New figures show 40% of Brits now hold a digital-only bank account, up from just 24% in 2023.
The shift is being led by familiar names:
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Monzo, Starling, and Chase now sit among the UK’s top 17 current account providers.
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Revolut, while not a UK-licensed bank, remains a hugely popular digital alternative – particularly for international payments and lifestyle features.
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In a recent customer satisfaction survey, they outperformed the high street on service quality and mobile experience.
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Starling and Monzo also led for overdraft services – though Chase doesn’t offer this feature.
What’s driving the switch?
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Better interest rates: Digital banks offer average savings rates of 3.35% AER, more than double the 1.52% AER provided by the ‘big four’ high street banks.
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Ease of money transfers: Approximately 15% of users appreciate the simplicity of transferring funds.
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App convenience: 13% find digital-only banking apps more user-friendly.
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Free overseas transactions: 12% are attracted to fee-free spending abroad.
And with 17% of non-users planning to join, adoption is only going one way.
Are digital banks now the default? Or can traditional banks evolve fast enough to stay relevant – especially with younger customers?
BehindLogin unpacks competitor UX and strategy, giving you the edge to build better roadmaps and win your market.
