Banking

[stef1969]

Need to open a bank account for DS so have been looking and it made me think that there is a big craze now with the online digital only banks that are managed via app only.

Are they just as secure as the main banks that are on the high street? (or maybe I should say used to be on the high street)

Which bank do you use?

I'm old school and have used NatWest for years but it seems the offering of current accounts such as Monzo, Zopa and some others are very competitive Vs NatWest and the like.

Bumping for you as I want to know the exact same thing!

What do you mean exactly by just as secure? All banks are covered to the same amount by the FSCS rules

No one can say whether that would ever come into play for any bank in the future, old or new

Well I just meant is money safe in there

As long as you choose one governed by FSVS rules any money should be safe. I’ve heard bad things of monzo just shutting peoples accounts and holding the funds hostage though so I wouldn’t go with them. Always heard good things of revolut

This. Been with Starling for years, zero problems.

Been with Chase Bank for years. I find it great!

Revolut are one of the least helpful if you suffer fraud I believe. But all of the banks will have examples of poor service as well as good.

The advantage of a high street bank - the ven if it’s 20 miles away, is that you can speak to someone in person.
otherwise I would say you here’s very little difference between them. Apps are fairly similar in my opinion experience.

What do you mean exactly by just as secure? All banks are covered to the same amount by the FSCS rules?
Not all online banks/investment companies are. Go to the FSA website and use their checker.

I've moved my account to Nationwide as they've "promised" not to close any branches. I prefer to have the option of speaking to a human face to face if I have any problems.

How old is DS?

I have been with First Direct since they launched and have always had fantastic service. UK call centres (though I rarely need to speak to them) and the website and app are very user friendly.

They are backed by HSBC.

Revolut have a terrible record for fraud and data hacks and it only became fully licensed this year.

The rest are pretty much the same. Does he ever receive cheques or have cash to put into an account?

He's 15

If it's a bank they are covered, the OP asked about banks.

I'm assuming that as she doesn't seem very money savvy that she's sticking to fully authorised banks rather than venturing into more risky institutions

But for belt and braces @stef1969 you need to check that you're looking at an actual bank

In that case, you’re probably looking at children’s accounts unless he’s just about to turn 16. I recommend looking at Nationwide FlexOne as he can keep it until his 23rd birthday unlike other providers where they have to transfer to an adult account at 18. Comes with a debit card and the option to open a linked saver account offering 5% interest on savings up to £5000. He can open it online.

Dc bank with Nationwide who do still have branches but you can manage accounts online.

DS wanted to go with Monzo but because I don't bank with them they said no as did Starling so he has opened an account with Barclays but once he's 16 or 18 can't remember the age requirement then he's free to switch should he want to.

It's only in the past few years that the four main online-only "banks" such as Monzo and Starling etc have been covered by the FSA despite being considered mainstream like Lloyd's or Natwest for far longer. Martin Lewis made a big fuss about it because so many people had assumed they were protected but they actually weren't. It was more a warning for any lurkers rather than being directed at just the OP, plenty of people read threads just for information. There are links on his and the FSCS websites if anyone is unsure.

From google:
Revolut received its full UK banking licence in March 2026, which made eligible deposits FSCS-protected.

• Prior to March 2026: Revolut operated as an e-money institution. Deposits were safeguarded (held in segregated accounts) but not covered by the FSCS.