Banks that offer virtual accounts

Banks that offer virtual accounts – Virtual banks undoubtedly provide one of the best real-time services for customers who value time and are looking to access bespoke banking.

With Virtual accounts, you can operate and access bank services similar to what the traditional banks offer, but faster and easier without visiting a physical branch.

While the upsides are apparent, there are a few downsides to operating a digital account which include but are not limited to the lack of physical branches where customers can interface with staff for resolution of issues and inquiries.

Security of funds and customer details sometimes becomes of immense concern as there may be security breaches by third parties.

Customers may deal with overspending, given that an online account does not require strict protocols to access one’s account, overspending in this case does not constitute a healthy financial life.

With that out of the way now, you probably are looking to sign up for a virtual account, this piece will serve as a guide with the list of banks you can sign up for an account with.

Starling Bank

Starling Bank is said to be the first British digital bank, launched in 2014. Founded by Anne Boden.

Starling Bank is duly licensed to operate in its capacity, it has offices in London, Cardiff, and Southampton.

However, it’s a one hundred percent online bank without customer branches.

If you prefer to manage your money online, Starling Bank may just be the best solution for you.

As a licensed institution, Starling Bank is regulated and offers several security measures to protect your online account.

To send money within the UK with Sterling Bank is free, however, there are likely to be fees for overseas transfers.

Current

Current is an online bank that offers a savings account for both adults and teens.

The service can be accessed through its mobile app with no monthly fees.

Kindly note that all digital services are provided through its partnership with Choice Financial Group and Metropolitan Commercial Bank.  

Current is a New York City-based Neobank, customers can use their current account with savings features known as “Savings Pod,” where you can buy, and trade crypto, as well as manage your budget on current.

You can access free withdrawals across more than 40,000 ATMs across the US, and your deposits are FDIC-Insured, given this, your funds are relatively safe and accessible on demand.

However, kindly note that Current is not a real bank, but rather a financial technology company that provides banking services in real time.

Atom Bank

 Atom Bank was founded in 2014 as the UK’s first app-based bank, as well as the country’s first digital-only bank with a regulatory license granted.

Atom Bank offers savings accounts, mortgages, and business loans, however, currently, Atom does not offer current account services, given this, customers do not have the option to spend abroad with any of its products.

Other services offered by Atom Bank include but are not limited to,

• Affiliate Program
• SEPA
• Personal IBAN
• Loyalty program
• Insurance
• SWIFT
• Multicurrency account
• Card
• Crypto, etc.

Monzo

Monzo was founded in 2015 in London, Monzo offers free-fee bank transfers within the UK and supports Apple Pay and Google Pay.

With Monzo’s free current account, you can spend, save, and manage your money.

 Mozo offers a virtual account with up to 4.6% gross fixed interest on your savings, measured on a 12-month Fixed Pot with a 500 Pounds minimum deposit.

Kindly understand that the money will be locked away for 12 months while interest accrues on it.

Monzo has a culture to furnish you with instant notifications as soon as you complete a payment, however, you will be advised against overspending in case you are spending too fast, that a financial intelligence.

You can use Monzo abroad, anywhere in the world that accepts MasterCard, interestingly, you are not charged any fee for paying abroad, this is a rare feature with its competitors out there.

Should you be looking for a loan, Monzo offers overdrafts to upward of 2,000 Pounds and a loan of 25,000 pounds threshold.

The tax advantage of the Monze Flex buy now pay later solution, is that it’s interest-free if you pay in full on your next monthly payment, or over 3 monthly payments.

Varo Bank

Think of a bank that provides services online or through a mobile app with no single physical branch, Varo comes to mind, Varo was founded in 2015.

How about the safety of funds?

Well, Varo is FDIC-insured and duly regulated with current account options that boast savings accounts with competitive APYs, as well as comes with zero fees, and no minimum balances.

Varo has over 55,000 ATM network points worldwide.

Other interesting services you may wish to explore with Varo are;

• The Varo advance is designed for customers who are looking to receive an overdraft, you can borrow a line of credit up to $100 payable within 30 days.
• The Varo believe comes with a secured credit card with no minimum security deposit.
• Early direct deposit, allows customers to receive their paycheck up to two days earlier.
• Zelle partnership allows account holders to send, request, or receive money with Zelle.

N26

N26 is a German Neobank founded in 2013 and headquartered in Berlin Germany.

With N26, you can transfer, receive, and manage your money via the N26 app, you will need to open your account directly from your smartphone.

The N26 insights give you more control over your funds, with a push notification that alerts you on each transaction.

You are suitable for 3 ATM withdrawals per month if you stay within the Eurozone.

Revolut

Revolut is a perfect alternative to traditional banking, one of Europe’s most popular virtual banks, with huge user bases in the United Kingdom, Ireland, France, Spain, and Poland.

Revolut was founded in 2015 and offers banking services through its app-based platform.

Products on Revolut include but are not limited to;

• Prepared debit card
• Peer-to-peer payments
• Currency exchange and
• Cryptocurrency exchange.

With the Revolut mobile app, you can spend and withdraw across ATM spots in over 120 currencies, directly from the app, money transfers can be sent and received in 29 currencies.

Chime

Chime was founded in 2013, however, officially launched in 2014, and stands out as a perfect alternative to traditional banking.

 Had about no tellers, no queues, and no buildings, but just a super-powered app, Chime online banking made it possible.

With Chime, managing your money has never been easier with all the tools you need right at your fingertips.

The Chime online banking comes with:

• No monthly account fees
• No minimum balance fees or requirement
• Fee-free overdraft up to $200 on Chime debit Card purchases.

 Sofi

Sofi is a financial services company founded in 2011, and offers a variety of products, which include but are not limited to;

• Loans
• Investments
• Insurance, etc.

Sofi operates primarily online and does not have physical branches, back in the day, Sofi began as a student loan refinancing company.

As a Sofi customer, you will have access to over 55,000 ATMs nationwide, through the website and mobile app, users can pay bills, find ATMs, send money, and make mobile deposits.

Frequently asked questions

What is the best bank for virtual accounts? 

The best banks for virtual accounts include but are not limited to;

• Current
• Starling bank
• Atom bank
• Varo bank
• Monzo
• N26
• Revolut
• Chime
• Sofi
• Nubank, etc.

Can you open a bank account virtually?

Sure! You can open a bank account online without visiting a physical branch, all you need is an internet-enabled mobile phone.

Download the mobile app of a preferred virtual bank, or complete a sign-up via their websites. You will have access to run a savings or current account, pay bills, transfer and receive funds, invest your finances, etc.

What is a bank virtual account?

A bank virtual account is an account created online without visiting a physical branch, such account is assigned a unique customer ID number.

Kindly be informed that a virtual account has similar functions and features as traditional bank accounts.

Is Revolut a bank? 

Revolut requires a banking license from each of the regions it operates in, it holds a banking license for the European Economic Area, duly granted by the Bank of Lithuania.

However, Revolut is working on getting licenses for several other countries.

This means that Revolut is a bank in some regions where it operates, while it’s yet to attain the status of a bank in other regions, pending the provision of a banking license.

Is Paypal a virtual bank

The answer is No!, Paypal is not a virtual bank, however, it partners with banks to offer products like credit and debit-prepared cards.

Are virtual banks safe?

The issue of security should be kept paramount when finances are involved. However, if a virtual bank is FDIC-Insured, such a bank is duly regulated and can be said to be safe in the right sense of it.

Can PayPal act as a bank account?

Paypal offers many services offered by traditional banks, however, Paypal cannot be referred to as a bank.

Paypal is a fintech company that offers digital payment services.

Final thoughts

There you have it on Banks that offer virtual accounts, with Virtual accounts, you can operate and access bank services similar to what the traditional banks offer, but faster and easier without visiting a physical branch.

These banks offer some top-tier services like payment of bills, investment tools, fee-free overdrafts, and send and receive among other benefits.