does business online has a Payoneer account. The Payoneer app works great, and you can get a debit card for free if you need one. However, the card isn’t always the cheapest one to use.

Paysend

About:

• Started in 2017
• Founders: Abdul Abdulkerimov, Ronald Millar (CEO)
• Accounts for individuals and businesses, money transfers

Features:

• Signing up online is easy.
• Send money to more than 90 countries.
• Fixed-price
• Paysend link
• As soon as possible
• Account with Paysend Global
• Send Smartcard Paysend
• Accounts for business

Paysend has quickly made a name for itself as one of the newest types of modern money transfer services on the market. It was founded in 2017 and has been around since then. The company has only grown in size and number of users because it has come up with new ways to transfer money, like letting people pay with their cards or bank accounts.

Penta

About:

• Started in 2016
• Aleksandar Orlic, Igor Kuschnir, Jessica Holzbach, Lav Odorovic, Luka Ivicevic, Matteo Concas, Sir Gabriel Holbach, and Jessica Holzbach were the original founders.
• CEO: Dr. Markus Pertlwieser
• Business accounts

Features:

• Instead of waiting weeks, you can get a company account in 48 hours.
• Opening a German bank account online with an IBAN
• VISA debit cards for all employees
  up to €100,000 in deposit insurance
• Preparatory accounting makes it easy to handle expenses
• Starting at €9 per month
• No hidden fees

Penta is one of the newest online business bank accounts. It lets small businesses and startups do fast online banking. The sign-up process is quick, and corporate cards for your employees give you the chance to fine-tune how you handle your employees’ expenses.

The most popular option is the free Basic package, which comes with 50 outgoing transfers per month, one business Visa card, and one Penta user.
Advanced plan costs €9 per month and includes 100 outgoing transfers, two Penta users, two business Visa cards, and accounting integrations.
Premium package for €19 per month includes 300 outgoing transfers per month, five Penta users, five business Visa cards, Premium Support, international payments, and accounting integrations.
Penta is only available to companies in Germany right now.

Qonto

About:

• Started in 2016
• Alexandre Prot and Steve Anavi were the founders.
• Accounts for business

Features:

• Companies that are registered in France can use it.
• A complete way to keep track of your spending
• Automate bookkeeping
• No hidden fees,
• There are no transfer fees.

Qonto is a great option for businesses that want to speed up and simplify their banking without having to pay a lot of money. There are different packages for businesses of different sizes. The web app has a lot of great services that can help with budgeting and keeping track of finances.

Since all of the accounts are current accounts, there isn’t much in the way of interest to talk about. Depending on whether you want a solo account as a freelancer or an account for a large business, the fees for accounts and cards range from €9 to €300 per month.

Rebellion

• Started in 2017
• Founder: Sergio Cerro (CEO)
• Personal accounts

Features:

• Can be bought in Spain
• Designed for a younger audience
• Investing in crypto
• Accounts for adults and teens 14+
• Flash cards and wire transfers

Rebellion is only sold in Spain and is aimed at younger people from Generation Z and the Millennials. They were the first challenger bank in Spain to get a banking license and offer IBANs.
This neobank also lets you trade Bitcoin, Ethereum, and Dogecoin with a crypto wallet.

Their account is free, and there are no minimum balances or monthly fees.

Revolut

About:

• Started in 2015
• Founders: Nikolay Storonsky (CEO) and Vlad Yatsenko
• Business accounts and personal accounts (spending, saving, junior, and crypto)

Features:

• Budget and Numbers
• Get paid on time
• Trading in crypto
• Savings Vaults
• Up to 4.64 percent interest
• Donations

Revolut is a “challenger bank” that changed the way banks work all over the world. It has grown to every part of the world and is finally making money.

With their innovative app, you can send money anywhere in the world, invest in crypto, stocks, and commodities (gold and silver), get travel insurance, exchange money without hidden fees, and so on.

Revolut has become a global player in the world of neobanking, and other challenger banks have started to copy some of the features it has made. Even though the company has some problems to work out, there are many reasons to switch to their nice app.

Tomorrow

About:

• Started in 2017
• Founders: Inas Nureldin (CEO), Jakob Berndt, Michael Schweikart
• Personal Accounts

Features:

• Simple to start online
• Offered in the EEA
• Sustainable banking
• Sustainable investing
• €15/m for a wooden card

Tomorrow is a unique German bank that focuses on sustainability, climate, and a greener future in general. It can be used anywhere in the EEA, and there are three kinds of accounts:

• Free
• (€5 per meter)
• Zero (€15/m)

Tomorrow says that they combine the convenience of mobile banking with real concern for the environment. They only put your money into projects that are good for the environment. It’s a simple and free way for you to help make the world a better place. With their bank account, every time you buy something, you do something to protect the environment.

For every euro you pay with your Tomorrow card, 1 m2 of rainforest is saved from being cut down.

Vivid

About:

• Started in 2019
• Founders: Alexander Emeshev, Artem Yamanov
• Personal accounts

Features:

• Available in Italy, Spain, France, or Germany.
• Metal card for free (for now)
• Futuristic digital or shiny metal card designs
• Vivid Pockets
• Budgeting and looking at data
• Investing in stocks and ETFs without fees
• Investing in crypto
• There are no fees for instant money transfers and payments
• Bill splitting
• 107 different currencies in their own free pockets

German challenger bank Vivid Money was only started in 2019. Its main office is in Berlin, Germany, and the business is growing very quickly.

You can only get a free or paid Vivid account right now if you live in Italy, Spain, France, or Germany. For now, their metal card is also free. You automatically get it when you sign up for an account, along with a free premium membership for three months.

If you decide after three months to switch to a free account, the metal card will still be yours. Each month, it costs €9.90 to be a Prime member.

With the Vivid Standard account, you can get up to €20 cashback per month, 15 free pocket accounts, 40 different currencies in separate accounts, free global payments, free money transfers, free direct debits, no exchange limits, free ATM withdrawals up to €200 per month in any country, and more.

The Standard account has fewer features and lower limits than the Prime account.

Wirex

About:

• Founded: 2014
• Founders: Dmitry Lazarichev (CEO), Georgy Sokolov, and Pavel Matveev (CEO)
• Personal accounts

Features:

• You can open an online account in minutes.
• Europe and the rest of the world can get it.
• Instant transactions with crypto
• Notifications for all transactions coming in and going out
• Send money to your friends and family quickly.
• Up to €400 per month can be taken out of ATMs for free.
• There are no account fees
• Zero exchange fees

Wirex was the first company in Europe to offer cryptocurrency accounts linked to free debit cards. They already have more than 3.5 million users all over the world. This shouldn’t be a surprise, since it has many benefits for both crypto fans and regular users who don’t know what BTC or XLM are.

The company’s goal is to make crypto more accessible and open to everyone by giving “people the power to seamlessly use their digital and traditional currency wherever they are in the world.”

If that sounds good to you, find out what features and benefits it has for people like you, as well as what problems are stopping it from being successful.

Wise

About:

• Started in 2011
• Founders: Kristo Kaarmann (CEO) and Taavet Hinrikus (CEO)
• Partner bank: Community Federal Savings Bank
• Accounts for individuals and businesses, money transfers

Features:

• Online account for free
• International bank details
• You can send money to more than 70 countries, and the fees are always low and clear.
• Direct Debits in the US, the UK, and Europe
• Use your card to buy things with local money.
• Get your salary, pension, and other payments.
• Pay the real rate of exchange
• You can pay online safely and get instant updates.
• You can use your card in more than 200 countries and get cash at 2.3 million ATMs.

Since its start in London in 2011, Wise has worked to make international money transfers cheaper and more clear.

Wise has quickly become a top choice for both personal and business international bank transfers. Compared to high street banks and other online payment providers, Wise has very low fees, and when converting currencies, it uses the real exchange rate.

Wittix

About:

• Started in 2018
• Founder: Hanan Assis (CEO)
• Accounts for personal and business use

Features:

• For sale in the EEA
• IBAN accounts that can hold more than one currency
• Free and paid accounts for people
• 75 currencies supported
• Debit card and virtual cards

SWIFT payments happen all over the world
Even though Wittix is based in Las Vegas, it is licensed and regulated by the Central Bank of Lithuania. This means that citizens of the EEA/EU can use its services. There are three different personal accounts:

• Free for people from the EEA,
• Non-EEA citizens pay €15/m,
• People from high-risk countries pay €50/m.

If you want a physical card, you’ll have to pay an extra €9 one-time fee and €4.9 each month.

Businesses will have to pay an application fee of between €250 and €2,500, plus between €50 and €250 per month.

Which countries are part of the EEA?

You may have noticed that we talk about EEA countries when we talk about opening an online bank account.

If you’re not sure which countries are part of the EEA, they are: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

Benefits of the best online banks in EU

• Low fees to none
• Higher rates of interest
• Simple to use
• Convenient
• Budgeting and analytics
• Cashbacks

Online banks also go by the names mobile banks, neobanks, challenger banks, online banks, and other names that are similar.

Digital banking is a relatively new part of the financial world. Europe was one of the first places where digital banks grew so quickly and gave traditional banks a run for their money.

The best online banks in EU

Digital banks are banks that do everything through apps and the internet. They don’t have physical bank branches. But because the apps offer customer service 24 hours a day, 7 days a week, and a wide range of automated features, customers don’t need to go to a branch to complete their banking needs.
Online banks are taking on the services of traditional banks to make banking easier and more clear for their customers. People still don’t want to join one of the “challenger banks,” though. So, let’s look at what online banks in EU offer and try to figure out what some of the worries are.

Low fees to none

Best online banks in EU try to be much more open about how they do business than traditional banks. Many of the challenger banks offer free current accounts and more advanced options that cost a monthly fee.

Most of these banks are proud of the fact that they don’t have any hidden fees. This “fee-free” service is also available overseas, where many challenger banks offer free international transactions and free cash withdrawals to attract travelers.

Digital-only banks still make money, but they don’t take advantage of their customers by charging them too much.

Higher interest rates

Best online banks in EU will offer you better intrest rates. It is a known fact that big banks will give you terrible interest rates, if they give you any at all. How do you feel about 0.05%? Digital banks can offer higher interest rates on savings accounts because they don’t have to pay for things like storefronts and bank staff.

Some of the time, you can even get interest on the money in your checking account.

Simple to use

Best online banks in EU are easy to use. Is going to the bank the worst thing that can happen? I thought it was as important as going to the dentist. Thanks to mobile banks, you can open an account without having to drive to the bank and pay for gas and parking.

You can start banking as soon as you fill out the online form, upload your ID, and take a selfie.

Convenient

Not only is it easy to open a bank account online, but there are other things that are also helpful. You can apply for a mortgage and do just about everything else that has to do with your money from your couch. Start by opening your banking app and finding the menu.

Best online banks in EU are convenient

Most digital banks in Europe make it easy for new customers to sign up by letting them download an app, enter some personal information, and verify their identity. They are then approved within minutes.

Not only is the process much faster than at traditional banks, but it also makes their financial services more available to people who usually can’t use them.

Budgeting and analytics

Best online banks in EU put a lot of effort into helping their customers keep track of their money.

They do this with monthly reports, forecasts, alerts, budgeting goals, tools for saving money, and so on.

Customers can stay on top of their finances by getting alerts about their spending in real time. At the same time, automated advice helps customers decide how much they can spend safely and how much they can save. Because of these features, many people have opened an account, either as their main bank account or as a second account.

Cashback

You no longer need a credit card because some banks that are only accessible by phone give cash back on everyday purchases. It was about time that you got something back! Now, you can even get cash back in the form of cryptocurrency. That is what Best online banks in EU offer to their customers.

Drawbacks of online banking

• Customer service
• Fewer financial products
• Fewer options for depositing

Digital banking isn’t perfect, and most independent fintech companies were only started less than 10 years ago (some only a couple of years ago). So, there are still a few kinks to work out.

Let’s look at some of the problems with digital banks in the EU, though.

Customer service

This is likely the biggest problem that small banks have over big banks. You have to do all your troubleshooting online because there are no physical branches. This isn’t always the best solution, especially if you have a problem that needs to be fixed quickly and costs a lot of money.

Even though all of the apps have a chat feature, you may have to wait a long time for someone to answer your questions, or you may only be able to talk to a chatbot. True, some big banks also do bad things.

Fewer financial products

Some online banks only offer a basic account with a few extra features. That doesn’t have to be a bad thing. Not everyone uses their bank account for saving, investing, mortgages, loans, and so on. Sometimes, simpler is better.

Fewer options for depositing

This comes down to the fact that there aren’t any real branches. If you have cash on you and want to put it in your bank account, you might run into trouble. Same thing with checks, since you can’t scan a check with your phone at any online bank.

How safe is online banking?

When it comes to banking, security is very important, and some people may worry about how safe digital banks are. But, the best online banks in EU are on the cutting edge of security and other innovations.

Online banks go to great lengths to make sure that their services are safe and secure. When looking for the right digital bank for you, you may want to check what kind of license the bank has, if it has a full banking license, and what institution gave it. It is also a good idea to check any bank guarantees, such as whether deposits are covered by the European Deposit Guarantee Scheme.

Digital banks are proud to be on the cutting edge of technology, especially when it comes to privacy and security. These banks use the most up-to-date ways to verify the identities of their customers, such as by voice, face, or fingerprint.

When it comes to new ideas, traditional banks often follow the lead of challenger banks. This should give digital bank customers some peace of mind about their security.

What features do online banks offer that traditional banks don’t?

• Easy and quick to fill out online
• Acceptance in minutes
• No hidden fees
• Foreign transactions and ATM withdrawals will cost less or not at all.
• No boring paperwork is needed.
• Features of advanced analytics
• Reports and predictions every month
• Customer service inside the app
• Bill splitting
• Accounts that pay interest, whether they are savings accounts or not.

 Best online Banks in EU. We have created a list of the best online banks in the EU. Choose suitable online bank account. 

How to start using online banking

The best thing about banks that only work online is that most online accounts can be opened in 5–10 minutes or even less. Go to the site of your mobile bank and click or tap “Get Started.” You can also get the banking app yourself by going to Google Play or Apple’s App store.

Most of the time, you’ll need a driver’s license or passport and to live in the country where the online bank is based in order to open a personal banking account. Some mobile banks don’t make you live in the country to use them.

In conclusion

The European online banks each offer a unique service that will appeal to different people with different financial goals. The majority of the banks hold a fully-fledged banking license or are on their way to attaining one, meaning that these banks can offer their customers a full bank account and a debit card.

Although some online banks might offer a credit card, they are certainly not prevalent or even in high demand.

European digital banks are usually protected by the European Deposit Guarantee Scheme, which protects customer deposits up to €100,000 – although this may be something you want to check before choosing the right online bank for you.

If the money isn’t covered by the Scheme, it’s safeguarded and ringfenced in a separate institution and can’t be used for anything apart from its main use case. That means that the e-money institution can’t invest your money elsewhere and potentially lose it.

In terms of current accounts, most European digital banks offer a free standard current account option. However, some also provide more advanced plans for a small fee that offer extra benefits such as exclusive partner offers. All current accounts come with integrated budgeting technology, monthly reports, and advice, designed to help customers be more clued up about their cash.

Some of the European digital banks offer savings accounts with competitive rates of interest, while others limit their saving and interest features within the current account. Some banks offer spaces or pots to section away funds, whether for short-term savings or longer-term savings goals.

You can opt for one of your saving pots or spaces to receive a good interest rate, with many banks offering withdrawals that will not cause you to lose your interest.

Another common feature is the round-up tool, which allows customers to turn their spare change in everyday transactions into savings that earn interest. Customer growth and financial stability are a priority in European digital banking. Check what is offered by the Best online banks in EU to their customers. 

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