5 Fintech Alternatives To Traditional Banking You Should Know In 2020

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The world is changing. Same happens to the banking. In the age of smartphones, unlimited internet connection and security features like fingerprints or faceID, it was a matter of time to create a new type of banking. New fintech banking challengers are showing up every month. Let’s see, which of them are worth to follow in 2020.

1. Starling

Winner of 2019 British Bank Awards – for best current account and best business bank. Starling was also named the best British bank for the second year in a row in a survey of 27,000 customers.

Starling offers free current and joint accounts, as well as free business accounts. Free card, no fees for abroad payments and 0.5% AER on balances up to £2,000 and 0.25% on balances above £2,000 up to £85,000, makes the Starling awards winner every year.

2. Monzo

Founded in 2015, the company offers mobile-only current bank accounts in the UK, with a focus on an intuitive banking model for its customers.

Monzo offers a free current account with a free card, up to £200 free abroad cash withdrawal every month and a great and easy-to-use mobile app.

3. Revolut

Probably the most popular fintech startup of last year. Revolut launched in July 2015, becoming Britain’s first digital bank unicorn in 2018.

Offers free current account with an option to choose many different currencies, extra packages (one with metal card), free currency exchange and even own crypto market.

4. N26

N26 is a German direct bank that offers its services throughout most of the Eurozone and in the UK. The startup has also announced plans to expand to the US in early 2019.

N26 offers free current bank account with a Mastercard card, contactless payments and no fees on card payments abroad.

5. Monese

Monese offers a fully-fledged, 100% mobile Current Account. They created a customer onboarding process that accepts virtually every customer that applies – even if they are new to the country, don’t have a credit history, or don’t have a regular fixed income.

Monese is currently available to anyone living within the European Economic Area (EEA), offering three packages: Starter (the free one), Plus (£4.95/month) and Premium (£14.95/month).

New article with a comparison between all fintech companies coming soon!

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