Finance apps are not a one-size-fits-all product. Which option is right for you will depend on your needs, preferences and individual circumstances.
Below are some key factors to consider as you make a decision:
Fees: All the providers above offer free accounts, but some also offer premium, paid-for versions. For instance, Monzo’s Premium membership tier comes with benefits including global travel insurance, improved interest rates and phone insurance for £15 per month.
Whether these accounts are a good fit for you depends on your personal circumstances. For instance, a package account that includes travel insurance and airport lounge access may not be cost effective unless you’re a frequent traveller.
Savings options: If you plan to open a savings account via your finance app, compare interest rates with other providers as well as any restrictions on withdrawals or maximum balance limits.
App features: Finance apps offer a range of functionalities such as spending trackers, budgeting tools, automatic saving, payment links or an in-app ‘marketplace’ for third party products. If you’re fairly tech-savvy and prefer to manage your finances through an app, a provider with several of these features could be a good fit.
However, if you’re unlikely to use all these features, you might opt for a provider with a more streamlined service, such as Kroo.
Investing: Some of the providers listed above offer an integrated investing platform, which could make them a good fit if you’re keen to start investing from your phone.
While this might be a convenient way to invest, these apps have a much smaller selection of investment options than an app dedicated solely to investing.
It’s also important to watch out for any fees, so you know exactly what you’d be paying to trade.
