Top Online Banking Options in Europe for 2023: Pricing, Functions, and Beyond

Top Online Banking Options in Europe for 2023: Pricing, Functions, and Beyond

With their competitive low fees, user-friendly application processes, and accessible web and mobile apps, online banks have swiftly gained prominence throughout the EU in recent years. They've even posed a formidable challenge to traditional banks, particularly among the tech-savvy younger generation of customers.

As we step into 2023, the popularity and market presence of Europe's online banks continue to surge. You might be pondering which among the myriad of online banks in Europe offers the most suitable service for you. In this guide, we narrow down the top players in the EU/EEA fintech landscape and delve into the options that could align best with your financial needs.

While we have provided rankings for these online banks on an overarching list, it's important to note that our selection for the EU's top digital bank may not necessarily be the ideal choice for everyone. As you'll discover, each online bank boasts its own distinct set of advantages and disadvantages that can significantly influence its suitability for your specific needs.

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Best Online Banks in Europe in 2023: Fees, Features, and More

Are you in a hurry? Read the highlights

Best All-rounder: Revolut

Best current account: N26

Best for sustainable banking: Tomorrow

Best Multi-Currency Account: Wise

Best EUR Account for UK Residents: Starling

Revolut

Revolut

Account name: Standard
Account details: Lithuanian IBAN, UK account number
Licensing: Bank
Account maintenance: €0 /month.
Noteworthy features: UK bank account details, multi-currency balances, trading, savings, tracking and analytics.
Availability: 30 European countries
Trading CFDs involves significant risk due to leverage, and potential losses can be rapid and substantial. Not suitable for all investors.
N26

N26

Account name: N26 Standard
Account details: German IBAN
Licensing: Bank
Account maintenance: €0 /month.
Noteworthy features: Instant social payments, overdraft facilities, cash deposits
Availability: 22 European countries
Trading CFDs involves significant risk due to leverage, and potential losses can be rapid and substantial. Not suitable for all investors.
Tomorrow

Tomorrow

Account name: Now
Account details: German IBAN
Licensing: Payment Institution
Account maintenance: €3-€9 /month
Noteworthy features: Climate contributions, savings pockets
Availability: 4 European countries
Trading CFDs involves significant risk due to leverage, and potential losses can be rapid and substantial. Not suitable for all investors.
Wise

Wise

Account name: Multi-Currency Account
Account details: Belgian IBAN and 9 others
Licensing: Payment Institution
Account maintenance: €0 /month.
Noteworthy features: International money transfers, multiple account details, multi-currency balances, virtual debit cards.
Availability: 32 European countries
Trading CFDs involves significant risk due to leverage, and potential losses can be rapid and substantial. Not suitable for all investors.
Starling

Starling

Account name: Personal account
Account details: UK IBAN
Licensing: Bank
Total cost: £0 /month.
Noteworthy features: EUR and USD bank account details, savings, pension scheme, youth card, interest, overdraft.
Availability: United Kingdom only

Are online banks safe?

Absolutely, in the EU/EEA, online banks are indeed secure and trustworthy financial institutions. They operate under the proper authorization and regulation by the central banks in their respective home countries. Furthermore, European online banks adhere to EU guidelines, providing deposit protection to their customers. This safeguard typically ensures that in the unfortunate event of bankruptcy, a significant portion, if not the entirety, of your funds will be reimbursed, offering added peace of mind to account holders.

 Are online banks considered non-banks?

You're absolutely right. The term ‘online bank' encompasses a spectrum of financial institutions. On one end, you have online banks that are registered and regulated as traditional banks, like N26, where digital solutions are central to their offerings. On the other end, there are online banks that operate in a regulatory ‘grey zone,' falling somewhere between being full-fledged banks and financial technology companies. This diversity within the category highlights the evolving nature of banking in the digital age, where traditional and non-traditional institutions are finding their place in the financial landscape.

Are online banks regulated?

Indeed, online banks operating in the EU/EEA are subject to the same laws and regulations that govern all financial services providers in the region. This includes authorization and supervision by the central banks or relevant regulatory authorities in their respective countries. They are also required to adhere to the financial compensation guidelines outlined by EU regulations. These regulatory measures ensure that online banks maintain the necessary standards of safety, security, and accountability, contributing to the overall stability and reliability of the financial system in the European Union and the European Economic Area.

Risk Disclaimer

need to rewite There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.

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Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

Read our full explanation and accounting of our research and testing process to learn more about how we test

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