Not all banks are equal, so it’s no wonder that Brits are compelled to switch accounts in search for something better.

That could be anything, whether it’s a bank switching offer with a lucrative cash bonus, access to a bank branch, higher interest rates or spending benefits.

The latest Current Account Switch Service (CASS) data shows that more than 12.4 million switches have taken place since the service launched in 2013, with over a million switches made in 2025.

We look at the most popular banks that customers switched their accounts to, what made them move, and whether you should switch banks.

Which were the most popular banks in 2025?

Nationwide again proved to be the most popular banking company that customers switched to between July and September. The building society amassed the highest net switching gains (41,450).

It was followed by Monzo in second place (9,934), and NatWest in third (8,731).

We’ve compiled a list of the top banks and building societies in terms of net gains in a table below.

Customer data from the Current Account Switch Service is published three months in arrears, which is why the data here is from July to September, and not October to December.

Source: Current Account Switch Service. Data shows the number of full account switches completed between 1 July and 30 September, 2025

Of the banks and building societies listed above, four have had cash bonuses for customers switching their accounts. This includes Nationwide, First Direct, NatWest and TSB.

Nationwide’s lucrative year-round offers, such as the £100 Fairer Share bonus, which it has offered for three consecutive years now, the Thank You bonus, and member-only savings products, may have proved attractive to a large number of customers.

Meanwhile, Monzo paid customers up to £50 to refer a friend, which may have driven its popularity.

Which were the least popular banks in 2025?

While a few banks gained new customers, a lot more lost out.

Santander saw the biggest losses (-19,989), as 42,609 switches were made from the high street bank, while it gained 22,620 new customer accounts.

In second place is Halifax with a net loss of -17,341, while Chase had a net loss of -7,623. Chase lost out on many customer accounts after axing its easy access saver rate.

In the table below, we list the banks that suffered from the highest net losses between July and September.

Source: Current Account Switch Service. Data shows the number of full account switches completed between 1 July and 30 September, 2025

Access to online or mobile banking was the most frequently cited reason for choosing a new account, mentioned by 44% of respondents. This was followed by better customer service (36%), attractive interest rates (34%), spending benefits (28%) and other benefits or features (28%).

It comes after more than £31 billion was left in savings accounts paying 1% interest or less, with savers being urged to switch to an inflation-beating savings account.

Should you switch your bank account?

Switching has now become easier than ever before. According to the Current Account Switching Service data, 93% of customers in the last three years were happy with the switching process.

If you use CASS, it takes seven days for the switch to complete. It makes sure that your direct debits, standing orders, and any new payments to your old account are transferred automatically, even after you’ve switched.

However, that doesn’t always mean that moving your money to another account will be the best option for you. It’s always best to consider the long-term value of a current account, like whether you’re getting better customer service, how much you’ll incur in fees or charges, and if you have access to physical branches.

Depending on the type of account you hold, your bank may already be offering better savings rates, travel perks, or spending benefits. So if you’re switching for the cash incentive alone, it might not be worth it in the long run.

We look at whether switching banks can affect your credit score in a separate piece.

Around 12 million customers will now have access to Blackrock's iShares exchange-traded funds (ETFs) range via the Monzo banking app.

Blackrock is one of the largest fund managers in the world and one of the first to launch ETFs via its iShares range almost 30 years ago.

And now, 11 of the iShares ETFs will be available for Monzo customers to invest with ease. Nearly half (47%) of savers tend to put off investing because the overwhelming number of choices makes it difficult to start, Monzo's research found.

Exchange-traded funds (ETFs) have become a commonplace part of the investment landscape. In just 35 years since the first ETF launched on the Toronto Stock Exchange, the amount of money invested in ETFs has reached $15 trillion as of the end of April 2025, according to data from ETF research house ETFGI.

With Monzo, users will be able to pick a range of ETFs and build their own portfolio.

Monzo's ETF offer - how will it work?

Monzo launched a pilot of its 'Build Your Own' ETF investing feature on 17 June. Having offered a robo-adviser service that lets investors put their money into any of three pre-built investment pots, Monzo users can now take a more active approach to investing in ETFs.

“This new ETF offering is the next step in making investing even easier and more personal,” said Andy Smart, chief product officer at Monzo.

The pilot allows Monzo users to invest into any of 11 ETFs, all issued by BlackRock’s iShares, investing as little as £1 at a time. The ETFs available to invest in are:

• iShares Core S&P 500 UCITS ETF
• iShares Core FTSE 100 UCITS ETF
• iShares MSCI Emerging Markets UCITS ETF
• iShares Core MSCI Europe UCITS ETF
• iShares Core MSCI World UCITS ETF
• iShares NASDAQ 100 UCITS ETF
• iShares Healthcare Innovation UCITS ETF
• iShares Metaverse UCITS ETF
• iShares Global Clean Energy Transition UCITS ETF
• iShares Blockchain Technology UCITS ETF
• iShares Automation and Robotics UCITS ETF

This selection of global and thematic options gives investors “simple, clear options with just the right amount of choice”, according to Smart. It reflects the results of Monzo’s research into would-be investors’ greatest interests.

The pilot is initially only available to Monzo users who haven’t yet used any of its investment offerings, with 25% of eligible customers being given access each week for the first four weeks from 17 June. Any Monzo users who haven’t yet invested with Monzo should see the product appear in their app at some point during this period.

Later this year, once the pilot is complete, the offering will be rolled out to all Monzo users.

What are the benefits of ETF investing?

There are various benefits to using ETFs to invest. “They offer diversification, with a single ETF typically holding a broad range of securities,” said Raymond Backreedy, chief investment officer at Sparrows Capital.

That can include multiple asset classes, such as stocks and bonds: Vanguard’s LifeStrategy range, for example, offers investors ready-made portfolios in varying ratios of stocks to bonds, as a convenient means of balancing risks.

“They’re transparent in that most ETFs disclose their holdings daily, so investors know exactly what they own,” Backreedy continued.

Because ETFs trade on a stock exchange like an equity, they also offer liquidity and flexibility. Most core ETFs also benefit from low expense ratios since many of them are index trackers.

“ETFs have quietly become one of the most powerful tools available to retail investors. They offer low-cost, instant access to diversified portfolios,” says Rahul Bhushan, managing director at ARK Invest Europe.

How do I invest in an ETF?

One of the great advantages of ETFs is that they trade just like an individual stock on a stock exchange. That means they can be bought and sold in real-time, directly into your stocks and shares ISA.

You can buy an ETF from brokerages like Hargreaves Lansdown or AJ Bell, and there are also a range of investment platforms that specialise in ETFs.

InvestEngine, for example, offers zero account fees on ETF investing. As well as Monzo, other products like Moneybox offer investors a selection of ETFs that they can add to a stocks and shares or Lifetime ISA.

Choosing the best bank for your money isn’t always straightforward. From switching incentives and customer service to branch access, spending benefits and the interest rates on offer, there’s a lot to weigh up before deciding where your cash goes.

We look at the most and least popular banks in a separate guide, where Nationwide stood out thanks to its lucrative cash bonus, Fairer Share payments and top savings rates.

New analysis from Which? sheds light on the best and worst UK banks and bank accounts.

We look at the winners and losers, so you can see where your provider sits.

The best UK banks – how they rank

Which? asked thousands of customers how they would rate their banking providers. The data is based on several parameters, including ease of application and service in a bank branch, over the phone, online and app-based, and customer helplines.

In top place is Starling Bank, which is one of Which?’s recommended providers for the seventh consecutive year. The bank ranks highly in customer service and current account users are happy with its online banking service. Starling also launched a new AI banking tool that helps customers learn more about their spending habits.

Monzo is another one of Which?’s recommended providers. The challenger bank impresses customers with fee-free spending abroad, cashback on eligible spending and competitive savings rates, but falls short in customer helpline services.

First Direct is also in the top rankings – it’s one of only two banks which received full five stars for customer service and telephone banking. It also offers fee-free transactions abroad, and has an attractive bank switching deal.

Among more traditional high street staples, Nationwide ranks highly thanks to its extensive branch network. The building society has pledged to protect its branches from closures until at least 2030.

We look at the full results in the table below.

Source: Which? data based on a survey from September 2025. N/A means not enough responses for a star rating.

The best UK bank accounts – how they rank

Which? has analysed different bank accounts offered by bank and building societies. The parameters it has tested include interest paid, fee-free spending, interest-free overdraft and monthly fee.

Source: Which?. N/A means not enough responses for a product rating.

How to choose the best bank account for you

Despite the above findings, banking expert at Which?, Chiara Cavaglieri, says: “For too long, the biggest banks haven’t had to work very hard to keep customers, but challengers such as Monzo and Starling have quickly made their mark. They’ve forced bigger providers to innovate, and the result is a market where different providers shine in different areas. Even if you can’t bear to ditch your longstanding bank, think about what's important to you.”

With so many accounts to choose from, there are several factors to consider before you make a decision.

While a bank switching deal means customers have extra cash to cover the Christmas festivities, Rachel Springall, finance expert at Moneyfactscompare.co.uk, warns against making hasty decisions.

“An upfront free cash injection is a great sweetener, but consumers should only ever switch accounts if the new deal offers them better value,” she said, pointing out that while free cash offers don’t last forever, customers shouldn’t feel pressured to switch.

If you’re after spending perks and travel benefits, it might be worth checking out the best packaged bank accounts.

Springall said: “If customers opt into a packaged account, one that bundles in benefits, then they could find it to be more cost-effective than taking out separate insurance policies elsewhere, like travel insurance or mobile phone insurance.”

We look at whether travel insurance is worth it in a separate guide.

“There is a plethora of different benefits to choose from, such as high interest current accounts, those with a competitive overdraft tariff, as well as packaged accounts with integrated insurance plans or even accounts that reward savers or spenders,” Springall added.

“Those consumers who plan to make frequent trips abroad can also find accounts that don’t charge them for using their debit card in an ATM or in-store, so they can avoid paying out on transaction fees compared to a more traditional bank account.”

FSCS scheme: Are your savings safe?

The Financial Service Compensation Scheme (FSCS) protects your savings and investments if a financial services firm goes bust.

This includes current accounts, savings accounts, Shariah-compliant accounts, ISAs, and more.

On 1 December 2025, the FSCS limit rose from £85,000 to £120,000. It means that you will be covered for up to £120,000 if your money is with an FSCS-protected institution.

You can check which institutions are covered on the FSCS website.

Users of iPhones are being offered an easier way to keep an eye on their bank account balance.

Many smartphone users will have banking apps on their phone that let you monitor your spending and send and receive money.

But logging in can be time consuming as you need to remember passwords and often go through two-factor authentication such as receiving text messages to confirm your own identity.

That can be frustrating if you just want to know how much is in your account.

A new Apple Wallet feature allows users to connect their credit and debit cards already stored in the Wallet app to their online accounts.

Users will then be able to see their up-to-date balance and other information without having to go to their dedicated banking app.

We have all the details on how it will works and whether it is safe.

How to check your bank balance in Apple Wallet

Many smartphone users are familiar with using their device to make contactless payments.

You upload your card details to your phone’s wallet and simply tap to pay.

The new feature will link these cards to the rest of your account information using open banking technology.

This effectively gives other parties access to your financial data to help you have more control of your money.

It is available if you bank with Barclays, Barclaycard, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Monzo, NatWest and Royal Bank of Scotland.

The information will be accessible in the Wallet app, but will also appear when a user makes a purchase via Apple Pay online or in the app.

Apple said the new feature could help users make more informed purchases and get quick, simple access to see key information about their finances to help with budgeting.

iPhone users running the latest versions of iOS 17.1 will have access to the technology.

How secure is Apple Wallet?

The tech giant said the new feature had been built with privacy and security in mind and highlighted that before it is enabled users must authenticate through their financial provider’s website or app and consent to connect their accounts to their cards in the Wallet app.

Apple also confirmed that all user account balance information, transaction history and other account details are stored on device and not on Apple servers.

"By enabling users to conveniently access their most useful account information within Wallet and at the time of their purchase, they can make informed financial decisions and better understand and manage their spend,” says Jennifer Bailey, vice president of Apple Pay and Apple Wallet.

"We look forward to working with UK partners under the Open Banking initiative to help users better their financial health, and provide more ways in which banks can deepen their relationships with customers."

Travel money may be the last thing on your mind when preparing for a much-needed holiday – you might prioritise focusing on other things, like booking flights or making sure you have the right travel insurance.

However, leaving it too late to swap your cash could mean you get stung by high fees.

We look at how to secure better exchange rates and get the best deals on travel money.

How to find the best travel money rates

1. Don’t exchange currency at the airport

The general rule when it comes to travel money is to avoid airport exchanges.

Airport bureaux de change have a captive audience, as once you’re in the airport, there isn’t much choice about where you get your cash. You will typically get poorer exchange rates at the airport, so sorting out your travel money and currency exchange before you reach the airport can therefore make your money go further.

2. Use the right travel money cards

It’s a good idea to use travel credit or debit cards when heading abroad, as they can help you lock in competitive exchange rates and manage your money better on holiday.

Alastair Douglas, CEO of TotallyMoney, says: “Don’t get burnt by bank charges this summer and take a fee-free card with you. Otherwise, if you pack the wrong one, you could find yourself paying £8.15 for £5 of cash when abroad.”

Check the small print, though, as while most of these cards can be used in European or American destinations, it’s unlikely you’ll be able to use them in more far-flung places.

Another option for travel money is to use a prepaid travel card or a currency card that links with your current account from providers such as Currensea, FairFX, and Revolut. The Post Office also launched a Travel Money Card that carries up to 22 currencies.

3. Supermarket loyalty programmes

Most savvy shoppers are familiar with supermarket loyalty schemes that give you discounts on your grocery shopping. But registered customers could also get lower exchange rates on travel money, whether it’s with a Sainsbury’s Nectar card or a Tesco Clubcard.

4. Find the best travel money providers

Comparison websites such as Go.Compare and Travel Money Max make it easy to search and find the best deals – but a lot depends on what’s available near you.

For instance, you might find it easier to visit your closest eurochange machine or go to the local Post Office.

We’ve put together a list of the top travel money providers to help you find the best deal. Note: this is based on withdrawals of £1,000 and the rates are correct at the time of writing.

 The UK is ranked by most surveys as the second-biggest market in the world for fintech funding, putting it in prime position to grab a big share of the global market. Analysts reckon fintech revenues will grow sixfold to $1.5trn by 2030. Payments and bank data are two areas ripe for disruption, and here the UK is well and truly in the lead. The Open Banking initiative has allowed a whole new technology sub-sector to emerge, which can plug into your banking information as well as enable easier payments. 

Other countries are now following suit, with 74 countries in the process of rolling out next-generation real-time payment systems. I'd also argue the growth of UK fintech has been a huge net win for UK savers and investors, as new entrants to the financial sector have shaken up the establishment, lowering costs and improving efficiency. Open Banking apps have also made it easier to save and invest, often with little to no effort required from the user.

 Fintech: Seizing market share 

Bank charges have collapsed due to intense online competition and the online banks (or “neo banks”) have been especially aggressive in passing higher interest rates on to savers. Some users might be hesitant about switching to one of these online banking providers as they lack the pedigree of the big high street players such as Lloyds and Barclays, both of which are listed and have to publish their financial statements. 

However, two of the large neo banks, Starling and Monzo, are bound to find their way to a stock market within the next decade.

Starling is already solidly profitable with record pre-tax profits of £195m for the year to 31 March 2023, a six-fold increase on the previous year’s figure. Monzo also recently reported a net operating income of £214.5m in the year ending February 2023, almost double the previous year.

Elsewhere, London-listed Funding Circle (LSE: FCH) continues to grow its book of lending to small- and medium- sized businesses. Property lending firm LendInvest (LSE: LINV) recently released numbers that showed a solid increase in net revenues. Just a few weeks ago, the lending platform also announced another big chunk of new capital (£500m) for its mortgage-lending platform.

Both these firms are very much at the forefront of the UK fintech charge and have chosen to focus on the UK market, but both seem to be woefully ignored by UK investors.

Then there’s Wise (LSE:WISE), the global payments company. Launched with the goal of cutting costs for users sending money abroad, it has been transforming itself into a global financial services group. While not a bank in the regulated sense, users can set up accounts on the platform in different currencies, and earn interest by investing in money-market funds. 

It has cut the costs of sending money abroad, and businesses as well as consumers can use its app for all their banking needs. For the year to the end of March, customer cash balances on Wise’s platform totalled £10.7bn and pre-tax profits rose to £146.1m. With ten million customers around the world and £104.5bn of transactions processed in the last fiscal year, it is one of the top fintechs transforming the financial sector.

Companies of the future

The UK-listed venture capital firm Augmentum Fintech (LSE: AUGM) has an excellent record of investing in early- to mid-stage fintech firms. It’s one of the best ways to invest in the sector, alongside a strong team with a record of success. It has exited five portfolio investments since listing, all at or above carrying value.

The £170m fund has seen its shares fall sharply in value and it now trades at a 40% discount to book value, yet its net asset value recently rose 2.4%. The top ten investments in the portfolio have grown revenues at 117% year on year, while raising over $300m despite difficult market conditions.

The UK fintech sector has real strength and opportunity. Lower costs and more choices can only lead to better outcomes for users, even if investors may have a harder time picking winners

The clock is ticking if you want to take advantage of unlimited cashback from a Chase Bank current account.

While many banks have been competing for our business by launching cash switching bonuses, Chase has taken a different route by rewarding account holders when they spend.

The Chase bank account pays 1% cashback on all regular spending on your debit card each month for your first 12 months with the account, and currently that cashback is uncapped. That means that you will get 1% back on all of that normal spending, no matter how much that 1% comes to.

But, things are changing from 9 May. All applications for the account from that date will still benefit from the cashback on offer, but there will be a cap in place; the caps means you won’t be able to pocket more than £15 a month in cashback. That’s still an excellent proposition, but if you are a big spender on your debit card then you’ll potentially be missing out on further rewards if you don’t apply for the Chase current account by 8 May.

The Chase account also offers a nice alternative to cashback credit cards, should you want to earn cashback on your spending without wanting to take out a new credit card in order to do so.

Can I earn cashback on all of my spending with the Chase current account?

The emphasis on the Chase cashback offer is on everyday spending. You can earn cashback on almost everything - from your daily coffee, train tickets to your weekly groceries shopping.

As a result, you won’t earn cashback on big, out of the ordinary purchases that you make with your debit card.

Exclusions include spending on things like:

• College and university fees
• Estate agent fees
• Buying from art galleries or antique shops
• Cash withdrawals
• Gambling transactions
• Cryptocurrencies
• Tax payments

Earning interest with the Chase current account

The cashback isn’t the only selling point to the Chase current account; you can also earn interest on in-credit balances.

Chase recently introduced an interest rate of 1% for current account balances. What’s more, this rate is paid on the entirety of your balance, unlike some accounts which will only pay interest on the first £2,500 or so in your bank account.

There are no minimum monthly deposit or direct debit requirements and no fees, either.

The bank also offers a savings account, linked to its current account, which pays 3.1% interest, as well as 5% interest on its round-up account.

What are other digital banks offering?

Digital banks, or app-based banks, have grown in popularity over the past few years.

Though these don’t have physical branches, many users are switching to them for the convenience they provide.

Monzo pays 3.20% on its Instant Access Savings Pots, and you don’t need a minimum deposit. Additionally you can withdraw your money at any time, but it will take a working day for it to hit your account.

Starling Bank allows you to save between £2,000 to £1,000,000 into a one-year fixed saver with a rate of 3.25%. It’s worth shopping around for the best one-year fixed savings accounts, as some of them are offering rates of over 4.50%.

And while Atom Bank does not operate a current account, its one year fixed saver pays a rate of 4.55%.

No digital banks pay cashback on debit card spending, though some regular high street banks do.

For example, Santander has the Edge account which pays 1% cashback on debit card spending at supermarkets and on travel. It also pays 1% cashback on certain household bills paid by direct debit.

If you’re planning a holiday abroad or often go on business trips, using the best cards for travel could help you make your funds go further.

There are many ways to save on holiday, whether it’s booking flights or buying travel money in advance.

But thinking about how you’ll pay for things on your trip is also important, as the wrong card could see you stung with high exchange fees.

You can avoid these charges by using a competitive travel card that comes with zero fees on foreign transactions. We have compiled a list of the best cards for travel abroad, and the host of perks they offer.

Best credit cards for travel abroad

If you are using a credit card, make sure you are in a position to pay off your bill in full at the end of each month. Otherwise, any interest charges will cancel out any benefits.

If you are applying for a credit card, always go through an eligibility checker, like the Card Match tool from our sister site Go.Compare.

We look at the best American Express credit cards and the best credit cards for airport lounge access in separate guides.

Best debit cards for travel abroad

We look at some banks that do not charge fees when using your debit card abroad. However, there may still be ATM withdrawal fees, often set by the ATM provider.

Challenger banks, also known as digital or app-based banks, have been disrupting the banking industry for some years now. But for users, they provide tools and services that standard high street banks are yet to develop.

They've also become popular with savers, often offering better rates than traditional high street banks. Whether you're looking for the best savings account or a new current account, more of us are shifting to digital banking as the challenger banks continue to grow in popularity.

Unlike traditional banks, digital banks do not have physical branches and you’ll have to deal with the bank exclusively via your mobile phone – even for things like paying in a cheque, should you ever get one again. 

Here are the best digital banks and what they have on offer.

The best app-based bank accounts

Monzo

Monzo, launched in 2015, is one of the best app-only banks for budgeting and tends to do well in customer ratings.

It offers real-time notifications via your mobile every time you spend. And if you want to know where most of your money is going, you can easily see summaries of your spending which is categorised.

The app also allows you to set budgets, which is useful amid the cost of living crisis where prices are creeping up. Its salmon coloured card is popular with those in their twenties, but as more people become conscious of how they spend, the digital bank is likely to attract more attention with its useful budgeting tools.

The bank also has its own instant access savings account, offering a rate of 4%. The interest is paid monthly into the savings pot you create. You can withdraw money at any time, but it will take one working day for it to hit your account. You don't need a minimum deposit and can hold up to £100,000. 

• Monzo doesn’t charge any overseas spending fees, but ATM withdrawals are only free up to £200 every 30 days. A 3% charge applies after that.
• It offers joint, business and personal accounts.
• The Monzo Premium account, a packaged account that includes features such as mobile insurance, and travel insurance, costs £15 a month and pays 1.5% AER.
• The account comes with an optional £2,000 overdraft and loans up to £25,000.
• Monzo is protected by the Financial Services Compensation Scheme (FSCS), meaning that you can get up to £85,000 worth of protection on your money should the bank go out of business.
• Cash can be paid into the account via any of the 28,000 PayPoint terminals in the UK, located in local shops.

Chase

US-based Chase has become popular in the UK with its cashback on purchases deal and competitive savings rates.

• The bank's introductory 12 month 1% cashback offer has been extended, and customers can now earn 1% cashback for another 12 months as long as they deposit £500 into their account once the initial 12 months expire.
• From April the bank is introducing interest on its current account. From April, new and existing customers will get 1% interest on their current account balances with no fees or minimum deposits.
• The Chase saver, which is linked to the current account, pays 4.1% AER. Customers can open multiple savings accounts and save up to £500,000.
• You can also earn 5% AER variable interest on “round ups” – customers can round up each card transaction to the nearest pound and put it into a separate savings pot that pays 5% interest.
• There are no charges for overseas spending.
• Chase is FSCS protected.
• There is no facility for paying in cash.

Starling

Starling Bank won the “Best British bank” for four consecutive years until 2021 and offer similar tools as Monzo to help you budget, save for your goals and keep track of your spending. Starling also recently entered the savings market, offering you 5.25%  on a one year fixed. 

• You can have a business, personal, joint, dollar and euro accounts.
• It offers a debit card for children (Kite) for children aged 6 - 16, linked to the parent’s account, but this will cost you £2 a month.
• Free cash withdrawals abroad and no fees for overseas spending; transactions are converted at the Mastercard exchange rate.
• AER of 0.05% on personal current account balances up to £85,000.
• Allows you to spend money abroad with no fees.
• It is FSCS protected.
• Cash can be deposited at any Post Office branch and if you happen to get a cheque, you can use the app to scan it in.

Atom Bank

Atom Bank offers savings accounts and mortgages rather than a current account.

• Atom Bank does not operate a current account and can’t be used for daily spending.
• Atom Bank’s fixed saver account (one year) has a rate of 5.9%.
• Only open to UK residents.
• Atom Bank has a maximum savings limit of £200,000.
• There is no minimum deposit required for the instant saver but the fixed saver requires a minimum deposit of £50.
• Protected by the FSCS

Pros and cons of using app-only accounts

Pros

Many app-only banks have gained recognition for having excellent customer service as the absence of physical branches means digital banks often focus heavily on online customer service. Most app-based bank accounts offer fee-free transactions abroad

Accounts can be opened in minutes and come with useful budgeting tools and simple savings options. Most accounts will break down your spending by type so you can see where your money goes each month, which is handy if you are trying to set up a budget and stick to it. Alerts whenever you use your card also help you keep on top of spending.

Several app-based banks also offer round-up savings services: every time you spend on your card, the amount is rounded up to the nearest pound and the difference is put in a savings account.

Other benefits include the ability to set your own contactless spending limit., If you are uncomfortable with the standard £100 limit, you can change it in an instant. And if you lose your card, you can block it in the app.

Cons

App-based banks usually have fewer account types on offer compared to larger high street banks or more established banks. You generally get the choice of a current account and a basic savings account.

While Monzo and Starling do use the current account switching service, they may not offer any cash incentive to tempt new customers.

As there are no physical branches, customers can’t get face-to-face support should they want to; rather, you will need to be comfortable with online and, possibly, telephone support. However, with major bank closing branches, digital banking is increasingly becoming the norm.

As high-street bank branches close, older customers are switching to the sector’s digital challengers. Starling Bank has seen a 4.7% rise in sign-ups from over-65s in a year. That age bracket is now its fastest-growing customer group, with 39,000 customers. But the over-65s aren’t alone. Younger customers are leaving the likes of Barclays and Lloyds too. In the first nine months of 2020 Monzo’s customers increased by 39,776 while Starling’s climbed by 39,599.

Those that have made the switch to a digital bank seem happy with their decision. Customers at Monzo and Starling were most likely to recommend their current account, according to a survey last summer by the Competition and Markets Authority (CMA). “For the first time in three years of running the poll the CMA included branchless banks Monzo and Starling, which knocked the previous winner First Direct from the top spot,” says Kate Palmer in The Times.

The app-based banks have plenty to attract new customers. You can manage your accounts easily via apps on your smartphone and you can do things like pay in a cheque via the app rather than having to trek to your nearest branch. Starling’s current account is well reviewed thanks to its 0.05% interest rate and one of the lowest standard overdraft costs of 15% EAR (equivalent annual rate).

There are also no fees for spending or making cash withdrawals when you are abroad. Price-comparison site MoneySavingExpert ranks it as the best app-based bank account. Monzo too has no fees for overseas spending, and you can deposit cash into your account via PayPoint, the in-store payment service, for a £1 fee.

Both banks are covered by the Financial Services Compensation Scheme, so up to £85,000 of your money is safe and will be returned to you if the bank goes bust. They are also both members of the Current Account Switch Service (CASS): you should be able to switch your current account across seamlessly in seven days. Digital banks have as good, if not better, security than their high-street counterparts so your account can’t be hacked as long as you don’t share your passwords with anyone. Just make sure you only download official banking apps via your app store and regularly update the app so that it has the latest security features. Also ensure your phone is protected by a pin or another form of screen lock to guard your account.

If you do opt to use a digital bank you can also benefit from not having to enter your password every time you log in. If your smartphone has a fingerprint lock or facial recognition this can be used to log in. Just note that you must have a smartphone to open an account with Starling or Monzo as both are app-based banks.

Anyone who invests in the FTSE 100 will have to get used to some new names over the coming year. The world’s dullest major index is about to get a tech makeover, with a series of floats of high-tech, internet-based companies.

The takeaway app Deliveroo, which has kept plenty of people going through lockdown, has just completed a round of fundraising that valued it at $7bn, ahead of an expected listing sometime in the spring. Checkout, the payments-processing start-up that is one of the most impressive tech firms in the UK, hit a $15bn valuation on its latest fundraising and is likely to look to list its shares soon. Revolut, the fast-growing finance app, is now valued at $20bn. If it lists its shares Monzo probably won’t be far behind it and neither will TransferWise. And Moonpig, the online greeting-cards firm, has revealed plans for a listing likely to be worth at least £1.5bn.

New life among the dinosaurs

Critics will scoff that Moonpig is just a card company with a website (although 20 years ago you could have said Amazon was just a bookshop with online deliveries); that Revolut and Monzo are competing in a fiercely crowded marketplace where profits will be non-existent once the big players get their act together (although ten years ago you could have said the same about Netflix). Whatever your view, these are big flotations – most worth a lot more than the £4bn or so it takes to get into the index.

Others may be on the way. The Hut Group, a web-based consumer goods retailer, is worth £7bn, but is not yet in the FTSE; fashion retailer Boohoo remains on the junior Aim market even though it is worth more than £4bn. Both could easily graduate to the FTSE over the next year. Right now there are only really two tech companies on the index – food delivery firms JustEat and Ocado. By the end of the year there could easily be eight or ten.

That will liven things up. For the last two decades investing in the UK market has largely been a choice between the declining retailer, the shrinking oil giant, the embattled bank, or the tobacco conglomerate squeezing the last embers of profits from a dying industry. Hardly exciting. Ocado aside, there are barely any growth firms in the FTSE 100 (tech accounts for 27% of the S&P 500). It is hardly surprising it has done so poorly.

The London market needs to ensure it attracts all those firms and that they don’t decide to list in the US instead, or that our departure from the EU doesn’t make a listing elsewhere in Europe more attractive. Assuming they happen, these initial public offerings will affect the FTSE in three ways.

Here comes the flood

First, they will drive the performance of the index. While other markets have raced ahead, the FTSE has been stuck in a narrow range for two decades. The index is still below where it was on the opening day of 2000. The S&P 500 has gone from less than 1,400 in 2000 to 3,700 now, even if there have been some bumps along the way. If the FTSE had the same mix of growth firms that the S&P has, it would be hitting the 13,000 to 14,000 mark by now – not just bouncing between 6,000 and 7,000.

Next, they will attract investors. One reason private individuals in the UK have given up on investment is because it is so dull and the returns miserable. Sure, they could invest elsewhere, but only hardcore specialists were ever likely to do that. With more exciting companies, more private money will pour into the market. Global institutions too will engage with the FTSE again. It wasn’t just Brexit putting them off.

Finally, they will encourage more tech firms to float, creating a virtuous circle. Once a couple of major internet start-ups list, sparking the excitement that goes along with that, and so long as a few fortunes are minted, it will set an example that many others will want to follow. There are plenty of tech businesses now in the £1bn-plus range. A trickle could quickly turn into a flood. It is long overdue. The FTSE has been the dullest major index in the world for far too long now. A series of tech initial public offerings has the potential to transform it.

When it comes to organising our finances, some of us half-heartedly update an Excel spreadsheet every few months. Then there are those who know their account balances down to the penny. If you're more the former than the latter, there are several apps (there always are) designed to help you, or perhaps your children, keep track of your money.

Breaking down spending

Monzo

Starling

With Monzo, you can set budgets for different categories and send money back and forth between other Monzo customers' accounts. With both, you can request to round up transaction amounts, diverting the extra cash into a savings fund. What's more, the debit cards associated with these accounts tend to be good for overseas holidays, offering fee-free spending and withdrawals (though there may be limits).

Yolt offers many of the same features as the above apps, but rather than being linked to one current account it aggregates all your accounts in one place. The app, which is owned by Dutch bank ING, takes advantage of recently implemented "open banking" rules, which require banks to give third parties access to people's banking data. You can link up all of your bank accounts (as long as the bank is signed up to open banking), including credit card and saving accounts, as well as pension and investment funds.

Finally, if you're looking to take the "rounding up" feature a step further, you could have a look at the Moneybox app. As with Starling, it rounds up your purchases to the nearest pound. But rather than putting the difference into a savings account, Moneybox will invest it in a "cautious", "balanced", or "adventurous" way across a mix of cash, global shares and property equities from providers such as Fidelity and iShares. You can also choose to invest through an individual savings account (Isa). Note that this is probably only best for those looking to dip their toes into investing: as well as a fixed charge of £1 per month, you pay an annual charge of 0.45% of the amount invested. Then there's the cost of investing in the funds themselves. There are cheaper investment platforms out there for those looking to invest more proactively.

Don't call Monzo a "unicorn" (meaning a start-up valued at $1bn or more). "I hate that word," Tom Blomfield, the 33-year-old co-founder of Britain's biggest start-up digital bank, tells Liam Kelly in the Sunday Times. "I don't think valuation is something that's healthy to chase. It makes you do weird stuff as a company." Instead, Blomfield is focused on growing the number of customers, having recently passed the one million mark more than half of whom are under the age of 30.

Young people love the Monzo banking app and card because it breaks down their spending into categories such as "bills" and "eating out", and comes with a budgeting tool that allows users to save money into "pots". "We're giving them the tools to feel like they're in control," says Blomfield. And despite being about to seal a deal for a £100m cash injection from venture-capital and crowdfunding investors, "fundraising is a milestone, at best", he says. "I was out for dinner and when the waitress saw my Monzo card, she said it was brilliant. That's the stuff I really love."

Nevertheless, in the year to February, Monzo reported pre-tax losses of £33.1m, compared with a loss of £8m the year before. Revenue was just £1.8m, mainly from overdraft charges and loans, while the average balance is just £250. Blomfield, who expects revenue to be ten times higher this year, is relaxed. Monzo even published its accounts early. "We're trying to be transparent," says Blomfield. "As a new bank we need to build trust with our users, and we don't have the money for a big branch network or TV advertising. So we do it by being transparent."

Cremations without the fuss

Catherine Powell was running a funeral business built on decades of experience with her husband, Bryan, when a woman walked in six years ago with an unusual request, says Matthew Caines in the Daily Telegraph. She wanted an unattended cremation for her mother, with the ashes returned to her so that the family could then hold a celebration of her mother's life.

"We figured there had to be more people out there like her," says Powell. So they launched Pure Cremation in 2015. Unattended or "direct cremations" have the benefit of allowing the business to book up low-cost cremation slots without any fuss, as well as sparing those who would rather not go to crematoriums the need to do so. "We handle the practical aspects of physical care and cremation, leaving families free to create their own farewell ritual, when, where and how they want," says Powell. Pure Cremation has a staff of 24, turns over £1.7m (projected to reach £2.6m this year), and is set to open its own crematorium at the end of the year.

From launching tech start-ups to selling slippers

Serial entrepreneur Ankur Shah had already sold one tech start-up to credit-check agency Experian, says Alex Lawson in the Evening Standard. Now "I wanted to make money by buying a product for X and selling it for Y", says Shah.

Observing the Scandinavian-inspired "hygge" trend in Britain for cosy living, Shah settled on selling slippers, and visited remote Polish slipper factories where puzzled veterans raised eyebrows at his quirky designs. Mahabis, launched in 2014, has since branched out into everything from backpacks to candles, using social media and television adverts to promote the brand.

Admittedly, there have been hiccups along the way, says Shah "trying to sell a wool-lined slipper in 37-degree heat wasn't fun". Yet that hasn't stopped revenues growing to more than £20m. Shah now has his eye on opening a shop in London's West End next year, depending on how the high street recovers following recent closures, including the demise of House of Fraser.

How Ralph Lauren gave America its style

"The Bronx had certain connotations," Ralph Lauren, tells Anna Murphy in the Times. "I wasn't poor, but my father was an artist and my parents had four kids I grew up wanting to have certain things I had to work for it."

Born Ralph Lifshitz he changed his surname to Lauren when he was 16 the designer grew up in New York, the son of Jewish immigrants from Belarus. He didn't know exactly what he wanted to do with his life. But he did know he "didn't want to be a grey person".

It was later, while working as a tie salesman, that he gained the attention of Bloomingdale's, the department store. "Ties were important to a man at the time, but they weren't a means of expression," says Lauren. "I made these ties that were beautiful."

Bloomingdale's then asked Lauren to make the shirts to go with them. He borrowed $50,000 and the Polo brand was born 50 years ago. "I knew I had something going on," he says. "I knew what I liked, and I knew what I liked wasn't out there."

The brand took on cult status, aided by Lauren's approachable everyman image a vibe he has hung on to over the years despite his ranch in Colorado and Gatsby-like garage of priceless Bugattis. Over that time, his net wealth has grown to $7.2bn, according to estimates by Forbes.