You are here: Home - Saving & Banking - News -

The best bank accounts for your holiday spending

Written by:
The days of having just one bank account for all your spending are long gone.

The new breed of fintechs and challengers have changed the face of banking to the point where it has become the norm to have multiple accounts for different purposes.

New research from peer-to-peer lender Zopa suggests one in three UK adults now holds two or more current accounts, a 36 per cent increase since 2015.

If you’re travelling abroad, shopping around for the best current account for overseas spending can really pay.

Data from Moneyfacts shows the typical debit card can charge as much as £9.50 for the equivalent of a £200 cash withdrawal abroad, while a typical credit card can charge £11.96 for the same transaction.

But some current accounts charge nothing for cash withdrawals and purchases abroad.

Starling and Monzo are the best accounts for overseas spending. Starling charges no fees, while Monzo lets you withdraw up to £200 abroad every 30 days for free (there are no fees on spending).

These are both app-only banks and you can set up a free account in minutes.

If app-only banking isn’t for you, Metro Bank’s current account doesn’t charge fees on debit card payments or withdrawals in Europe.

Nationwide’s FlexPlus account is another good option. You’ll pay no fees for overseas spending or withdrawals, but the account comes with a monthly fee of £13. You do get a number of perks for this fee though, including free travel and mobile phone insurance, and UK and European breakdown assistance.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Privacy Preference Center





Read previous post:
End of free TV licences for all over-75s

Millions of pensioners who qualify for a free TV licence will have to pay for it from next year.