What UK bank account should I open?

(Short answer in my opinion is: use a neobank like Monzo or Revolut as your main account, + Wise for international transfers)

There are high street banks and there are neobanks. High street banks are the traditional ones that have a physical branch you can walk into to speak to customer service representatives. Neobanks are digital native and mobile-first - they don’t have anywhere you can physically visit to ask questions and deposit a cheque but you’ll usually have fewer questions because their app design is easier to use and their chatbot is more powerful (I’m generalising but really).

Here’s a table comparison I made in Notion:

I would say that high street banks tend to have a big upfront set-up or switching bonus, like I have heard of someone getting £300 to switch their primary bank account, but they don’t normally have any cashback or rewards. Neobanks will usually have cashback or rewards, though they might be very basic if you’re on a free plan, with the main rewards being if you’re paying for a monthly subscription (like with Revolut).

Final Considerations

• Branch Access: If in-person service is essential, opt for traditional banks with local branches.

• Digital Experience: For tech-savvy users, digital-only banks offer intuitive apps and innovative features.

• Fees and Requirements: Always review account fees, minimum balance requirements, and eligibility criteria.

• Perks Alignment: Ensure that cashback and rewards align with your spending habits to maximize benefits.

Remember, the best bank account depends on your individual needs and lifestyle. It's advisable to compare options and read the latest terms directly from the banks' official websites before making a decision.