Fintech that actually saves you money

Open Banking is the UK regulatory framework that lets you share your bank data (read-only) with FCA-regulated third-party apps like Emma or Snoop. You consent in your bank's own app or website, and you can revoke access at any time. The third party never sees your password, only the data you have authorised. The framework has been live since 2018 and is now used by more than six million UK consumers.

Yes. All three are fully UK-licensed banks, regulated by the FCA and PRA. Eligible deposits are protected by FSCS up to £120,000 per person per institution (the limit rose from £85,000 on 1 December 2025). Revolut joined this group in March 2026.

If you have more than two accounts and any subscriptions you have lost track of, yes. A typical UK budgeting app subscription is £3 to £8 a month and the most common payoff is spotting a forgotten £10 streaming or gym charge. Pay if you would not otherwise cancel it. Skip if you only have one account.

Banks can fail; FSCS pays you back up to £120,000. E-money apps like Wise or Curve can also fail; your funds are safeguarded in a segregated account separate from the firm's own balance sheet, so they should be returnable, but the process is slower and there is no automatic compensation if some of the safeguarded balance is lost.

Probably not as your main account. The traditional banks have caught up on app quality. Where a challenger still wins is in budgeting tools, instant notifications, Pots / Spaces, joint-account UX and FX. The Selectra house view: keep a high-street main account for credit history and switching bonuses, add a digital bank for the better day-to-day UX.