Which Challenger Banks Are Paying Interest?

Picture of calculator for challenging banks

If you don’t yet know what a challenger bank is then the clue is in the name. It’s a bank that is challenging the status quo and taking on the old established banks.

There are many benefits of using a challenger bank and choosing a mobile current account.

The characteristics of a challenger bank are usually as follows:

  • They are online only, no physical branches.
  • They use technology to be far more efficient e.g. you can open an account in seconds on your phone.
  • You don’t really ever need to speak to a human.
  • Much more interactivity and data on your spending and savings habits.

Whilst there are a few challenger banks like Metro Bank who do still have physical branches, I am going to focus on 3 of the most popular online only banks in this article. Starling, Monzo and Revolut.

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