travel debit card money saving expert

The best credit and debit cards for foreign travel

If you’re going abroad, or spending on foreign websites, getting the right plastic could save you a small fortune. Pick up a specialist travel credit or debit card and enjoy peace of mind knowing that you’re getting the best exchange rate possible for any currency in the world. Here’s our guide to the best credit cards, debit, and prepay cards for foreign travel.

Quick summary

The best debit cards to use abroad

• Kroo bank – Best for large holiday pots and fee free spending and withdrawals
• Starling Bank – The overall best bank account and debit card for overseas travel
• Chase Bank UK * – Generous ATM withdrawal limits and 1% cashback on card spending even aboard
• Monzo – Digital bank good for everyday spending in the UK and abroad. Free £5 with our link

The best credit cards for international travel

• Barclaycard Rewards – The best credit card to use abroad
• Halifax Clarity – Former top pick and still one of the best

The best prepaid smart cards for foreign spending

• Wise – The best for transfers to US
• Currensea – Generous ATM limits, works with your existing bank – £10 cashback with our link
• Revolut – The most versatile multi-currency card and account plus 3 months free premium

Before we get started though, just a little reminder that up to 5m EHIC cards expire every year. The European Health insurance card is free and entitles the holder to free or discounted medical care in 28 EU countries, plus a few others. Despite Brexit current EHIC cards are still valid. New applications will be given UK Global Health Insurance Card (GHIC). To get a new or replacement card visit the EHIC website .

In detail – What are the best debit and credit cards for spending abroad?

This year Halifax Clarity remains a top pick, but Barclaycard Rewards has leap frogged it to earn the title of the best traditional credit card for foreign spending. In terms of debit cards, Starling and Chase occupy the top spot, but Monzo which recently increased its foreign ATM limits, and Kroo are hot on their heels.

We had big hopes for First Direct in 2024, after the bank announced it was removing fees for using its debit card abroad. Unfortunately some users have experienced issues. (see below for more details)

Debit card vs credit card for foreign spending which is better?

Typically the best time to use credit cards when travelling abroad is when buying single items over £100. This could be anything from train or airline tickets to events, or hotels. This is because when buying items of over £100 and up to £30,000 you have additional protection under Section 75 of the consumer credit act , meaning the credit card provider is jointly liable for the goods/services in the event something goes wrong.

Bank account debit cards are best used on items below £100 where Section 75 wouldn’t come into play anyway, so are great for day to day spending abroad, and ATM withdrawals.

Ideally you’d have both a specialist credit card and a debit card, that way you’re covered for most eventualities and can be sure you’re getting the most for your money. Below we’ve listed some of the best cards to use abroad.

Of course not everyone can get a specialist credit card or even bank account. So we’ve also rounded up a few of the top debit pre-pay cards for travel and foreign spending. These are most useful for day-to-day spending whilst abroad, and especially for cash withdrawals from foreign ATMs.  Jump to pre-paid and other cards

The best debit cards and bank accounts for foreign travel

Kroo – highest interest rate and zero fees foreign spending.

Kroo is one of the UK’s newest digital banks and shot to prominence in 2023 when Martin Lewis recommended it as one best places to stick your hard earned savings. It just so happens, that it’s also one of the best debit cards for spending abroad too.

The Kroo current account offers 4.35% AER on deposits, meaning you can earn interest on your travel money, has no fees on foreign purchases, and no ATM fees on foreign withdrawals (until 31st October 2024).

Spending via the Visa debit card, ensures you get Visa’s realtime exchange rate, and unlike some providers there’s no additional load or fees. While many of the banks on our list offer a Mastercard debit card, Kroo’s Visa card stands out, and could make an excellent back up for those who already an account with a Mastercard, such as Starling, or Monzo.

See our full long term Kroo bank review for more, or click here to join Kroo directly .

Starling Bank – The best overall account for travel

The rise of the mobile-first challenger bank could spell the end for prepay cards as free currency withdrawals and foreign spending become the norm. At Money Saving Answers we’re championing Starling Bank as one of the best bank accounts and debit cards for foreign travel. Check out the video below by former broadcast journalist and travel vlogger/blogger,  Pommie Travels .

Starling stole a march on the competition by being the first digital challenger bank to launch its current account nationwide, and continues to impress with its well developed app and current account features. What’s more, the company is committed to fee-less foreign currency. Here’s what it says:

When we say zero fees, we mean exactly that. We won’t charge you to use your debit card abroad – and we won’t add ATM fees. Just so you’re aware: some ATM providers may charge their own fee. Great exchange rates. You’ll benefit from Mastercard’s globally accepted exchange rate…and no, we won’t add anything on top. You shouldn’t have to pay to access your money. Unlike some other travel cards, we don’t charge you to deliver your card or to top it up.

Another great feature of the Starling account is that by integrating round-ups and saving spaces you can save whilst you travel, by rounding up transactions in realtime and setting the sum aside in a savings space.

One of the benefits of Starling is that there is no monthly ATM withdrawal limit. Monzo for example only allows £200 (equivalent) cash to be withdrawn in a 30 day period. Over this it charges 3%. There’s no such charge with Starling. Instead you are only limited by a daily ATM withdrawal of £300.

Sounds great to us, and it’s not put a foot wrong in our tests. Whilst the new Chase account (see below) wins out slightly on features, Starling is the more mature product and tops our comparison as the best card to use abroad, and overall the best bank account for travellers.

To open a Starling Bank account or to find out more visit  Starling Bank

Chase Bank (UK) – Best for visiting USA

JP Morgan’s Chase bank account might be a newcomer to the UK, but is one of the oldest and largest banks in the US, with a customer base of over 50m households. This digital only account follows on the footsteps of Starling and Monzo. It is still very early days yet, but all signs point to it being a top choice when it comes debit card spending abroad, and the best card to use in America.

The key features that make this account a winner are 1% cashback on spending, 5% interest on rounded up savings, Mastercard exchange rates, and fee free ATM withdrawals.

Understanding the features

Some of the features need a little qualifying. Firstly the 1% cashback comes with a long list of exclusions, few of these are relevant for holiday makers though, so you’d be able to enjoy money back on hotels, flights, travel, restaurants, and most other day to day spending.

The 5% interest on savings, needs to be enabled in the app. This then rounds up your spending to the nearest pound, and deposits the difference in a virtual pot, where it earns interest which is calculated daily and applied monthly. After 12 months, or sooner if you wish to withdraw it. The money in this pot is moved back to your main account.

ATM withdrawals

Like Starling, Chase customers will also benefit from fee-free foreign ATM withdrawals. Chase allows up to £1,500 a month to be withdrawn at ATMs whilst abroad. It also goes one further in allowing customers to use Chase ATMs in the US for free.  A great way to avoid ATM fees over there, which can often be up to $5 a time and otherwise difficult to avoid.

That perk itself makes Chase the best debit card for use when travelling to USA.

Eligibility

To open a Chase account you will need to be over 18, a UK resident, and provide proof of ID. There should be any credit checks.

>> Check out our account review

Unlike its digital competitor Starling, Monzo started life as a pre-pay travel card. At the time, it was considered the best prepay option. The prepay card was always just a beta trial until the bank could roll out its current account.

Now that it has done so, and new cards have been issued to those who’ve upgraded, Monzo has taken the disappointing decision to start charging for foreign ATM withdrawals.

Fee free ATM withdrawals were increase in November 2023 to £400 or equivalent per day in the UK and EEA. Previously they were limited to just £200 per 30 days, after which a 3% free was charged. The the £200 limit will still apply outside of the EEA.

Point of sale spending is still free. The ATM fees had seen Monzo drop down our pecking order a little, but with most purchases now being made via contactless or mobile, it’s unlikely you’ll need to withdraw more than £400 (equivalent) from an ATM abroad.

Monzo also has a number of paid accounts, such as Plus, and Premium. Premium in particular might be worthwhile for some travellers, as for a price, it includes family travel insurance, mobile insurance, and increased ATM limits. See our full breakdown of Monzo Premium for more information.

In our opinion it’s a good but not exceptional no-fee debit card for travel. It’s still great for everyday banking in the UK and occasional travel abroad, but is beaten by Chase and Starling on ATM withdrawal limits.

If you open a Monzo account using our link you’ll get a £5 bonus so long as you sign up and use your Monzo card at home or abroad within 30 days.

First Direct

On 28 June 2023, First Direct dropped the 2.75% foreign exchange fee and additional 2% non-sterling cash fee for foreign ATMs. The move initially catapulted First Direct from being one of the debit cards from hell, to one of the best for spending abroad.

The new rules apply to new and existing customers, who will now enjoy near perfect exchange rates, and a £500 equivalent daily ATM withdrawal limit.

Although some of the more specialist overseas travel cards can work out marginally cheaper, for those that don’t want open more accounts, First Direct is a top contender, and is backed by award winning customer service. Those moving to First Direct can also enjoy a £175 switching bonus (see our article on bank account switching for more).

It’s important to note, the removal of fees only applies to the First Direct debit card. Its credit card still remains an expensive choice for travel, and is not recommended.

Our thoughts

First Direct’s surprise announcement to scrap all fees for cash withdrawals and foreign spending on its debit cards would makes it one our top picks for foreign spending. Unfortunately, we’ve recently heard of people having their cards blocked when travelling abroad due to anti-fraud measures.

This is something that used to be common with traditional banks many years ago, and with some you’d have to tell them you were going abroad before you left. It’s disappointing to see that First Direct hasn’t learned from this. Particularly when digital banks such as Starling make spending abroad so easy.

Virgin Money M and M:Plus account

The M Plus is Virgin’s standard current account, whilst the Virgin M account is a more basic account. That means it’s super easy to open, and crucially just like the M Plus, offers fee free foreign spending and ATM use worldwide. Actually, we couldn’t really find much difference between the two other than the fact the M Plus pays in credit interest.

Both accounts offer a Mastercard debit card that can be linked to ApplePay and GooglePay and used for fee free ATM withdrawals worldwide, and both are managed via Virgin’s updated banking app.

The M account can be opened with little or no credit history, and non-standard ID is accepted for the application. As such great for international students, or those who’ve recently moved to the UK and might have difficulty otherwise validating their address.

Like the Club M, and Plus accounts. The regular M account also comes with a linked 2.52% AER savings account. Whilst this can be beaten elsewhere, it makes a handy space for customers build up their holiday funds. It’s worth noting though that interest is paid quarterly, so depending on when you withdraw you may lose out.

HSBC Global Money Account

We have a full overview of the HSBC Global Money Account so won’t go into too much detail here, but it’s essentially a multi currency account exclusive to HSBC current account holders. It’s still in its early stages but the account does show some promise.

It’s free to open, and doesn’t have any no on-going subscription fees or charges. There’s also no fees for ATM withdrawals, or sending payment in foreign currencies. Even the delivery of the card is free.

It also comes with a generous £500 or equivalent daily ATM limit, and a £50,000 transfer limit. Making it one of the best cards for those who like to carry cash or who need to make electronic payments abroad.

Customers can hold funds in some 18 popular currencies including pounds, euro, US dollars, Australian dollars, NZD etc.. card transactions use the VISA daily rate. If manually transferring or exchanging between currencies HSBC does add a mark up, but this is typically less than that seen with Revolut or Wise. Additionally, there is a 1% mark up on currency exchanges when the markets are closed.

As it’s only available to HSBC customers, we can’t include it in our top three current accounts and debit cards but for current customers, or those thinking of switching to HSBC (to take advantage its £200 switching bonus), the Global Money Account comes close to matching the best.

Metro Bank – The best highstreet bank for euros (only)

One of the pre-digital challenger banks, Metro has always faired kindly when it comes to foreign spending. The standard current account doesn’t have any fees at all for using the debit card at the point of sale or for ATM withdrawals whilst in Europe (EU).

The account can now be opened online via the Metro Bank app (previously is was only available in-store), but you’ll need smartphone or tablet with a camera in order to take a self-portrait during the application process.

Beware though, that outside of Europe Metro charges You’ll pay a hefty 2.99% non-sterling transaction fee, and a £1.50 fee for using ATMs, as such it has fallen down our list. Current Metro Bank customers travelling outside of Europe would be better served by picking up a Revolut or a Currensea account (see below for more)

>> Open a current account with Metro Bank

The best credit cards for travel

Barclaycard Rewards

The absolute cheapest credit card for overseas spending.

The Barclaycard Rewards credit card is our new top pick for spending abroad in this category thanks to its 0.25% cashback on spending, and no fees on spending online, at the point of sale, or for ATM withdrawals.

Also it doesn’t charge any interest on overseas spending or withdrawals as long as the balance is paid off in full. This makes it the absolute cheapest way to spend spend on holiday, and being a credit card rather than debit card you benefit from Section 75 protection on purchases. Overall, the Barclaycard Rewards is the best card to use abroad full stop.

22.9% APR Representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 22.9% p.a. (variable)

Halifax Clarity

Still one of the best credit cards to use abroad.

A top pick for years, the Halifax Clarity is probably the most well known specialist travel credit card, and our choice as the best credit card for foreign travel. There’s no foreign transaction fees, commission, nor fees for cash withdrawals. What’s more, you get the Mastercard wholesale exchange rate, which tends to be ever-so-slightly better than VISA’s rates.

The card does charge interest on cash withdrawn abroad at 19.9% (21.9%-25.9% for poorer credit scorers), but this amounts to just £1.50 per £100 spent. This is only charged until you’ve repaid the balance, so you can minimise this paying it off as you go along.

Interest isn’t charged on point of sale purchases abroad provided you clear the balance by the end of the statement date.

Halifax are currently running a promotion (for applications before 29th August) offering £20 cashback on your first purchase with the card.

19.9% APR Representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.95% p.a. (variable)

The best prepaid travel card and smart cards

Specialist travel credit cards, and bank accounts are all well and good, but what if you’re happy with your current bank, and don’t want the hassle of opening a new account. That’s where prepaid travel cards and accounts come in. These are quick to open, there’s no credit checks, yet still offer great rates for international spending.

Wise (formerly Transferwise)

Wise  is a multi-currency account specifically aimed at travellers, digital nomads and those needing to transfer money across borders.

Founded in East London, it grew to prominence as a money transfer service previously known as Transferwise, but it’s the Wise Multi-currency account that will be of interest to holidaymakers and travellers.

The account is free open, and comes with account numbers, sort codes, IBANs, and routing numbers for UK, Eurozone, US, Australia, New Zealand and a number of other countries. Unfortunately it costs £5 to order the debit card which immediately wipes out some of the advantage of using the account over the short term. And while spending online or at the point of sale is free if your account holds that currency. If you need to exchange currencies for example Sterling to Euros there is small fee. Up to two ATM withdrawals are free up to £200 after that fees kick in similar to Monzo and Revolut.

Despite offering many of the same features as Revolut above, the Wise account can be a little more complicated to use and its fee structure makes it a more expensive option. Probably why Wise is more popular with US travellers and those in countries that can’t open a Revolut account. That being said it never hurts to have a back up.

• £5 ordering first debit card
• 0.35% conversion fee on popular currencies e.g. Euro, USD, (higher on less popular ones)
• 1.75% fee card fee if withdrawing more than £200/month
• 50p card fee if making more than two ATM withdrawals a month

There’s no fee to open the account and no credit checks, but you will need to be over 18 and have proof of address and ID.

>> Get a Wise Multi Currency account

Revolut  is a mobile app, that came hot on the heals of the ill-fated Travelex Supercard. It was slicker and more user friendly than the competition, and is still adding new features and functionality. You can use the Revolut account to pay for online purchases without the actual card, but best to order a physical card and test it a little before your travel.

Like traditional prepay cards the Revolut account first needs loading with currency. You can do this via ApplePay/Android pay, bank transfer or credit/debit card. Loading is done in pounds, dollars, and euros and you are able to convert between the three instantly from within the app. Spending is not limited to these currencies though. All in all there are 90 currencies you can spend in, and receive the Mastercard exchange rate.

Speaking of rates, when using the card on a trip to Ireland, I noticed that the exchange rate listed in the Revolut app, was actually better than those shown on XE.com . Additionally, Revolut is one of the few accounts that continued to allow its customers to trade during the volatility and currency fluctuations caused by the Brexit vote.

ATM fees kick in

It’s almost sounds too good to be true right? Revolut changed its terms and conditions since the original launch, and now only allows £200 per month free from ATM, and charges a 2% fee for any withdrawals over that. that’s £20 per every £1000 withdrawn over and above the first £200. Customers have the option of signing up for Premium £6.99 per month, and Metal, £9.99 per month. These allow fee-free ATM withdrawals up to £400, and £600 respectively, as well as host of other benefits, such as medical/travel insurance, priority support, and even cashback (Metal only).

Overall the standard offer is still a great card, but due to the low fee-free ATM limits we prefer Starling. Your usage of course might vary though and it’s a great card as a backup, and if you can make use of the insurance and higher spending limits, Metal is a good product.

Visa travel card

It’s worth pointing out that main physical Revolut card is now a Visa. When travelling it’s always good to have both Visa and Mastercard, as sometimes (though rarely) one is accepted where the other isn’t. This actually happened to me on recent trip. A fuel station I stoped at didn’t accept Mastercard, so my Revolut Visa card came to the rescue. Of course the inverse can also be true, and I’ve eaten at restaurants that didn’t accept Visa but did accept Mastercard.

If you open an account via our link below, you’ll get 3 month free premium, which includes free travel insurance. So time it right and you’ll end up saving there too. We have a full long term review of the Revolut account in case you wish to dig a little deeper.

>> Get Revolut

Curve is an all in one smart card that acts as a layer between your regular debit and credit cards and the seller. You link your existing cards to it via the app, then use the Curve card to spend abroad. Curve converts this spending into pounds in realtime, and charges your regular bank card. This particularly useful for those with ‘debit cards from hell’ i.e card issued by banks such as Natwest, Barclays, TSB etc.. that add fees and/or markup when spending abroad.

Fees and allowances

Curve’s free plan allows you to add up to two cards, and offers fee free foreign spending on the first £1,000 (equivalent). ATM withdrawals are capped at £200 a month, and there is a £2 or 2% fee for exceeding this, so try to stay below that. In addition, there’s also a 0.5% markup on spending during weekends (as the FX markets are closed), rising to 1.5% for more exotic currencies.

Curve’s paid plans increase these limits to £2,000 monthly spending with Curve X (£4.99 a month), and unlimited spending with Curve Black (£9.99 a month). Curve Black also ups the ATM limit to £400.

£10 cashback plus free travel insurance

Ordinarily such fees and limits would see Curve excluded from our list, but for the fact there is nifty little trick to get Curve Black for free, and in doing so also gaining free travel insurance. In addition, if you sign up to Curve via our links, you’ll also get £10 cashback on your first £150 spend. See our Curve card review for full details .

Currensea (smart card) – Best for those with traditional bank accounts

Unlike standard prepaid cards, or credit cards, Currensea works as a layer on top of your existing bank card to offer you great rates on foreign spending. That means if you’re happy with your current bank account you don’t need to change it.

Simply add your card to the Currensea app and start spending with the Currensea card. The foreign payment is charged to your Currensea account which then in turn charges your UK bank card in pounds, thus avoiding any fees from your bank.

It currently works with most popular UK bank accounts including Barclays, Lloyds, Natwest, TSB, Santander, HSBC, RBS which are some of the worst offenders for charges on foreign card use.

Opening an account is free. In our tests it took less than 5 mins, and a card was delivered within 4 days.

Currensea uses the interbank exchange rate for currency conversions, and earns its money by adding a 0.5% load onto this rate. That makes it ever-so-slightly more expensive than a bank account such as Starling, but cheaper some specialist credit cards, and miles cheaper than using a standard debit card from a high street bank.

What pushes Currensea to the number one spot in this category though is the generous £500 a month fee free ATM withdrawals. Whilst Monzo and Revolut have steadily tighten up on ATM withdrawals over the years, this remains up there with Starling, and Chase as one of the best cards to withdraw cash from foreign ATMs, and the best card for spending abroad for those that want to use their existing bank account.

>> Get a Currensea travel card

How to maximise your spending power abroad

Whether it’s a relaxing two week holiday, or a city break, it’s all too easy to be a bit too frivolous with your cash aboard. If you already have one our ‘top pick’ specialist travel cards listed above, then you’re are to a winner, but there are few other little tricks that can help you stretch for holiday money a little further.

Never change money at the airport – Sometimes you just need/want to carry cash. If so be sure not to change it at the airport. You’ve left it too late, they’ve got you over a barrel and they know it. You’ll be lumbered with the worst rate, and that’s no way to start a holiday. If you absolutely must change money at the airport, ferry terminal, or train station, always pre-order. You can usually do this up to four hours in advance and you’ll enjoy a better rate. Instead try to leave yourself plenty of time to change money. That way you shop around for the best rate.

Get the right credit card and enjoy the cheapest rates – most credit card providers add roughly 3% to the exchange rate they get when changing money themselves, this is called loading. None of the cards above load so any of those listed above are a safe bet.

Highstreet Debit cards are the worst offenders – While many credit cards load, nearly all debit cards load and charge a £1.50 per transaction. The worst offenders are: Barclays, Lloyds TSB, Halifax, RBS, Co-op, Santander and NatWest. Avoid using these cards abroad. If you want to use your Highstreet bank current account, consider getting a Currensea Card to avoid charges from your bank.

Always pay in the local currency – Many overseas ATMs, restaurants, and shops will ask you if you’d like to pay (or withdraw) in pounds, when using your credit/debit card. If you pay in pounds, what happens is that the retailer does the currency conversion for you. Rates are almost always worse than letting your own lender do the conversion. ALWAYS always pay in the local currency. This trick is used extensively in Spain and can be a nice little earner the banks/retailer.

Don’t ‘buy’ cash on a credit card – Almost all credit cards charge a fee for withdrawing cash (Halifax Clarity, and Creation excluded), even if you repay in full. Buying foreign currency from a bureaux de change, even if it’s online, will count as a cash withdrawal. Use one of our top recommended debit cards instead, or a smart card such as Currensea.

Pre-order physical currency – The credit, debit, and pre-paid cards in our list are absolute cheapest way to spend money abroad. If however, you feel the need for physical currency, then always order it in advance to get the cheapest rate, even if you need it in a hurry. Many bureau de change allow pre-ordering as little as 2 hours before collection. See our guide on getting euros from the Post Office for more information.

Spain and Portugal – In some countries ATMs charge for withdrawals. This is nothing to do with your bank, but solely down the owner of the ATM. Machines in Spain and Portugal are terrible for this. In Spain always look for a ING or Deutsche Bank machines these are free. In Portugal, use the MB ATMs outside Post Offices. Never use Euro ATM, or Santander. These have some of the highest chargers around.

Looking for cards for business spending and travel abroad? See our article The best business credit and debit cards for foreign spending .

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The best prepaid travel cards (travel money cards) in 2024

Article contents

In a nutshell

• Best prepaid travel money cards
• Best direct debit travel card
• Our criteria for the best prepaid travel money cards
• What's the best prepaid travel card for Europe?

What is a prepaid travel card?

Store multiple currencies, the best prepaid travel card in the uk.

• Pros and cons of prepaid travel cards

What’s the alternatives to multi-currency prepaid cards?

What is the mid-market rate (the real exchange rate), what’s the mastercard rate, prepaid travel card fees, how to get a prepaid travel card.

• Are prepaid travel cards safe?

Let’s recap

The best prepaid travel cards are Revolut and Wise. Although not a prepaid card, one of the best cards to use abroad is Currensea (it links to your bank account). They’re all super popular, with low fees, and are easy to sign up and use.

Heading off on an adventure or holiday abroad? Or perhaps a work trip? Making the right decision on travel money can save you a small fortune – and a prepaid travel money card is likely your best option. So without further ado, here’s the best:

The best travel money card

The best travel card overall.

Best travel card

Currensea tops the list – it's super simple to use, just connect it to your bank account and it’s low cost too. You'll also get a £5 welcome bonus.

£5 welcome bonus

With Currensea, you can get a travel card that connects directly to your bank account – it acts just the same as your bank card, and transactions come directly out of your bank account.

The only difference, is you won't have to pay hefty bank fees, saving anywhere from 85% to 100% of the cost.

It's a great alternative to a prepaid travel card if you want something a bit simpler.

Best prepaid travel money card

The best prepaid card you top-up beforehand, all ready to spend.

Wise is one of the best travel cards out there. It's super popular, with over 16 million customers around the world.

It's got some of the lowest fees you'll find, and it's available in over 40 currencies and 150+ countries.

The card is contactless, and there's a great phone app (and website) to manage everything too.

Our criteria for the best prepaid travel cards

To compare and determine the best travel money cards, we looked at:

Exchange rate

• Withdrawal fees from an ATM

Card delivery fee

• Number of currencies available
• Ease of use (manage online via a website or phone app)

There’s lots of options for converting (changing) your money, or spending abroad, such as changing cash in-person at a bureau de change (not recommended), using an ATM, or a credit card or debit card abroad – but a prepaid travel card is often one of the easiest and cheapest options – and you can reuse them for all your holidays in the future, or even on the same trip to different countries, spending different currencies. 

We’re big fans of prepaid travel cards here at Nuts About Money, and are only recommending the best – they’re ones we recommend to our friends and family (and readers of course), and use ourselves when we’re able to get away.

So, whichever travel card (from our recommendations) you opt for, you can be confident they’re safe to use, trustworthy, and you’ll be using one of the cheapest options available.

What’s the best prepaid travel card for Europe?

If you’re heading off to Europe for a bit of getaway, you’ve got loads of options when it comes to a prepaid travel card – just make sure you don’t use your current bank account and debit card – you’ll be charged hefty fees (we’ll cover all of this below).

Anyway, the best travel card for Europe is Currensea ¹ – it’s easy to use, just link it to your existing bank account and you’re good to go. It’s very low cost too (and no set up fees).

A prepaid travel card is similar to a bank card (debit card) that you might use for all of your spending in the UK, except instead of your money coming directly out of your bank account, you’ll top it up with money beforehand (or during your trip) – meaning you’ll simply send Pounds (GBP) from your bank account directly to the card (account). 

Note: you can send it back if you don’t spend it all.

Once the card has been 'topped-up', you can spend it abroad and withdraw cash from an ATM (cash machine), (e.g. Euros if you’re heading to Europe), meaning that you can save a lot of money in hidden fees and bad exchange rates – and these fees can really add up.

Why? Typically using your high street bank card abroad will mean a fee every time you want to use it, and your money will need to be converted into the local currency every time you use it too – at a very bad exchange rate that the bank sets (which often includes a hidden fee).

The prepaid travel cards we've listed above give you the freedom to spend like a local, and not worry about the cost. They’re pretty great.

With prepaid travel cards, you can actually store a range of different currencies in your account, it doesn’t have to be just one. And for this reason they’re often also called a multi-currency card, or a foreign currency card.

With Wise ¹, there’s actually over 40 different currencies you can store, and of course, spend. 

And normally, if you don’t have the particular currency you want to spend, the card will automatically convert another currency in your account to the currency you need when you spend. Pretty cool.

The best prepaid currency cards we’ve listed above are some of the best wherever you are in the world, for changing one currency to another, and spending in a different country (there’s a huge range of currencies with Wise ¹). And all great if you’re from the UK travelling abroad.

You can sign up online and use both Revolut ¹ and Wise ¹ if you’re in the UK, and are travelling to pretty much any other country in the world.

Pros and cons of prepaid travel money cards

Let’s run through the pros and cons of using a prepaid card:

• Cheap way of spending abroad (pay in the local currency)
• Easy way to spend (make contactless payments abroad)
• Store multiple currencies on one card
• Often free to withdraw cash from an ATM (up to a limit)
• Safe way of spending money abroad (don’t need loads of cash)
• Protection from fraud (sometimes able to refund a transaction, called a chargeback)
• Easily block your card if it’s lost or stolen (and get a replacement card)
• Great for setting a spending budget (no overdraft)
• Can be low withdrawal limits from an ATM (before fees)
• Might not be able to use it to hire a car or a hotel (or any pre-authorised transactions)
• Can’t spend more than you top up (no overdraft like a bank)

A prepaid currency card isn’t your only option, but it’s definitely one of the cheapest (especially with one of the top prepaid travel money card providers). You could also change cash before you go (very expensive), or use a credit card or debit card designed for foreign currency spending (don’t just use any credit or debit card, they can be expensive!).

But with those, you’ll need to do a full application with credit checks, and open a whole new bank account for a debit card. There’s not really much benefit vs a prepaid card (unless you’re travelling a lot, or in the market for a new bank).

Nuts About Money tip: if you don’t want to use a prepaid card, check out Currensea ¹, they’re a travel card that connects directly to your bank account – so whatever you spend comes directly out of your bank. It’s a pretty cool idea and much cheaper than your bank, as you’ll get cheaper currency conversion rates and no transaction fees.

Although you’ve likely heard of an exchange rate, which is how much you get in another currency when you swap (exchange) your Pounds for them (e.g. Pounds for Euros) – depending on where you exchange your money, this rate can vary wildly.

Typically banks and other foreign exchange places tend to set their own exchange rate, which is much worse than the real exchange rate… (it’s how you can often see commission-free advertised, but it’s not really, there’s a hidden fee in the exchange rate).

The real exchange rate (used worldwide) is called the mid-market rate, and this is the rate that banks themselves use to swap money (also called the interbank exchange rate), without any hidden fees involved. It is the rate the ‘market’ sets – where buyers and sellers come together.

Technically the mid-market rate is the middle of the buy and sell prices of two currencies (e.g. Pounds to Euros), and so it effectively represents the current exchange rate.

So, if a travel money company isn’t using the mid-market rate (they might say interbank rate), you’re not getting the ‘real’ exchange rate, and you’ll be paying a fee.

European Central Bank (ECB) rate

In Europe, the European Central Bank (an organisation that is intended to look after the finances of all the countries in Europe that use the Euro, similar to the Bank of England in the UK), set an exchange rate too, called the European Central Bank rate. 

You could think of this as another official rate, just for Euros, although you’ll never actually be able to get this rate – but the closer to it, the more money you’ll save.

There’s also something called the Mastercard rate, which as you’ve probably guessed, is the rate the company Mastercard sets – they’re a very big company who provides cards for banks and other financial companies for their customers to use (e.g. a bank debit card). Another similar company is Visa.

And similar to the mid-market rate, they set an exchange rate which is set on their cards for foreign exchange. 

They take a small fee within this rate, so it will always be slightly higher than the mid-market rate. And, companies using Mastercard services (e.g. to give their customers cards), can choose to either add their own fee on, or add no fees and pass on the exact exchange rate.

So, if you see a bank saying you’ll get the Mastercard rate, that means they haven’t added any extra fees and are passing the lowest rate possible they can get (with Mastercard) onto you. 

This rate will be one of the cheapest you'll be able to get. Just make sure they haven't added any commission on top.

The topic we’re all here for, how much do you actually pay with prepaid travel cards? We’ve covered the exchange rates above, and typically this is the main fee you’ll pay (if there is a fee hidden in the exchange rate).

However, there are some other fees to be aware of, depending on which card you choose, let’s run through all the foreign exchange fees:

Note: you don’t typically get charged a fee to spend money (often called foreign transaction fees) with prepaid cards, these are more common on credit cards and and with banks.

As mentioned above, there’s always a fee within the exchange rate, whether it’s hidden or not. Normally, you’ll see this as the mid-market rate, interbank rate or mastercard rate plus a certain amount on top (e.g. the mid-market rate plus 1%).

ATM withdrawal fees

Some card providers will let you withdraw cash for free from an ATM (cash machine), some have a limit on how much you can withdraw for free per month (or a maximum number of transactions before there’s a fee), and others have no limit but will charge for every withdrawal.

This can range from a fixed fee per withdrawal (e.g. £1), to a percentage of the amount you take out (e.g. 2%), or a combination of both.

Producing a card can involve a lot of admin and of course actually producing and printing the card and delivery, so a travel money card provider will often pass this fee onto you – so they can cover their costs if you don’t end up using the card.

This is normally around £5-10, although with some companies it can be free, but there’s normally conditions such as topping up your card beforehand.

Note: if you lose your card, you’ll often have to pay a card replacement fee too. This is typical with all cards, even our recommended options.

Inactivity fee

With some cards, there can also be an inactivity fee, which is a fee for not using the card after a certain period of time. This is normally after 12 months, and a fee per month of around £2 per month.

Note: the best cards we recommend above ( Revolut ¹ and Wise ¹) don't have this fee. You can leave them for as long as you like (until your next holiday).

The great news is it’s super easy to get a prepaid travel card – it’s not like applying for a bank account or a credit card, you can get set up within a few minutes and the card can arrive the next day.

All you’ll need to do is first decide which travel card you’d like (we recommend Revolut ¹ or Wise ¹ as they’re the cheapest, and have easy to use apps for managing your money), and then fill out a few details on their website (or app), prove you are who you say you are with your passport or driving licence, and that’s it.

You’ll need to transfer some money (also called ‘load money’) over from your bank account, or deposit via a debit card, and that’s it. You can start spending online straight away (you can also add your card to Apple Pay or Google Pay) – or wait until your card arrives in the post to start spending on that.

It literally couldn’t be easier.

Are prepaid travel money cards safe?

Yep, it’s perfectly safe to use a prepaid travel card.

The company giving you the card will need to be authorised by the Financial Conduct Authority (FCA), who are the people making sure financial companies are looking after you and your money.

Your money will also be held in a bank account with a very large bank (e.g. Barclays), completely separate from the company’s own money. So, if anything happened to the company such as going out of business, your money could only be returned to you.

Using a card is also much safer than taking out cash when abroad, and keeping cash in your hotel room (or your sock). There’s lots of safety features such as being able to freeze your card (so it temporarily can't be used) and protection from fraudulent transactions if your card was lost or stolen – which you can often do immediately within an app on your phone.

That’s all there is to it. Pretty simple right? You can get a prepaid travel card in just a few minutes, and the card can turn up the next day – you’ll benefit from saving a small fortune on your spending money abroad. Plus, it’s much safer than travelling with cash.

You can also use your card in a huge range of shops, bars and restaurants, just as you would in the UK (with contactless), and withdrawing cash from an ATM can be easy too.

We recommend using one of the best travel cards above, such as Revolut ¹ or Wise ¹, they’re super popular, trustworthy, are easy to use and have great mobile apps to manage everything, not to mention they’re the cheapest out there (by quite a bit!).

And there you go, that’s your travel money sorted, all that’s left is to enjoy the holiday!

This article was written, reviewed and fact checked by the expert team at Nuts About Money. You’re in safe hands. Learn more .

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Here Are the Four Best Travel Money Cards in 2024

François Briod

Co-Founder of Monito and money transfer expert, François has been helping Monito’s users navigate the jungle of money transfer fees, bad exchange rates and tricks for the last ten years.

Jarrod Suda

A writer and editor at Monito, Jarrod is passionate about helping people apply today’s powerful finance technologies to their lives. He brings his background in international affairs and his experiences living in Japan to provide readers with comprehensive information that also acknowledges the local context.

Links on this page, including products and brands featured on ‘Sponsored’ content, may earn us an affiliate commission. This does not affect the opinions and recommendations of our editors.

From the multitude of bank fees and ATM charges to hidden currency conversion fees, there's no question that spending your money abroad while travelling can be costly — and that's saying nothing about the cost of the holiday itself!

As you prepare for your trip abroad, the golden rule is that you'll save the most money by using the local currency of your destination. This means withdrawing local cash at foreign ATMs and using a debit card to pay directly in the local currency. For example, if you're from the UK, using your bank's debit card that accesses your British pounds will likely lose you money to hidden fees at ATMs abroad and at local merchants.

In general, we rate Revolut as the best travel card all around. Its versatile account and card can be used to spend like a local pretty much anywhere in the world. ✨ Get 3 months of free Revolut Premium as a Monito reader with our exclusive link .

If you're from the EU, UK, or US, here are a few more specific recommendations to explore:

• Best for travelling from the UK: Chase
• Best for travelling from the US: Chime ®
• Best for travelling from the Eurozone: N26

If it's not possible for you to spend in the local currency when travelling abroad, then spending in your home currency while using a card that doesn't charge any hidden exchange rate markups from your bank (e.g. only the VISA or Mastercard exchange rates to convert currency) is still a good bet for most people.

In this guide, we explore cards that waive or lower ATM fees and that hold multiple currencies. Spend on your holiday like a local and enjoy peace of mind after each tap and swipe!

Best Travel Cards (And More!) at a Glance

Best travel money cards.

• 01. What is the best best multi currency card? scroll down
• 02. Are prepaid currency cards really it? scroll down
• 03. Monito's best travel money card tips scroll down
• 04. FAQ about the best travel cards scroll down

Revolut: Best All-Rounder

Revolut is one of the most well-known fintechs in the world because it offers services across Europe, the Americas, Asia, and Oceania.

• Trust & Credibility 8.9
• Service & Quality 7.9
• Fees & Exchange Rates 8.3
• Customer Satisfaction 9.3

Revolut is available in many countries. You can double-check if it's available in yours below:

Here's an overview of Revolut's plans:

Revolut Ultra is currently only available in the UK and EU.

Like Wise, Revolut converts your currency to the local currency of your travel destination at an excellent exchange rate (called the 'Revolut Rate', which, on weekdays, is basically on par with the rate you see on Google), making it a good way to buy foreign currency before travelling abroad. As always though, bear in mind that Revolut's exchange rates might be subject to change.

Revolut's Standard Plan only allows currency exchange at the base mid-market exchange rate for transfers worth £1,000 per month. ATM withdrawals are also waived for the first €200 (although third-party providers may charge a withdrawal fee, and weekend surcharges may also apply). These allowances can be waived by upgrading memberships.

N26: Good Bank For EU Travellers

One of the most well-known neobanks in Europe, N26 and its debit card operate in euros only. However, N26 is a partner with Wise and has fully integrated Wise's technology so that you never have to pay foreign transaction fees on your purchases outside of the eurozone. While N26 does not have multi-currency functionality, N26 will apply the real exchange rate on all your foreign purchases and will never charge a commission fee — making N26's card a powerful card for EU/EEA residents who travel across the globe.

• Trust & Credibility 8.0
• Service & Quality 8.0
• Fees & Exchange Rates 9.3
• Customer Satisfaction 8.5

These are the countries in which you can register for an N26 account:

And here is an overview of the various plans and account:

This low-fee option for banking is also ideal for travellers who do not belong to a European bank but frequent the Eurozone. For example, N26 is available for residents and citizens of Switzerland, Norway, and other European Economic Area countries that do not run on the Euro.

These citizens, who are in close proximity to the Eurozone, will save each time they spend with an N26 card while in Europe. N26 provides three free ATM withdrawals per month in euros but does charge a 1.7% fee per ATM withdrawal outside of Europe.

Take a look at our guide to the best travel cards for Europe to learn more.

Wise: Best For Multi-Currency Balances

Load up to 54 currencies onto this card at the real exchange rate, giving you access to truly global travel.

• Trust & Credibility 9.3
• Service & Quality 8.9
• Fees & Exchange Rates 7.6
• Customer Satisfaction 9.4

These are the countries in which you can order a Wise debit card:

Unlike banks, credit unions, airport kiosks, and foreign ATMs, Wise is transparent about never charging a hidden exchange rate margin when you convert your home currency into up to 54 currencies. The live rate you see on Google or XE.com is the one you get with Wise.

An industry-low commission fee per transaction will range from 0.35% to 2.85%, depending on the currency.

Chase: Great UK Bank For Travel

A recent arrival from the USA, Chase is one of the UK’s newest digital challenger banks and comes with a rock-solid reputation and no monthly charges, no currency conversion charges, no withdrawal fees, and no other charges for everyday banking from Chase. It’s a simple, streamlined bank account with an excellent mobile banking app and a great cashback offer. However, it doesn’t yet offer more advanced features like international money transfers, joint accounts, business banking, overdrafts and loans, and teen or child accounts.

• Trust & Credibility 10
• Fees & Exchange Rates 10

Chime: Great Account For US Travelers

Chime  is a good debit card for international travel thanks to its no foreign transaction fees¹. Unlike multi-currency accounts like Revolut (which let you hold local currency), Chime uses the live exchange rate applied by VISA. This rate is close to the mid-market rate, and Chime does not add any extra markup to your purchases, although out-of-network ATM withdrawal and over-the-counter advance fees may still apply.

• Trust & Credibility 9.5
• Service & Quality 8.8
• Fees & Exchange Rates 9.8
• Customer Satisfaction 8.2

While Chime waives ATM fees at all MoneyPass, AllPoint, and VISA Plus Alliance ATMs within the United States, this fee waiver does not extend to withdrawals made outside the country. For withdrawals abroad, Chime applies a $2.50 fee per transaction, with a daily withdrawal limit of $515 or its equivalent. This is in addition to any fees charged by the ATM owner. Therefore, we recommend Chime primarily for card purchases rather than relying on it for withdrawing cash while traveling internationally.

• No  foreign transaction fees ¹;
• Uses VISA's exchange rate ( monitor here ):
• A $2.50 fee per ATM withdrawal made outside of the United States;
• More info:  Read our  Chime review  or  visit their website .

Best Travel Money Cards in 2024 Compared by Country

In the table below, see our comparison summary of the four best travel cards for 2024 by country:

Last updated: 8 January 2024

What's The Best Prepaid Card to Use Abroad?

Travel cards come in many varieties, such as standard credit cards or debit cards with no foreign transaction fees or cards that waive all foreign ATM withdrawal fees.

What is a Multi-Currency Card?

Multi-currency cards are a specific type of travel card that allows you to own all kinds of foreign currencies, which you can instantly access when you pay with your card abroad. By spending the local currency in the region of travel , you bypass poor foreign exchange rates. ATMs and cashless payment machines will treat your card like a local card.

We have already mentioned a few multi-currency cards in this review, but we will also introduce Travelex . Travelex's Money Card also allows you to top up several foreign currencies — albeit at exchange rates slightly poorer than the real mid-market rate .

Wise Account

Wise has one of the best multi-currency cards available on the market.

Read our full review for more details.

Revolut is impressive for its vast options in currencies and its additional services.

Our in-depth review explores Revolut's services in detail.

Travelex offers a prepaid travel money card that supports 10 currencies and waives all ATM withdrawal fees abroad.

• Trust & Credibility 9.0
• Service & Quality 5.8
• Fees & Exchange Rates 7.1

Travelex charges fees, which fluctuate according to the exchange rates of the day, in order to convert your home currency into the currencies that it supports. But once the currency is on the card, you'll be able to spend like a local. Learn more with our full review .

Don’t Let Banks, Bureaux de Change, and ATMs Eat Your Lunch 🍕!

Are you withdrawing cash at an ATM in the streets of Paris? Exchanging currencies at Gatwick airport? Paying for a pizza with your card during a holiday in Milano? Every time you exchange currencies, you could lose between 2% to 20% of your money in  hidden fees . Keep reading below to make sure you recognize and avoid them.

Currency Exchange Fees Eating My Lunch? What’s That?

You’re often charged a hidden fee in the form of an alarming exchange rate.

At any given time, there is a so-called “ mid-market exchange rate ” — this is the real exchange rate you can see on  Google . However, the money transfer provider or bank you use to exchange currencies rarely offers this exchange rate. Instead, you will get a much worse exchange rate. They pocket this margin between the actual rate and the poor exchange rate they apply, allowing the bank or money transfer provider to profit from the currency exchange. 

In other words, you or your recipient will receive less foreign currency for each unit of currency you exchange. All the while, the provider will claim that they charge zero commission or zero fees.

So the question now is… how can you avoid them? Thankfully, the best travel money cards will allow you to hold the local currency, which you can access instantly with a tap or swipe. Carrying the local currency avoids  exchange rate margins  on every purchase.

Top Travel Money Tips

• Avoid bureaux de change. They charge between 2.15% and 16.6% of the money exchanged.
• Always pay in the local currency and never accept the  dynamic currency conversion .
• Don't use your ordinary debit or credit card unless it's specifically geared toward international use. Doing this will typically cost you between 1.75% and 4.25% per transaction. Instead, use one of the innovative travel money cards below.

By opting for a travel card without FX fees, you can freely swipe your card abroad without worrying about additional charges. However, saving money doesn't stop there. To make the most out of your travel budget, consider using  Skyscanner , one of the most powerful flight search engines available that allows you to compare prices from various airlines and find the best deals.

With Skyscanner's user-friendly interface and comprehensive search options, you can discover cheap flights and enjoy your holidays with peace of mind and more money in your pocket.

Best Travel Money Card Tips

When you convert your home currency into a foreign currency, foreign exchange service providers will charge you two kinds of fees :

• Exchange Rate Margin:  Providers apply an exchange rate that is poorer than the true  "mid-market" exchange rate . They keep the difference, called an  exchange rate margin .
• Commission Fee:  This  fee  is usually a percentage of the amount converted, which is charged for the service provided.

With these facts in mind, let's see what practices are useful to avoid ATM fees, foreign transaction fees, and other charges you may encounter while on your travels.

Tip 1: While Traveling, Avoid Bureaux de Change At All Costs

Have you ever wondered how bureaux de change and currency exchange desks are able to secure prime real estate in tourist locations like the Champs-Élysées in Paris or Covent Carden in London while claiming to take no commission? It’s easy: they make (plenty of) money through hidden fees on the exchange rates they give you. 

Our study shows that Bureaux de Change in Paris charges a margin ranging from 2.15% at CEN Change Dollar Boulevard de Strasbourg to 16.6% (!!) at Travelex Champs-Élysées when exchanging 500 US dollars into euros for example. 

If you really want cash and can’t wait to withdraw it with a card at an ATM at your destination, ordering currencies online before your trip is usually cheaper than exchanging currencies at a bureau de change, but it’s still a very expensive way to get foreign currency which we, therefore, would not recommend.

Tip 2: Always Choose To Pay In the Local Currency

Don’t fall for the dynamic currency conversion trap! When using your card abroad to pay at a terminal or withdraw cash at an ATM, you’ve probably been asked whether you’d prefer to pay in your home currency instead of the local currency of the foreign country. This little trick is called dynamic currency conversion , and the right answer to this sneaky question will help you save big on currency exchange fees.

As a general rule, you always want to pay in the local currency (euros in Europe, sterling in the UK, kroner in Denmark, bahts in Thailand, etc.) when using your card abroad, instead of accepting the currency exchange and paying in your home currency. 

This seems like a trick question - why not opt to pay in your home currency? On the plus side, you would know exactly what amount you would be paying in your home currency instead of accepting the unknown exchange rate determined by your card issuer a few days later.

What is a Dynamic Currency Conversion?

However, when choosing to pay in your home currency instead of the local one, you will carry out what’s called a “dynamic currency conversion”. This is just a complicated way of saying that you’re exchanging between the foreign currency and your home currency at the exact time you use your card to pay or withdraw cash in a foreign currency, and not a few days later. For this privilege, the local payment terminal or ATM will apply an exchange rate that is often significantly worse than even a traditional bank’s exchange rate (we’ve seen margins of up to 8%!), and of course, much worse than the exchange rate you would get by using an innovative multi-currency card (see tip #3). 

In the vast majority of times, knowing with complete certainty what amount you will pay in your home currency is not worth the additional steep cost of the dynamic currency conversion, hence why we recommend always choosing to pay in the local currency.

Tip 3: Don't Use a Traditional Card To Pay in Foreign Currency/Withdraw Cash Abroad

As mentioned before, providers make money on foreign currency conversions by charging poor exchange rates — and pocketing the difference between that and the true mid-market rate. They also make money by charging commission fees, which can either come as flat fees or as a percentage of the transaction.

Have a look at traditional bank cards to see how much you can be charged in fees for spending or withdrawing $500 while on your holiday.

These fees can very quickly add up. For example, take a couple and a child travelling to the US on a two-week mid-range holiday. According to this study , the total cost of their holiday would amount to around $4200. If you withdraw $200 in cash four times and spend the rest with your card, you would pay $123 in hidden currency exchange and ATM withdrawal fees with HSBC or $110 with La Banque Postale. With this money, our travellers could pay for a nice dinner, the entrance fee to Yosemite Park, or many other priceless memories. 

Thankfully, new innovative multi-currency cards will help you save a lot of money while travelling. Opening an N26 Classic account and using the N26 card during the same US holidays would only cost $13.60.

Need Foreign Cash Anyway?

In many countries, carrying a wad of banknotes is not only useful but necessary to pay your way since not every shop, market stall, or street vendor will accept card payments. In these cases you'll have two options to exchange foreign currency cheaply:

1. Withraw at an ATM

As we've explored in great depth in this article, withdrawing money from a foreign ATM will almost always come with fees — at the very least from the ATM itself, and so it's therefore the best strategy to use a travel debit card that doesn't charge in specific ATM withdraw fees on its own to add insult to injury. That said, if you need cash, we recommend making one large withdrawal rather than multiple smaller ones . This way, you'll be able to dodge the fees being incurred multiple times.

2. Buy Banknotes (at a Reasonable Rate!)

As we've also seen, buying foreign currency at the airport, at foreign bank branches, or in bureaux de change in tourist hotspots can be surprisingly expensive. Still, not all exchange offices are equally pricey . If you're looking for a well-priced way to exchange your cash into foreign currency banknotes before you travel, Change Group will let you order foreign currency online and pick them up at the airport, train station, or a Change Group branch just before you leave for your holiday. A few pick-up locations in the UK include:

• London centre (multiple locations),
• Glasgow centre,
• Oxford centre,
• Luton Airport,
• Gatwick Airport,
• St. Pancras Station.

(Note that Change Group also has locations in the USA, Australia, Germany, Spain, Sweden, Austria, and Finland!)

Although its exchange rates aren't quite as good as using a low-fee debit card like Revolut, Change Group's exchange rates between popular currencies tend to be between 2% to 3%, which is still a lot better than you'll get at the bank or at a touristy bureau de change in the middle or Paris or Prague!

FAQ About the Best Travel Money Cards

Having reviewed and compared several of the industry's leading neobanks, experts at Monito have found the Wise Account to offer the best multi-currency card in 2024.

In general, yes! You can get a much better deal with new innovative travel cards than traditional banks' debit/credit cards. However, not all cards are made equal, so make sure to compare the fees to withdraw cash abroad, the exchange rates and monthly fees to make sure you're getting the best deal possible.

• Sign up for a multi-currency account;
• Link your bank to the account and add your home currency;
• Convert amount to the local currency of holiday destination ( Wise and Revolut convert at the actual mid-market rate);
• Tap and swipe like a local when you pay at vendors.

Yes, the Wise Multi-Currency Card is uniquely worthwhile because it actually converts your home currency into foreign currency at the real mid-market exchange rate . Wise charges a transparent and industry-low commission fee for the service instead.

More traditional currency cards like the Travelex Money Card are good alternatives, but they will apply an exchange rate that is weaker than the mid-market rate.

The Wise Multi-Currency Card is the best money card for euros because unlike banks, credit unions, airport kiosks, and foreign ATMs,  Wise  is transparent about never charging a hidden exchange rate margin when you convert your local currency into euros with them.

The live rate you see on Google or XE.com is the one you get with  Wise . An industry-low commission fee will range from 0.35% to 2.85%. USD to EUR transfers generally incur a 1.6% fee.

Learn more about how to buy euros in the United States before your trip.

There are usually three types of travel cards, prepaid travel cards, debit travel cards and credit travel cards. Each have pros and cons, here's a short summary:

• Prepaid travel cards: You usually need to load cards with your home currency via a bank wire or credit/debit card top-up. You're then able to manage the balance from an attached mobile app and can use it to pay in foreign currencies or withdraw cash at an ATM abroad tapping into your home currency prepaid balance. With prepaid travel cards, as the name indicates, you can't spend more than what you've loaded before hand. Some prepaid card providers will provide ways to "auto top-up" when your balance reaches a certain level that you can customize. On Revolut for example, you can decide to top-up £100/£200/£500 from your debit card each time your balance reaches below £50.
• Debit travel cards: Some innovative digital banks, like N26 or Monzo, offer travel debit cards that have the same advantages than a Prepaid Travel Cards, except that they're debit card directly tapping into your current account balance. Like a Prepaid travel card, you can't spend more than the balance you have in your current account with N26 or Monzo, but you can activate an overdraft (between €1,000 or €10,000 for N26 or £1,000 for Monzo) if you need it, for a fee though.

Note that even if they're Prepaid or Debit cards, you can use them for Internet payments like a normal credit card.

• Credit travel cards: You can find credit cards made for international payments offering good exchange rates and low fees to withdraw money abroad, but you'll need to pay interests in your international payment if you don't pay in FULL at the end of every month and interest on your ATM withdrawals each day until you pay them back.

Why You Can Trust Monito

Our recommendations are built on rock-solid experience.

• We've reviewed 70+ digital finance apps and online banks
• We've made 100's of card transactions
• Our writers have been testing providers since 2013

Other Monito Guides and Reviews on Top Multi Currency Cards

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

Monito is trusted by 15+ million users across the globe.

Monito's experts spend hours researching and testing services so that you don't have to.

Our recommendations are always unbiased and independent.

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5 money-saving tips for going abroad in the school holidays

Going away can be expensive, so here are a number of ways you can cut costs this summer, from when to fly to when and where to exchange currency .

The sun is finally peeking through the clouds and attention is turning to the summer holidays with schools set to break up in about six weeks.

But although inflation is falling, hotel rates, transport and airfares remain high, meaning both jetting off and staying local for the summer could still put pressure on your purse.

You may not be able to guarantee sunshine wherever you go, but there are ways to cut the cost of travel this summer to ensure there is enough cash left to relax without worrying about the bill.

When and where to book

The summer is typically a more expensive time to go on holiday due to high levels of demand.

Germany is a popular location this year, particularly for football fans, as it is hosting Euro 2024 as of this month, while Paris is also set to be busy due to the Olympics in July.

It may be, therefore, beneficial to look outside these locations.

You can search for hotel deals on comparison websites such as Booking.com, Expedia, Hotels.com and Opodo, or find self-catering accommodation on Airbnb or Vrbo.

Millions of retirees already paying tax on their pension

The latest Summer Travel Outlook report from Expedia suggests 30 June and 24 July – just after schools close for summer – will be the busiest air travel days for domestic and international destinations.

“This summer, British travelers find themselves drawn to a variety of experiences, whether it be immersing themselves in the excitement of sports events in Germany or France, indulging in the warmth of Greek sun, or embarking on unforgettable journeys to long-haul destinations, such us Beijing or Jaipur,” says Melanie Fish, a spokesperson for Expedia.

The most sought-after destinations are likely to have higher flight and accommodation costs so you could try to save money by avoiding the crowds and staying off the beaten track in alternative cities or countries.

Laura Lindsay, travel trends and destination expert at flight comparison website Skyscanner, says: “You see a deal from one airline to popular location like Naples, but is there a better price when you consider somewhere less well known, like underrated Bari in Puglia instead?”

Skyscanner lets users search for flight prices from multiple airlines across a month so you can see which day is cheaper to fly and the most affordable airlines and airports.

Its research found the week of 19 August is the cheapest week to fly this summer.

Which day you fly can also have an impact. Holiday prices often fluctuate throughout the week, according to analysis by Norton Finance, with the most expensive day to book on a Friday, while travellers can save up to 13 per cent by booking on a Sunday.

Meanwhile, flying midweek on Tuesdays and Wednesdays can often be up to 70 per cent cheaper than on weekends, according to flight compensation website AirAdvisor.

When searching for flights online, Matthew Corrigan, chief executive of Trtl Travel, warns airlines and travel websites often use cookies to track your browsing history.

“This can result in prices appearing higher each time you search for the same route,” he says.

“To potentially find lower fares, clear your browser cookies or use an incognito or private browsing mode. This way, you’ll start each search with a clean slate and may come across better deals.”

Package deals versus booking separately

It may be more convenient to book a package deal so your flights and accommodation are all sorted, but it may not always work out cheaper, so shop around first.

“By booking your flights and accommodation separately, you have the freedom to compare prices and find the most affordable options for each,” adds Corrigan.

“This way, you can tailor your travel arrangements to suit your budget and preferences.”

Airport parking

Don’t leave airport parking until the last minute.

Comparison website Holiday Extras claims drivers saved an average of £191 per trip by booking their airport parking in advance last year.

“That’s money they can spend on flights, meals, treats, and seeing the sights while they’re away,” says David Norris, chief growth officer at Holiday Extras.

If you can, it may also be beneficial to see if you can save by taking public transport. Booking train tickets in advance can often be much cheaper.

Holiday spending

Taking physical cash rather than using a debit or credit card can help you budget, but watch out for exchange rates.

“Airports will typically give the worst exchange rates, so picking up your foreign currency before you travel is usually the best option,” says Simon Phillips, managing director at No1 Currency.

“Exchange rates can differ a lot between different travel money providers, so do shop around online for the most competitive quotes.”

Phillips suggests exchanging half your spending money when you first book your trip and the rest closer to departure.

“That way, if rates improve between now and the day you exchange the second half of your money, you’ll pocket the difference,” he explains.

“Equally, if the pound weakens between now and then, you’ll have limited your exposure by exchanging the first half of your spending money at today’s more favourable rate.”

If you prefer to pay with plastic, check if your debit or credit card charges for overseas spending or withdrawals. Alternatively, find a dedicated travel debit or credit card with low or no fees.

For example, current account providers such as Chase, Starling Bank and Monzo support fee-free spending abroad.

There are also multi-currency cards that link to your own account such as Currensea or prepaid plastic including Caxton, Revolut and Wise that you top up through an app.

These usually offer fee-free spending overseas but there may be other charges such as for withdrawals and different exchange rates, so it is worth comparing.

Watch out for dynamic currency conversion, where you are offered the chance to pay in your home currency. The exchange rate is usually more expensive, so you are better off paying in the local currency when using a card abroad.

Travel insurance

Check you have the right level of cover when buying travel insurance to protect against costs incurred by travel delays, cancellations, accidents, illness, and lost or damaged items.

You can bring the cost of travel insurance down by shopping around using comparison websites.

Travel insurance premiums can work out cheaper if you have lower levels of cover – as long as you still have enough protection– and you can bring down the price by offering to pay a higher excess, just be prepared for a big bill if you need to make a claim.

Taking out multi-trip insurance may also be more cost-effective if you have at least two holidays a year.

Alex Cross, insurance director at Tesco Bank, says it is important to get insured as soon as you book.

“Insurance policies can cover you as soon as you’ve booked a trip, protecting you against issues, illnesses, or accidents that may stop you from going away at all,” says Cross.

“Make sure you’re factoring in buying insurance as close as possible to when you book so you can rest easy that you’re covered if disaster strikes.”

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Most travelers trying to keep frugality in mind when planning summer travel: Experian

Travelers plan to use credit cards most often when booking travel.

High inflation is causing travelers to stick to a budget when planning road trips.  ( iStock )

Summer travel is heating up with the weather, but consumers are weary about spending too much. Nearly 71% of consumers blame inflation for impacting their road trip plans, an Experian survey found .

A majority of survey respondents planned to spend an average of $1,000 on their trips this summer. Road trippers plan to spend the most on gas and accommodations.

Auto insurance rates are also impacting travelers. Three out of four respondents to Experian’s survey are worried their rates will increase in the next year. This concern that rates will rise is causing a third of respondents to shop around for auto insurance.

States with higher insurance rates have the highest percentage of drivers looking to switch. About 14% of drivers looking to switch live in Texas and 11% live in Florida.

If you want to compare your auto insurance rates to see if you can get a lower premium, use Credible to compare rates and lenders with the click of a button .

CONSUMERS DISCOURAGED BY HIGH INTEREST RATES AND DETERIORATING FINANCIAL HEALTH: STUDY

Many consumers plan to use their credit cards to pay for travel this summer

Most travelers don’t plan to use cash to pay for their traveling this summer. Credit cards are the most preferred method of payment, according to a PYMNTS study .

About 69% of those planning to travel will use their credit cards for at least part of their accommodations. The rewards and cash back programs offered through their credit cards are the most popular reason consumers choose credit cards over other payment methods. Cash flow management and accessibility are two other major reasons travelers opt for credit cards.

While a majority of travelers choose credit cards, 59% use debit cards and 57% choose cash to pay for their travels.

PYMNT’s data also focused on the financial picture of travelers. Higher credit scores indicate a higher inclination to travel. About 57% of high credit borrowers have summer travel plans, slightly higher than the 51% of those with mid-level scores or low credit scores. 

Comparing multiple car insurance quotes can potentially save you hundreds. Visit Credible now to compare quotes free of charge .

CREDIT CARD USAGE IS UP AS INFLATION CONTINUES TO RISE

Younger generations are willing to travel and spend more on live events

Travelers from all generations are attempting to be more frugal with their travel plans this summer, but millennials and Gen Z are more willing to spend in one area: live events. Gen Zers in particular are willing to splurge on concerts, sporting events and other live events, a AAA and Bread Financial report found .

About 65% of Gen Zers and 58% of millennials have or plan to travel within the next 12 months for in-person entertainment that is at least 50 miles from home, signaling a willingness to spend extra on travel. Just 43% of Gen X and 27% of baby boomers are willing to do the same.

Many Gen Zers are even willing to travel more than 1,500 miles to attend these events. Twice as many Gen Zers in the study said that they’d be willing to travel this far, compared to just 9% of baby boomers.

"Younger generations are leading the charge when it comes to a shift in consumer spending habits surrounding live event travel," Paula Twidale, senior vice president of AAA Travel explained. "Gen Z and Millennial travelers are taking their trips to the next level by going farther and spending more than other generations for live events. They don’t want to miss out and will do what it takes to see their favorite artist, sports team, or other live event in person," said Twidale.

Not only are younger generations willing to shell out more money for travel, but also for the tickets themselves. About two in five Gen Zers and millennial travelers paid between $500 and $5,000+ for just tickets. Dipping into savings is no problem for these generations when it comes to live events in particular. Some would even consider taking on a side hustle to pay for any concerts or shows they’re interested in.

During long road trips, having the right auto insurance is crucial. Use a tool like Credible to shop around and lower your car insurance premium today .

MORE THAN A THIRD OF GEN Z, MILLENNIALS SEEK HELP FROM THEIR PARENTS TO AFFORD A HOUSE DOWN PAYMENT

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Best Money Market Rates of July 2024: Maximize Your Savings

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The highest money market account rate overall is 5.48% APY from the First Internet Bank of Indiana Money Market Account for account balances above $1 million.

Meanwhile, the most competitive money market account rate regardless of your account balance is 5.35% APY from Brilliant Bank. Brilliant Bank's money market account isn't available for residents of Kansas, Missouri, Oklahoma, and Arkansas, though.

Top Money Market Accounts of July 2024

• First Internet Bank of Indiana Money Market Account : 3.77% to 5.48% (vary by daily balance) APY
• Brilliant Bank Luminary Money Market Account: 5.35% APY
• Vio Bank Cornerstone Money Market Savings Account : 5.30% APY
• Hanover Bank Money Market Deposit Account, powered by Raisin : 5.30% APY
• UFB Secure Money Market : 5.25% (as of 11/16/2023) APY
• CFG Bank High Yield Money Market Account : 5.25% APY
• Republic Bank of Chicago Digital Money Market Account: 5.21% APY
• Bank5 Connect Accelerator Money Market Account : 5.05% APY
• Quontic Money Market Account : 5.00% APY
• Premier Members Credit Union Money Market Account : 0.50% to 5.00% APY

Compare the Top Money Market Accounts

Top-rated money market accounts for savers have manageable fees and standout features, like ATM access or check-writing abilities. These accounts also have the most competitive money market account rates nationwide. You can learn more about the best high-yield money market accounts of 2024.

First Internet Bank of Indiana Money Market Account

The First Internet Bank of Indiana Money Market Account has a tiered interest rate system with competitive APYs. The money market account pays 3.77% APY on account balances of $1 million or under and 5.48% APY on account balances over $1 million. You may also request an ATM card to make ATM withdrawals.

First Internet Bank of Indiana is also part of the IntraFi Network, which is a program that offers additional FDIC insurance protection for balances over the $250,000 limit. The way it works is your money is spread across other FDIC-insured financial institutions in the network (there are nearly 3,000 participating banks). Up to $150 million may be FDIC-insured through IntraFi Network Deposits.

This money market account has a $5 monthly service fee. To waive the fee, you'll need to maintain at least $4,000 in your account. This money market account also doesn't come with check writing privileges.

Rate: 3.77% APY on account balances of $1 million or under and 5.48% APY on account balances over $1 million

Minimum opening deposit: $100

First Internet Bank of Indiana Review

Brilliant Bank Luminary Money Market Account

The Brilliant Bank Surge Money Market Account offers a competitive interest rate and might be a good option if you can keep at least $2,000 in your account so you can waive a $10 monthly service fee.

The current APY is only available for new depositors. If you live in Kansas, Missouri, Oklahoma, or Arkansas you won't be eligible to open this account.

Rate: 5.35% APY

Minimum opening deposit: $1,000

Vio Bank Cornerstone Money Market Savings Account

The Vio Bank Cornerstone Money Market Savings Account has a low minimum opening deposit, and no monthly service fees if you sign up for online bank statements.

If you get paper statements, there's a $5 monthly service fee. The Vio Bank Cornerstone Money Market Savings Account also doesn't include paper checks or a debit card.

Rate: 5.30% APY

Vio Bank Review

Hanover Bank Money Market Deposit Account

The Hanover Bank Money Market Deposit Account offers the highest money market account interest rate on Raisin. That said, there are also other money market accounts available on Raisin that pay 5.00% APY or more.

You may like the Hanover Bank Money Market Deposit Account if you're looking for an option with a high interest rate and low minimum opening deposit. You'll only need $1 to get started.

Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts, money market accounts, and CDs from over 20 banks and credit unions.

You might prefer one of our other top picks if you would rather open a money market account directly with a bank or if you'd like to do all your banking with one financial institution. Raisin doesn't offer checking accounts.

Minimum opening deposit: $1

Raisin Review

UFB Secure Money Market

The UFB Secure Money Market offers a competitive interest rate regardless of your balance, and it allows you to write checks.

This account has a $10 monthly service fee. To waive the fee, you'll have to maintain a minimum balance of $5,000.

Rate: 5.25% (as of 11/16/2023) APY

Minimum opening deposit: $0

UFB Direct Review

CFG Bank High Yield Money Market Account

The CFG Bank High Yield Money Market Account offers one of the most competitive interest rates on its money market account.

You'll need $1,000 to open a money market account with CFG and maintain it. Otherwise, you may not earn competitive interest, and have to pay a $10 monthly service fee. This money market account also doesn't come with check writing privileges or a debit card.

Rate: 5.25% APY

CFG Bank Review

Republic Bank of Chicago Digital Money Market Account

The Republic Bank of Chicago Digital Money Market Account has one of the highest interest rates on our list. You might like this account if you're searching for an online money market account that offers paper checks. This account also might be appealing if you can maintain a minimum of $2,500, so you can waive the $25 monthly service fee.

This account isn't available in Illinois, Indiana, Wisconsin, and Michigan. It has a $25 monthly service fee to be mindful of. It also doesn't offer an ATM card or debit card, only paper checks.

Rate: 5.21% APY

Minimum opening deposit: $2,500

Bank5 Connect Accelerator Money Market Account

The Bank5 Connect Accelerator Money Market Account might be a good option for you if you're interested in having an account with extended insurance. In addition to being FDIC-insured, the Bank5 Connect Accelerator Money Market Account insures all of your money with the Depositors Insurance Fund. This means your money will be covered, no matter how much money you put into the account.

Unfortunately, this account requires a high minimum deposit of $5,000, so if you're interested in opening an account with less than that, you'll probably want to look elsewhere.

Rate: 5.05% APY

Minimum opening deposit: $5,000

Bank5 Connect Review

Quontic Money Market Account

The Quontic Bank Money Market Account is a good choice if you'd like to open a money market account that has zero monthly service fees. This money market account also pays the same interest rate regardless of your account balance.

Depending on your account balance, you may find other financial institutions with more competitive interest rates.

Rate: 5.00% APY

Quontic Bank Review

Premier Members Credit Union Money Market Account

The Premier Members Credit Union Money Market Account stands out because it requires a $5 initial deposit. The account also pays a high interest rate on low account balances. You can earn 5.00% APY on balances up to $2,000.

If you plan to deposit more than $2,000 in your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.

To open a bank account at Premier Members Credit Union you must become a member. The easiest way to become a member is to join Impact on Education, a charity of the Boulder Valley School District.

You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.

Rate: 0.50% to 5.00% APY

Minimum opening deposit: $5

Premier Members Credit Union Review

Which Money Market Accounts are the Most Trustworthy?

To help you get a better understanding of the overall ethics of a company, we include Better Business Bureau ratings and recent settlement history of the last three years.

The BBB measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.

Vio Bank is a division of MidFirst Bank, so we included the BBB rating for MidFirst Bank. Since the Hanover Bank Money Market Deposit Account is available through Raisin, we included Raisin's BBB rating.

Here are the BBB scores for the other institutions on our list:

Brilliant Bank is an online-only division of Equity Bank. Brilliant Bank hasn't been rated by the BBB yet, but Equity Bank has received a B- grade from the BBB because it has failed to respond to a few customer complaints.

Raisin has a  B+ grade because it has received several complaints on the BBB website.

CFG Bank currently doesn't have a rating because its profile is being updated on the BBB website.

A strong BBB rating does not guarantee that you'll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences to see if a bank is right for you.

Introduction to Money Market Accounts

Money market account definition and how it works.

A money market account is a type of savings account that you can find at many financial institutions. Features can vary by bank, but usually, these accounts offer a tiered interest rate and let you access your account through writing or a debit card.

Key Benefits of Money Market Accounts

Money market accounts let you grow your savings securely and earn interest . Government agencies protect certain money in bank accounts so that even if there's a bank failure, your money will be protected.

These accounts also often offer more accessibility than traditional savings accounts or CDs — many banks offer a debit card or paper checks along with the account.

Features to Look for in a Money Market Account

Competitive interest rates and interest qualification criteria for money market accounts.

According to the FDIC, the average money market account pays 0.67% APY. However, the best online banks offer money market accounts with significantly higher interest rates.

Some banks will require you to meet certain criteria to earn interest. You might also see a money market account with tiered interest rates, which means the rate you earn depends on the amount of money you keep in the account.

To maximize your interest earnings, carefully review the bank's interest requirements to ensure you qualify for the highest rate.

Also, the compounding frequency for your money market account can affect your total interest earnings if you maintain a high balance. Banks may pay compound interest daily, monthly, quarterly, or annually.

Minimal Bank Fees on Money Market Accounts

A strong money market account won't have any monthly service fees, overdraft fees , or out-of-network ATM fees. Some banks will also reimburse you if you're charged by an out-of-network provider.

Banks specify common bank fees associated with a money market account in a fee schedule. You can find this information online, or you can call customer service to request fee information.

FDIC Insurance and Security on Money Market Accounts

Money market accounts are FDIC -insured at banks or NCUA-insured at credit unions. In the event of a bank failure, these government agencies will ensure that up to $250,000 per depositor, per account ownership category, is secure.

If you have more than $250,000 in a money market account, you'll get a Receiver's Certificate from the government agency. This document says you can claim funds once the bank's assets are liquidated. It isn't guaranteed that you'll get uninsured deposits back, though.

How to Choose the Best Money Market Account

While our guide highlights the top money market accounts with the highest interest rates, that isn't the only factor you should consider when choosing an account.

Ideally, you want a low-fee money market account so bank fees don't take away from your interest earnings. Review the account's minimum opening deposit, monthly service fees, and interest rate requirements to determine whether a money market account is the best choice for you.

Selecting the right bank can also make a big difference in your overall banking experience. For example, if traditional banking hours don't work for your schedule, then perhaps you'll want a bank with 24/7 customer support . Or, if you want to open other bank accounts, you'll likely value a bank with a variety of account types in lieu of one that has limited services.

Setting Up and Using a Money Market Account

You can open a money market account online, at a branch, or by phone. Several of our top picks are online-only banks and credit unions . If you choose an online-only financial institution, be aware that you won't have access to any physical locations, so you'll have to set up and manage your account solely online.

Several of our top picks have a tiered interest rate, so you'll need to meet certain requirements to maximize your savings and get the highest APY. You might need to maintain a certain account balance, set up automatic transfers, or make a specific number of debit card purchases.

If you don't think you can regularly meet those requirements, you might prefer a money market account that's more straightforward. Some money market accounts pay the same interest rate regardless of how much money you keep or what you do on the account.

Pros and Cons of Money Market Accounts

Alternatives to money market accounts, money market account vs. high-yield savings account.

The best high-yield savings accounts pay similar rates to the top money market accounts. The two accounts also share a similar purpose, so figuring out the best fit for you could come down to small preferences in features.

High-yield savings accounts often have lower minimum opening deposits than money market accounts. If you do not have that much money to deposit upfront, high-yield savings accounts might be the way to go.

However, if you want more account accessibility, money market accounts will be a lot more appealing to you than high-yield savings accounts. High-yield savings accounts do not give out paper checks, and rarely do they offer an ATM or debit card.

Money Market Account vs. High-Yield Checking Account

Deciding between a money market account and a high-yield checking account will depend on how you plan to use your account. If you usually maintain a high account balance for expenses, a high-yield checking account is a great account option. However, you're better off with a money market account if you want to establish an emergency fund or save for your financial goals.

Money Market Account vs. CD

Money market accounts and CDs are both great places to grow your savings.

These accounts are managed very differently, though. Money market accounts are more accessible. You can deposit or withdraw money at any time. CDs only let you deposit money when you first open the account. You'll have to maintain all your money a CD until it reaches maturity or you'll face an early withdrawal penalty .

Interest earnings can also impact your decision. The best CD rates are slightly higher than money market account rates. CDs also have a fixed interest rate, which means the rate stays the same until maturity. Money market accounts have a variable interest rate, so it can change at any time.

Due to these differences, you might lean more toward a CD if you can set your money aside for a while in order to earn a fixed interest rate. If you need to add or take out money frequently and don't mind rate fluctuations, choose a money market account.

Money Market Account FAQs

What are the benefits of a money market account.

Money market accounts offer the benefit of paying interest in a safe, low-risk bank account. You'll also typically have more accessibility than other types of savings accounts.

How do I choose the best money market account for my needs?

To choose the best money market account for your needs, review several banks before settling on a money market account. You can compare fees, interest rates, and the overall banking experience at each financial institution until you find the right place for your money.

What is the average interest rate for money market accounts in 2024?

The national average bank account interest rate on money market accounts is 0.67% according to the FDIC. Online banks usually offer a higher interest rate on money market accounts, though.

Which bank has the highest interest rate on a money market account?

The money market account with the highest interest rate right now is 5.48% APY from First Internet Bank of Indiana for account balances above $1 million. Meanwhile, the most competitive money market account rate, regardless of your account balance, is 5.35% APY from Brilliant Bank. Keep in mind rates fluctuate along with the federal funds rate, so banks that offer the highest APY now might not down the road, and ones with lower rates now could hike their rates later.

Are money market accounts safe?

Yes, money market accounts are safe. The money in your account is insured by the FDIC or NCUA .

How can I maximize my earnings with a money market account?

You can maximize your earnings in a money market account by making sure you qualify to earn the highest APY possible. Many money market accounts have tiered interest rates or require certain requirements to obtain the highest APY.

How often do money market account rates change?

Interest rates on money market accounts closely follow the federal funds rate . That is to say, rates are variable and can change multiple times per year based on the Federal Reserve's decisions.

Are money market account rates going up?

In early 2024, experts predict money market rates will be on par with rates at the end of 2023. However, it's likely money market account rates will drop later in 2024 when the Federal Reserve starts cutting rates.

What are the best money market accounts?

• First Internet Bank of Indiana Money Market Account : 3.77% APY on balances of $1 million or less and 5.48% APY on balances over $1 million

Why You Should Trust Us: Our Expert Panel for the Best Money Market Accounts

To learn more about what makes a good money market account and how to choose the best fit, four experts weighed in:

We're focusing on what will make a money market account most useful, including APY, access to your money, and more. Here's what they had to say about money market accounts. (Some text may be lightly edited for clarity.)

What makes a money market account good or not good?

Sophia Acevedo, banking editor, Business Insider :

"A good money market account generally provides several ways to access your money, like a debit card, ATM card, or paper checks."

Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life" :

"I don't really recommend a money market accounts for parking your money. I don't know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals."

How should someone decide whether to put their money in a money market account or another interest-earning account?

Tania Brown, certified financial planner and vice president of coaching strategy at OfColor :

"So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com :

"How soon do you need the money? What kind of access do you need to it? And if you want your money to grow and you want to keep temptation away, then I would put it in a CD."

Sophia Acevedo, Business Insider:

"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly maintenance fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account, I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."

Methodology: How We Chose the Best Money Market Accounts

There are a lot of money market accounts out there. Through our research, we've found that the best money market accounts are offered by banks with a strong online presence and mobile access.

We reviewed money market accounts using our money market account methodology at nearly two dozen institutions to identify the strongest options.

While interest rates are an important aspect of any money market account, we also considered minimum deposits and balance requirements, overdraft, and excess transaction fees, the ability to access funds, and any other standout features.

At Business Insider, we aim to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.

If you enjoyed this story, be sure to follow Business Insider on Microsoft Start.

• Best for customer satisfaction
• Best for older adults
• Best for long-term care
• Best for high returns
• Best for agent support
• Best for term life
• Why you should trust us

Best Life Insurance Companies of July 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Life insurance is as complicated as the policyholders and beneficiaries who use it. That means there's no single "best" life insurance company. Instead, you can find the best option based on what you want or what you prioritize.

Best Life Insurance of 2024 Summary

• Best for customer satisfaction: State Farm Life Insurance
• Best for older adults: Prudential Life Insurance
• Best for agent support: New York Life Insurance
• Best for long-term care: Columbus Life
• Best for high returns: Allianz Life
• Best for term life: North American Company

Top Life Insurance Companies of 2024

While there is no such thing as the objective best life insurance policy, you will be able to find the best insurance policy for your specific needs. Here are our picks for the best life insurance companies, whether you want to use your life insurance policy to build wealth through cash value or you're just looking for a term life insurance policy .

Best Life Insurance for Customer Satisfaction

State farm life insurance.

State Farm Life Insurance gets the best life insurance ranking in J.D Power's Individual Life Insurance Study, with a score of 843/1,000. The company is also ranked A++ with AM Best for its financial stability with term, universal, and whole life insurance options. 

All State Farm policies have to be purchased through a State Farm agent. Your agent can help you bundle and save or buy one policy. State Farm is also among the companies offering "survivorship universal life insurance ," which means the policy covers two people, and it kicks in after the second person dies. Couples looking to maximize their death benefit for beneficiaries with one premium payment each month may enjoy lower overall costs.

State Farm agents can run quotes and compare options to find the right plans for each applicant. The range of options, discounts, and familiar name all contribute to the popularity of State Farm's life insurance.

Read our State Farm Life Insurance review .

Best Life Insurance for Older Adults

Prudential life insurance.

Prudential Life Insurance is available in all states except New York. New York residents can buy the Pruco Life of New Jersey VUL Protector plan. This plan allows buyers to pull money out of their plan to pay for nursing home expenses. Cash value policy premiums are fixed, so you won't have to worry about extra costs later on. Internal costs are low, which minimizes risk. Due to age, many older adults want a safe investment option for their money. Prudential VUL Protector invests to avoid loss. That also means you're not as likely to see big increases in your available funds outside of what you deposit.

Read our Prudential Life Insurance review .

Best Life Insurance for Long-Term Care

Columbus life.

Columbus Life offers a wide range of riders to customize your policy with affordable premiums. The company also allows you to convert term policies to whole life insurance policies until the end of your term (generally around age 70). For this and many other reasons, customer satisfaction is high.

When using living health benefits (otherwise known as accelerated death benefits), buyers are allowed to pull money from policies early to pay for medical bills, living costs, etc. under certain circumstances. Most companies use a discounted death benefit, which reduces your final payout using two models. Columbus uses the lien method, which makes it easier to calculate the financial impact of pulling money out early.

Best Life Insurance for High Returns on Income

Allianz life.

Allianz Life plans are geared towards high-income adults looking for more tax-free income. Allianz offers a 40% multiplier bonus with a 1% annual assets charge. In short, the professionals managing your investments take 10%. Overall, your investments would pull in an extra 14%-1% asset charge. This means you end up with 3% more than what you deposit every year your life policy is active. This plan offers strong returns when using a life policy to supplement your retirement savings. Allianz also offers specialized plans to grow your income by as much as 20% according to some estimates.

Of note: Allianz also offers plans for foreign nationals, including those with H-1B visas.

Best Life Insurance for Agent Support

New york life insurance.

New York Life Insurance agents go through extensive training before they ever hit the sales floor. What does this get you? Policies vary widely, and New York Life offers both large and small payouts. Some policies have significant penalties for early withdrawal, but taking a loan offers more options. Whatever your questions, New York Life agents are trained to offer comprehensive support giving you accurate information about its policies every time. The company comes in at position eight in J.D. Power's latest life insurance customer satisfaction study.

Read our New York Life Insurance review here.

Best Life Insurance for Term Life

North american company.

North American Company offers term policies alongside accelerated death benefits for critical, chronic, and terminal illnesses and more. The company allows one conversion on a 20-year policy at 15 years or 70 years old (whichever is earlier). The conversion cannot happen later than the five-year marker regardless of which policy you choose or the length. North American Company also offers a term policy with a lower premium renewable up to the age of 95 for qualifying insureds.

Types of Life Insurance

While there's many different types of life insurance policies , broadly speaking, there are two types of life insurance: temporary and permanent. Let's go over each in detail.

Temporary life insurance

Temporary life insurance is often called term life insurance. This type of policy covers you for a set amount of time before expiring, usually between 10-30 years. If you pass away after your policy expires, your family won't receive any benefits. Additionally, your policy won't accrue cash value like a permanent policy. That said, some term life insurance policies offer a conversion from term to whole life insurance, so you can extend your coverage. 

Because its benefits aren't guaranteed, term life policies are generally cheaper than permanent life insurance. That said, the vast majority of term life insurance policies never pay out. on

Permanent life insurance

Permanent life insurance is an umbrella term for a variety of life insurance policies that will insure you indefinitely and guarantee a payout as long as you maintain your policy. Policy types that fall under permanent life insurance includes:

• Whole life insurance
• Universal life insurance
• Variable life insurance
• Variable universal life insurance
• Simplified life insurance
• Guaranteed issue life insurance

These policies vary widely in purpose and intended buyers, but all guarantee death benefits to your loved ones. Some permanent life insurance policies, like whole, universal, and variable have a cash value component , which you can use as a savings tool or to leave your heirs a larger death benefit.

How to Pick the Best Life Insurance Policy for You

Finding the right fit in life insurance starts with finding a trusted insurance agent. Because there are so many state regulations, shopping for homeowners or auto insurance can be easily done online. Life insurance is not required. So it's a voluntary purchase. Many buyers don't know what they need or when they need it. Before making your selection, consider a few things:

Some companies will sell you a policy for your child as soon as they're born. While this may seem morbid, early sign-up means lower rates for a policy your child could enjoy in the future. Regardless, early sign-up equates to more policy for lower premiums and a higher likelihood of acceptance. At 20, you may be healthier and be able to pay into the policy for a longer period compared to when you're 50 with more age-related conditions.

As a general rule, never agree to more than you can afford. For the average life insurance agent, their job is to sell you a large policy with a large commission. Consider not only how much you make now, but how likely your current income is to continue. If you work on a project basis and your project is scheduled to end in 12 months, you may want to reconsider a policy premium outside your monthly savings.

How much are you prepared to buy? Some people only want a small policy to cover funerals and other end-of-life expenses. Others build a life policy into their retirement plan. Whatever direction you're going, involving a financial planner could help you make the right decisions. Depending on the carrier, customers can also compare set limits with index universal life policies, which set no limit. These policies never expire, and the value builds over the entirety of your life.

Living Benefits

Life happens unexpectedly. You could be healthy one day and in the hospital the next. Many life policies offer living benefits. These allow you to draw a limited amount out of your policy to cover medical and other bills you cannot pay while sick.

Much like a 401(k), many life insurance policies have penalties for early withdrawal. No matter what policy you want, this question is critical to an informed decision. It's a question of how early you can withdraw and how much you'll lose from the total to have the money in 10 years instead of 30 or after death.

Some policies require insured parties to pay premiums for at least one year before any significant payout would be available. Suicide exclusions are common. Even with no medical exam policies, the company may still do a check for known conditions. An insurance company has to mitigate its risk.

Flexibility

Once you've been denied a life insurance policy, a mark goes on your record. No matter the reasons, other insurance companies may deny you coverage based on the first denial. So consider your whole situation and choose your policy carefully before you submit any applications. Some policies have greater flexibility if you lose your job or otherwise can't make payments. Others will lapse if you miss even one payment.

Payment Type

Even within whole life or term life insurance policies, customers have the option to choose guaranteed fixed or variable rates. Some have guaranteed payouts, but you'll need to ask your agent for details.

What is your intended use? Why are you shopping for a life insurance policy in the first place, and what are your goals? Many successful financial planners also have a background in life insurance. So while they may not be able to find you a specific life insurance policy, financial planners can help you set out a blueprint for your purchase.

Why You Should Trust Us: How We Reviewed the Best Life Insurance Companies

In life insurance, it's easy to get "sold a bill of goods." Many life insurance agents pass a state test to be thrown into the deep end. Agents sell the company product, but not all know the products. In this vein, we look at the products each company offers. We also look at agent training.

A good life insurance agent may not volunteer all facts upfront. But a company's agents should answer questions about its products accurately and in a way the average consumer can digest. Agents should be able to inform you about the long-term benefits and limitations. This will help customers find the right policy for their long-term plan.

We consider affordability, policy sizes available, and performance for a comprehensive assessment in our life insurance rating methodology . If you can, we recommend also working with a financial advisor to make a plan for your future with life insurance.

Our Expert Panel for The Best Life Insurance Companies

To inform our choices for the best life insurance companies, we spoke with the following experts:

• Paul LaPiana , head of product at MassMutual
• Barbara Pietrangelo , CFP, CLU, and chair of the nonprofit Life Happens
• Wykeeta Peel , Corporate Vice President and Market Manager, African American Market Unit at New York Life

The Experts' Advice on Choosing The Best Life Insurance for You

How much life insurance coverage do you believe the average buyer should have.

Paul LaPiana, Head of Product at MassMutual

"There are different approaches to determining how much life insurance you need. One is the 'human life' approach, which estimates the current value of your future earning potential. Another is securing specific coverage to pay off debts such as a mortgage or provide for the education of children. A comprehensive protection plan should provide the right amount of coverage over the course of your working life and into retirement."

Barbara A. Pietrangelo, Chair of Life Happens

"There is no one-size-fits-all life insurance policy because everyone is different. One way to get a rough estimate is to multiply your income by 10 to 15; another is adding $100,00 to that amount, should you have a child and anticipate college education expenses.

Your best bet is to talk to a financial professional or use the Life Insurance Needs Calculator on LifeHappens.org to analyze what's right for you."

Wykeeta Peel, Corporate Vice President & Market Manager African American Market Unit at New York Life

"As you consider what policy best meets your needs, it can help to answer four key questions: First, how much death benefit do you need? Second, how long will you need that coverage? Third, what is your budget (or how much monthly premium can you afford to pay?), and finally, what is your investment risk tolerance?

To determine how much death benefit makes sense, it's helpful to think beyond using life insurance to cover funeral expenses and consider whether anyone is relying on the policy owner's income to maintain a lifestyle, pay rent or a mortgage, or fund a child's education and for how long.

There are various rules of thumb regarding the right amount of Life insurance coverage. Some tips can be found online, but they only provide an estimate and don't necessarily factor in an individual's specific needs. In my opinion, human guidance, powered by technology, is required. Basically, it comes down to how much money your loved ones would need to remain on firm financial ground if your earnings were no longer in the picture and that is different for everyone."

What is the biggest opportunity you see for improvement in the life insurance industry?

"Increased accessibility through digital and other channels as well as through underwriting enhancements. Increased tailoring of products and features. And an increased emphasis on health and wellness programs."

"Having enough qualified insurance professionals to walk potential buyers through the multiple benefits of life insurance will be pivotal to the growth of the industry. Education is a key factor here, as professional agents also need to be able to explain life insurance and its benefits in an easy, digestible way, especially when there are so many misconceptions about life insurance."

"The need for life insurance is greater than ever. In fact, a recent New York Life Wealth Watch survey found that 37% of adults have been thinking about life insurance more often these days – and half of adults report that financial products that provide protection (50%) and reliability (50%) are more important now compared to last year. This may be especially true for middle-market and Cultural Market families.

Our organizational structure of having Cultural Market agents embedded in the communities where we live and work allows us to understand the needs of diverse communities and develop solutions that resonate with them."

What advice would you give to buyers who are debating whether or not to buy life insurance?

"It is difficult to say with any certainty how healthy you will be years from now. That's why securing life insurance, and insuring your insurability, today, when you are the youngest you'll ever be again, and perhaps your healthiest is a wise decision."

"Do you love someone? If the answer is yes, then life insurance is certainly something you should consider. Many buy gifts and experiences to express their love, but haven't considered that life insurance is just another way to say I love you. Nothing says support like ensuring your family's financial security and peace of mind."

"If you have someone depending on your income, you should consider purchasing life insurance. A death benefit from a life insurance policy can replace income from the loss of a breadwinner, ensure a family can stay in their home, fund educational or retirement expenses, address debt and so much more.

A life insurance policy can also help you grow your family's wealth over time. Once the risk of an unexpected loss has been managed, you can begin to think more broadly about your family's financial future. Life insurance can enable your mindset to shift from death to growth."

What's the most important thing buyers should look for when choosing a life insurance agent/company to buy from?

"With life insurance, you are securing a future commitment that may be decades away. Research the company behind the policy to ensure it has high financial strength ratings, longevity, and an excellent track record of paying claims."

"When looking for an insurance agent or company, be sure to do your research. When comparing companies, be sure to remember that the policy features that fit you and your loved ones best is the most important factor. Don't automatically assume you should buy from the higher-rated company.

If the policy from the other company has more of what you're looking for, it might be the better choice. If you're unsure where to start, try the Life Happens Agent Locator to find an insurance professional in your area."

• "The insurers' track record: At its core, life insurance is protection - a hedge against the unexpected - and you are paying premiums in exchange for the promise that the insurer will be there when you need them, so the financial strength and track record of the company backing your policy is critical.
• Customer service: Are service professionals available by phone and digital channels? Is there is an online dashboard where you can manage your policy? Beyond ensuring assistance is available after you purchase a policy, it's also critical to ensure you have access to trusted advice and guidance before you buy.
• Flexibility in conversion: How easy is it to change? Life can be unpredictable and while term insurance can cover your loved ones through a critical period of time, you may decide that access to cash value is an important piece of your strategy.
• Accelerated online applications : Online applications are convenient but don't replace human guidance. Keep in mind that accelerated online applications may have a maximum coverage amount, meaning that you may not be able to get all the coverage you may need exclusively through an online process.
• A range of payment options: It's important to understand how often you're required to make premium payments and whether and how often you can change the frequency of payments."

Best Life Insurance FAQs

A whole life insurance policy has a schedule of payments to earn the total death benefit. Past a certain waiting period, you'll get the full payout if something happens. However, you can also pay it off entirely if you live longer or make larger payments early. In either of these situations, you are no longer required to make further payments to keep the policy active.

There isn't one best life insurance company, because the best option for you will depend on the type of policy you're looking for. It's best to work with a qualified insurance agent to help you find the best coverage. If you're deciding between multiple similar options, it's also worth consulting J.D. Power's life insurance customer satisfaction study . The latest study ranks State Farm as the top pick for individual life insurance, outpacing Nationwide by three points.

Each situation is different and requires a knowledgeable life insurance agent to assess your best options. Bring all your questions and the coverage you're looking for to an insurance agent near you to explore your options.

No, medical exams aren't necessarily required for life insurance. Some life insurance policies are advertised as "no medical exam." This doesn't mean the insurer won't ask you about known conditions or look at medical records. You can find our guide on the best no exam life insurance here.

The most popular type of life insurance is term life insurance . Term policies are only good for a specified term that you select when opening the policy — the fact that they don't last forever also makes these policies the most affordable. That said, a very slim minority of term life insurance ever pays out. 

• Main content

Money blog: 27 areas where Aldi wants to open new stores as a 'priority'

Welcome to the Money blog, your place for personal finance and consumer news and advice. Let us know your thoughts on any of the topics we're covering using the comments box below.

Thursday 27 June 2024 22:14, UK

• Warning 400,000 homes face jump of more than 50% in mortgage costs
• 'New normal' for mortgage rates won't be below 3.5%, lender boss says
• The cheapest London musicals to see this summer
• Free £25 Tesco voucher for energy supplier's customers
• The products you should never buy at full price
• Popular brand explains customer ban after angry backlash

Essential reads

• Savings Guide: What to look for with 5% rates still available on easy access accounts
• Cheap Eats:  Great British Menu legend outlines his top picks in North Yorkshire
• Women in Business : How accident in cafe and £400 turned into a genius business idea that's about to go global
• Money Problem : 'I bought a new car but it's been back to dealership six times with same fault - what can I do?'
• Basically... Guarantors
• Best of the Money blog - an archive

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Is your area crying out for a new supermarket to broaden your options and push prices down with a bit of competition?

Last month, the UK’s fourth largest supermarket - Aldi - asked shoppers to get in touch with their views on where it should open new stores.

The discount chain says it received thousands of replies, which it has used to hone its search for new store sites.

At the moment, Aldi has more than 1,020 stores. It says it wants more than 1,500 stores across the UK in the long run.

The 27 areas of priority to Aldi are:

• Woodford, London
• Surbiton, London
• South Croydon, London
• Notting Hill, London
• Walthamstow, London
• Beckenham, London
• Bromley, London
• Barnet, London
• Redhill, Surrey
• Aldershot, Hampshire
• Haywards Heath, West Sussex
• Burgess Hill, West Sussex
• Chatham, Kent
• Cheadle, Greater Manchester
• Chorlton, Manchester
• Formby, Liverpool
• Newark, Nottinghamshire
• Chesterfield, Derbyshire
• Wellingborough, Northamptonshire
• Rayleigh, Essex
• Brentwood, Essex
• Dorchester, Dorset
• Clarkston, Scotland
• Cathcart, Scotland
• Penzance, Cornwall
• Warwick, Warwickshire
• Bath, Somerset

Jonathan Neale, managing director of national real estate at Aldi UK, said: "We want to make high quality food accessible to all, but we can’t do that while there are still some towns and areas that either don’t have an Aldi or have capacity for additional stores.

"We recognise there is huge demand in certain regions for more stores, which is why we decided to get the public’s input on our latest list of priority locations."

Which?, the consumer website and magazine, has ranked Aldi as the cheapest supermarket in the UK consistently this year.

Using a typical list of popular items, Which? ranked Aldi as the cheapest place to shop from January to May - with rivals Lidl coming in second.

However, for a longer list of items and a bigger shop, Asda and Morrisons have typically been the top two for Which? this year.

There could be good news on the horizon for borrowers, as an economist says the Bank of England is likely to cut interest rates in August.

Michael Saunders, a former member of the Monetary Police Committee (MPC), said the Bank has "clearly signalled" it wants to cut rates soon "if data are okay".

He told the Reuters Global Markets Forum that inflation and wage figures would need to align with the MPC's forecasts back in May.

"If so, I would expect the rest of the internal [members of the MPC] to move as a bloc to vote for a cut," he said, saying that markets had been given enough warning.

The BoE  held interest rates  at 5.25% for the seventh time in a row last week despite inflation falling to its target of 2%.

Mr Saunders predicted that the Bank would slash rates seven times in increments of 25 points by the end of next year, bringing the headline rate "close" to what he calls a neutral rate of 3.5%.

"I expect two to three cuts this year, the rest next year - again, depends a bit on the monthly data," he said.

The government has accredited three new forms of ID for purchasing restricted goods and services.

Lloyds Bank Smart ID, Post Office EasyID and Yoti ID can now be used to watch age-restricted films in cinemas, enter gambling premises, or pay for tattoos and tanning salons.

They cannot be used to buy alcoholic drinks in pubs and shops, but are recognised when buying alcohol online, along with tobacco, vapes, lottery tickets and fireworks.

"More UK businesses can now accept our Digital IDs to reduce the risk of fake IDs, increase compliance and improve the customer experience," said Robin Tombs, CEO of Yoti.

He said more than four million people have already downloaded a Digital ID app. 

"This is a strong sign that people are ready to embrace reusable Digital IDs and want a more secure, private and convenient way to prove who they are."

Each of the Digital ID apps includes the approved PASS hologram.

Most of us know the feeling of rushing back to your car when you realise your ticket is about to run out.

The good news is, new rules mean you won't have to race back quite as breathlessly in future.

Drivers are to get a 10-minute grace period when their time runs out at private car parks.

The changes are coming in after industry bodies the British Parking Association (BPA) and the International Parking Community (IPC) published a new code of conduct.

However, the AA said it still leaves room for drivers to be ripped off because it misses out "desperately needed" measures such as a cap on charges.

Read the full story below...

The electric carmaker Tesla is recalling more than 11,000 of its new Cybertruck vehicles after safety regulators found a potentially dangerous fault with its giant windscreen wiper. 

The US National Highway Traffic Safety Administration also said a trim in the boot may be improperly attached. 

"Excessive electrical current can cause the front windshield wiper motor controller to fail," the safety administration said in a recall acknowledgement letter. 

Tesla said it would replace the wiper motor at no cost to owners. 

It comes after nearly 4,000 Cybertrucks were recalled in April to fix an accelerator pedal pad that could come loose. 

Mass production of the vehicle, which starts at a price of $79,990 (£63,130), is expected to start next year. 

It's not yet known how many trucks have gone to consumers, but the Blade Runner-inspired car has been plagued by problems. 

Customers of both Tesco and OVO Energy are entitled to 2,500 free Clubcard points, the supermarket has announced.

The points can be redeemed as a £25 voucher or at double their value with Clubcard reward partners.

Customers can unlock the points by linking their accounts with both companies.

"The cost of living remains a key challenge for households and our partnership with Tesco is one of the many ways in which we are giving back to our customers with rewards that they can spend how they choose," said Mat Moakes, chief commercial officer at OVO.

New customers can link their Tesco Clubcard account when they sign up as an OVO customer, while existing OVO customers can log into their account, go to their profile, click "our partners", and select the Tesco Clubcard logo.

Want to see a show in London this summer without breaking the bank? 

You're in luck - as new data has revealed the most affordable musicals to see in the capital right now. 

The data, collated by theatre ticket site SeatPlan , shows the most affordable musical to see in London right now is Two Strangers (Carry A Cake Across New York), with the average cheapest ticket price at £17.90. 

The rom-com musical follows a British boy (Dougal), who lands in New York for his dad's second wedding. 

At the airport, he meets the bride's sister, and a quirky, offbeat love story ensues.

Also in the top 10 are Marie Curie The Musical (£20), Guys And Dolls (£23.90) and Sister Act (£26.40). 

Shows are ranked by the average price of the cheapest ticket, with the top ranked show having the lowest price.

On the flip side, the data also revealed the most expensive tickets, by analysing internal pricing data for musicals from SeatPlan.com. 

Musicals including Cabaret (£85.10), Mean Girls (£64.60) and Starlight Express (£43.70) make up this list...

If you've been reassured by positive recent news on inflation and a widely anticipated cut in interest rates later this year, unfortunately the Bank of England has a worrying update for mortgage payers.

About three million UK households are still set to witness hikes in their mortgage repayments over the next two years, the Bank has said.

Its Financial Policy Committee (FPC) added there are likely to be "very large increases" of more than 50% for the mortgages of around 400,000 households.

But the central bank stressed that UK lenders are still in a strong position to support households and businesses, even if the economic backdrop worsens.

The concerning update is in the Bank's latest Financial Stability Report.

It also showed that most households have already had an increase in their mortgage rates since borrowing costs began rising substantially in 2022.

Why is the outlook so bad if interest rates are expected to fall?

Interest rates are at a 16-year-high of 5.25%, with the central bank voting to maintain the figure for a seventh consecutive meeting earlier this month.

But many economists have predicted the base rate could be reduced at the Bank's next vote in August.

However, at the moment, around 35% of households with mortgages, or more than three million, are paying below 3% for a range of reasons - like existing deals which pre-dated the recent crisis - and are expected to see an increase between now and the end of 2026.

A typical household rolling off a fixed-rate mortgage before the end of 2026 is due to face a jump of around £180 a month, the report said.

It highlighted that an "increasing proportion" of households have been choosing to borrow over a longer period of time, reducing monthly repayments but leaving them with more debt to service over time.

Higher mortgage rates have resulted in many households and renters reducing their savings, the Bank also found.

PrettyLittleThing is facing more criticism after announcing it would issue refunds on delivery subscriptions for accounts it has banned for returning too many items.

The online fashion giant says it will refund outstanding gift cards and store credit, as well as £9.99 to closed accounts which had already purchased its royalty service entitling them to unlimited next day delivery for a year.

The company said: "We have noticed an extremely high returns rate from a small pool of customers who have demonstrated behaviours that were inconsistent with what we experience with the rest of our customer base.

"The actions taken are not designed to limit our customers who do need to return or deter them from returning, it was taken to address a small proportion of customers who have a high returns rate."

PrettyLittleThing added it does not plan to close any further accounts.

Some customers were not happy with the response, with one posting on X: "This is bullshit my last return was December 2023... and of course you turned off the comments."

Another wrote: "PrettyLittleThing expects us to order our clothes twice because their sizing is off and is closing people's accounts because of frequent returns. What a way to ruin your own business."

By  James Sillars , business reporter

Amazon was grabbing attention overnight.

It's become the fifth US company to reach a $2trn market value milestone.

Can you name the others? Answers below!

Analysts are crediting strong demand for technology-related stocks amid the rush for AI.

They also point to the growing hope among investors for a late summer/early autumn interest rate cut by the US central bank.

Amazon's shares ended the session on Wall St almost 4% up at $193 apiece.

The FTSE 100 has had a fairly muted start after falling almost 0.3% yesterday.

The index was one point up at 8,226 in early dealing.

In the wider market, Halfords stock was trading 6% lower.

The cycle sales and motor-focused retailer had earlier reported a fall in annual profits of almost a fifth and said that trading remained "soft".

The message to the market from Currys, the electricals chain, was more upbeat.

It revealed a 10% lift to its bottom line in the year to 27 April and said it was more confident about demand ahead.

Currys shares were 1% down, however, potentially reflecting concerns that its profit performance was not driven by higher sales.

Before I go... the answers to the $2trn+ club question above, as promised - the other members of this elite grouping are: Microsoft, Apple, Nvidia and Alphabet.

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