Compare Suits Me and Openbank

How do Suits Me and Openbank compare?

Mobile banking has turned out to be a convenient, quick and efficient mode of performing financial operations. Among countless mobile banking applications are two noteworthy providers – Suits Me and Openbank.

Founded in 2015, Suits Me is a UK-based banking solution that is primarily tailored for the unbanked and those who are not served well by traditional banks. It is a digital account that offers cashback on shopping, multiple debit card options, easy salary deposits, alongside six free ATM withdrawals per month. It ensures quick account opening, within minutes, without a credit check, making banking inclusive. One key feature of Suits Me is its multilingual functionality making it popular with migrant workers. Notably, there is a monthly fee for using Suits Me, which ensures the ease of access and benefits it provides.

On the other hand, Openbank, a subsidiary of Spain's banking group, Santander, operates as a comprehensive retail bank. Openbank provides a vast spectrum of banking services that include deposits, mortgages, trading in equities, and funds, all under one platform. It stands as an exemplar of the ‘neobank’, having transformed from a traditional organization into a solely digital bank. Openbank offers an account with no maintenance fees, operates in several European countries, and includes free worldwide ATM withdrawals. Key benefits include investing and Robo-advisory services along with comprehensive banking services.

In comparison, while both provide online banking services, Suits Me caters to a niche market, focusing on providing basic, easy-to-use banking services for those underserved by traditional banks. While Openbank is a more comprehensive and globally established digital banking solution, offering a wider array of financial services and products fit for a broader demographic. Both have endeavours to streamline customer experience in their operations, but the choice between these two will indeed depend on the specific needs and expectations of the individual user.