Monzo, Starling or New Current Account

Narj · 28 Sep 2017 at 10:05

Hi all,

I'm getting a handle on my finances and want to dump disposable income into a separate account so was going to open another current account. Someone just showed me Monzo which looks like an alternative but I'm not really sure if that's going to help. Is anyone else using it? Are there any other alternatives? I quite like the idea of having everything accounted for.

My other option is to switch to First Direct and ask them for a second account with a Weekly transfer. Any opinions on FD? The £100 is tempting me to switch.

grudas · 28 Sep 2017 at 10:07

I've done just that. Needed to manage my out goings better and got monzo. Pay in the amount I've allowed my self to spend/have fun with over the month and use monzo for all that. Seems to work well for me.

Narj · 28 Sep 2017 at 10:14

grudas said:
I've done just that. Needed to manage my out goings better and got monzo. Pay in the amount I've allowed my self to spend/have fun with over the month and use monzo for all that. Seems to work well for me.

How do you top up? I'm wondering how well it manages to avoid the temptation to overspend. Can you just do a weekly transfer to the account or can it just suck money in at the touch of a button?

FL630 · 28 Sep 2017 at 10:20

Long time Monzo pre-paid user here (back in the Mondo days!), was invited to current account a month or two back. I really like it, it's a great way for me to manage my money more efficiently. It does have its limitations though, for example you cant pay cash in yet.

As soon as my employer works out that my new sort code is in fact valid (new bank isn't recognised) I'll make the switch completely. It's refreshing to have a bank that feels personal still, cliche as that is. I guess it's a matter of time before that changes but for now I'm enjoying it.

Narj said:
How do you top up? I'm wondering how well it manages to avoid the temptation to overspend. Can you just do a weekly transfer to the account or can it just suck money in at the touch of a button?

Monzo C/A can only be topped up with a faster payment. The old pre-paid was done via bank transfer/apple/andoid pay

grudas · 28 Sep 2017 at 10:59

Narj said:
How do you top up? I'm wondering how well it manages to avoid the temptation to overspend. Can you just do a weekly transfer to the account or can it just suck money in at the touch of a button?

Yeah, takes 5 seconds to top up. You gotta have some self control haha

Sui · 28 Sep 2017 at 11:06

I just use an app called Money Dashboard, allows me to categorise all my spending and have all accounts in one place.

I'd rather use that with an account that pays even a tiny bit of interest over Monzo really.

Glaucus · 28 Sep 2017 at 11:36

grudas said:
I've done just that. Needed to manage my out goings better and got monzo. Pay in the amount I've allowed my self to spend/have fun with over the month and use monzo for all that. Seems to work well for me.

I did this ages ago and it makes it so much easier.
However their current account is in beta and still has errors. I simply can't get through verification ATM.

gord · 28 Sep 2017 at 11:41

Interesting. I'm about to move in with my girlfriend and looking at options for us to budget the shared costs and have a way of both spending from one account. Anyone have any experience of using Monzo for that?

snips86x · 28 Sep 2017 at 11:51

After seeing how Monzo works, my bro and his Mrs have one each, I've applied for one but have a long queue of people ahead of me.

Monzo aren't a bank but the way you can transfer and handle money is amazing. You can link your bank account to the card and transfer whenever you like and it's instant. You can take the card abroad and use it without incurring additional fees for withdrawals/transactions.

I'm hoping to have mine before my next trip abroad next year.

englishpremier · 28 Sep 2017 at 11:53

Not mozo. Until the current account is fully active you'll be stuck with the prepay card. You cannot move fund from the prepay card to a bank account. Sure, you say it's disposable income, but you might want to transfer a tenner to a mate or do this or that.

If you want to try a challenger bank, try Starling. They have a fully fledged bank account, and do not charge for foreign cash withdrawals either (something Monzo is considering implementing)

Alternatively. Just go to one of the highstreet banks, Barclays is probably easiest, and open a cash card (basic) account on the spot. No overdraft, no credit check, just an ID check, and get your card printed in branch the same day.

Maccy · 28 Sep 2017 at 12:20

HSBC are offering a better cash benefit for switching by the way.

Also check out Curve for money managing, it's a pretty good tool/app.

Narj · 28 Sep 2017 at 15:52

englishpremier said:
Not mozo. Until the current account is fully active you'll be stuck with the prepay card. You cannot move fund from the prepay card to a bank account. Sure, you say it's disposable income, but you might want to transfer a tenner to a mate or do this or that.

If you want to try a challenger bank, try Starling. They have a fully fledged bank account, and do not charge for foreign cash withdrawals either (something Monzo is considering implementing)

Alternatively. Just go to one of the highstreet banks, Barclays is probably easiest, and open a cash card (basic) account on the spot. No overdraft, no credit check, just an ID check, and get your card printed in branch the same day.

Monzo queue is horrific right now.

Starling looks great. Thanks.

Kol · 28 Sep 2017 at 16:08

Revolut is pretty similar and gives you a current account if you want one (in multiple currencies too). Avoid the queue and use that. Does exactly the same as monzo.

Atom · 28 Sep 2017 at 16:09

I have 2 current accounts with First Direct. 1 is for household bills only. Get paid on a Thursday and have a standing order transferring a set amount across every Friday. Also another weekly standing order transferring into a savings account. Any money left then I know I am free to spend spend spend....

Narj · 28 Sep 2017 at 16:23

Atom said:
I have 2 current accounts with First Direct. 1 is for household bills only. Get paid on a Thursday and have a standing order transferring a set amount across every Friday. Also another weekly standing order transferring into a savings account. Any money left then I know I am free to spend spend spend....

Yep this is what I'm looking at doing pretty much, however I am keen to move my fun money weekly into something like Starling or Monzo so I can keep a close eye on how much I'm peeing up the wall and to ensure that I don't end up moving money back from savings due to overspend.

Starling looks excellent and just the ticket, I'll give it a go.

ultralaser · 28 Sep 2017 at 20:58

Just put myself on the waiting list for Monzo, can't hurt to pop a few hundred / thousand in as a test. I like the idea of instant tracking of purchases.

NewGamer11 · 28 Sep 2017 at 21:06

I’ve been with Starling for the past couple of months and I’m now using it as my main current account.

I’m good at managing my money but I do like the spend categorisation, merchant level spending info and instant notifications and balance updates when you spend. Has some other good stuff like the ability to lock your card, block spending via contactless, online shopping, etc.

Interestingly HSBC said today they are going to be testing a new app that lets you see your account details with other providers all in one place. They are also developing spend analysis.

Anyway, I do really recommend giving Starling a try. It doesn’t cost you anything so why not!

The_Abyss · 28 Sep 2017 at 22:13

Starling is fantastic, and great to use abroad.

Narj · 5 Oct 2017 at 10:26

The_Abyss said:
Starling is fantastic, and great to use abroad.

Still waiting on Monzo (about 40,000th in the queue! :eek:

) but I had my Starling account set up within a few days. The packaging the card arrives in inspires confidence.

Must say I'm very impressed with Starling. Customer support is instant and I feel like I'm back in control of my spending already.

Being able to lock and unlock different card features at will is brilliant. I also love the geolocation anti-fraud idea.

One thing I will say is that I struggled setting up PayPal as I couldn't view the confirmation code. I must have missed the memo saying that swiping up shows you your spending insights and you can view reference codes from there.

Thumbs up for Starling so far! I'm dripping a portion of my monthly disposable income in each week which is awesome, it's like being paid weekly again. I'm also convinced that I'll be less prone to wasting my cash on crap I don't need.

Maccy · 5 Oct 2017 at 10:28

Narj said:
Still waiting on Monzo (about 40,000th in the queue! ) but I had my Starling account set up within a few days. The packaging the card arrives in inspires confidence.

Must say I'm very impressed with Starling. Customer support is instant and I feel like I'm back in control of my spending already. Being able to lock and unlock different card features at will is brilliant. I also love the geolocation anti-fraud idea.

One thing I will say is that I struggled setting up PayPal as I couldn't view the confirmation code. I must have missed the memo saying that swiping up shows you your spending insights and you can view reference codes from there.

Thumbs up for Starling so far! I'm dripping a portion of my monthly disposable income in each week which is awesome, it's like being paid weekly again. I'm also convinced that I'll be less prone to wasting my cash on crap I don't need.

I have a spare golden ticket, or are you after the current account?