Would you get an app-only bank or savings account?

MSE_Ben_T

Poll started 27 June 2023

We've seen an increasing number of app-only current accounts and savings accounts appearing regularly in our best buys. Attitudes to app-only banking range from delight at the convenience to uncertainty about the lack of online or in-branch services. So we thought we'd ask your opinion, would you open an app-only bank or savings account? And if not, why not? 

Click here to vote in the poll.

Did you vote? Are you surprised at the results so far? Have your say below.
If you haven't already, join the forum to reply.

The_Miser

Yes!  I tried Chase bank but they require a photo on the same application screen as everything else. I have the applicable type of phone, I filled in the form, I have taken photos but I have absolutely no idea how to do the two things at the same time. The manufacturer, Oppo, and Chase seem not to supply instructions as to use the phone, expecting buyers to have a PhD in electronics.

jogu

At this point wouldn't a better question be "would you get an bank account that will require you to make an appointment and go to a branch in the next town over during working hours to do certain things?".

I recently tried to open a joint account with Barclays but gave up as although they have an online application form, and they've credit checked us, and we both already have accounts at Barclays, they've decided the only way we can actually proceed with opening the joint account is for both of us to go to the same branch at the same time, which is proving almost impossible to coordinate.

Whereas Starling and Monzo each of us can just do the application in our own time from our phone and the account is open and usable in hours...

Jason9091

I prefer looking at transactions on a large screen, especially when there's a lot of information to check and not misreading anything is important. Phone screens are too small. I also wouldn't trust a bank that couldn't be bothered to design a website.

hugheskevi

Many of the app-based accounts are great for traveling, and I have several as I am on a very long trip going through the Americas.

My main concern is if the SIM card is lost whilst traveling overseas, eg, if phone is stolen. The vast majority of apps could be put on to a new phone using either wifi or a local SIM, but a lot of companies insist on texting codes to activate apps, and that would be a huge problem. Being able to log into a website would be a very helpful option in such circumstances as getting a replacement SIM is going to take a long time.

skull

Working in retail I have seen too many customers who can't pay their bill because they can't access their account due to various tech problems. The money is there, they just can't get to it. It may only be a temporary problem, but no-one likes holding a queue up, or like others thinking they can't pay because they have no money.

Also does anyone remember the problems with accessing websites and Iceland (the country not the store)? Never say it will never happen here. Then there are the hackers, whether terrorist group or sole perpetrator. How often do we hear of a company/bank etc losing data of thousands of people? Yes I'm an old fogey, but I wish more companies had a back-up system to cope with these scenarios. 

torchie

I use Tandem, Chase and Cynergy currently and although they have subtle differences, they are all great. I never use them to make routine payments, they are just places to deposit money and earn a reasonable amount of interest. I never visit a bank or building society branch anyway so all my banking and savings is done digitally in some way. I certainly don't think app banking is only for the "younger generation" - I am approaching 70 and it is certainly the right way for me to do banking.

jasdev

I was looking for the option "because I'm concerned about losing access to my money if my phone runs out of battery".

biscuitbob

I like to keep my phones until they're as old as possible, at which point I usually have issues updating or using apps. I wouldn't want that to be my only way to access an important account! 
I would use app-only for nonessential accounts, but probably only temporarily to get a new account bonus or something (have done this a couple of times). 
I also don't like going to physical branches though. Online via a website is my preference. 

Ectophile

Wouldn't touch it with a bargepole.  My phone is easy to lose and easy to steal.  I do internet banking on the computer at home, but don't want it anywhere near my phone.