Digital bank reviews

No. Some are fully licensed UK banks, others are e-money institutions, and a few offer savings or credit through a partner bank rather than holding your money themselves. That distinction decides whether eligible deposits sit under FSCS protection or are safeguarded under e-money rules, which are different arrangements and matter most if the firm fails. The account terms name the legal provider and state which one applies.

Often, yes. A full current account from a licensed digital bank gives you a sort code and account number, a debit card, Direct Debits, standing orders and salary payments. The gaps worth checking before you switch are cash and cheque handling, joint accounts, overdraft availability and how you reach support when something goes wrong, because those vary far more between providers than the core payment features do.

There are no branches, so cash goes in through a third party, usually PayPoint, the Post Office or a partner network depending on the provider. Expect limits on how much you can pay in and how often, and in some cases a charge per deposit. If you handle cash regularly this is the constraint most likely to affect you day to day, so check it before moving your salary across.