Monzo/Starling Banking/Revolut

glenimp617 · 5 May 2020 at 11:19

Hi Everyone,

I've noticed quite a few forum members have joined these new breed of banks, and it has peaked my interest. I'm currrently with Natwest (joint account), and have been with them for 20+ years.

I'm not thinking about a complete switch yet (or should I), but I'd like to hear from people who have, or have at least a second account with these new guys.

Monzo seems popular, but I've also heard about starling bank (unsure if thats online only).

The apps seem brilliant.

Thanks!!

Ahleckz · 5 May 2020 at 11:24

I use Monzo for a joint account for my girlfriend and I (mainly for groceries). The app is head and shoulders above my Santander current account app. The pots are really useful, the app will group your spending into groups so you can see where it's gone and give you a monthly total. You can freeze the card on the fly if you misplace it for a short time. You get an alert when spending money and it's very easy to send money.

I have had to set up a normal Monzo account as well which I use a bit, but still using my Santander account as it gives more perks (cash back and better interest) but Monzo is much better in every other regard. There is a big thread somewhere about these though.

Feek · 5 May 2020 at 11:24

TheOracle said:
The apps seem brilliant.

I've merged your post with the big thread - I moved to full Monzo a couple of months ago and love it. The app is far better than the other two bank apps I've experienced (Barclays and Nationwide).

glenimp617 · 5 May 2020 at 11:44

Thanks guys,

Natwest gives me literally no perks, and hasn't done in over 20+ years! In fact, all I've had is bad service from them.

ubern00b · 5 May 2020 at 11:46

TheOracle said:
Thanks guys,

Natwest gives me literally no perks, and hasn't done in over 20+ years! In fact, all I've had is bad service from them.

I switched from Natwest after about 15 years to a Starling joint account as my primary account. Have had 1 issue which was resolved easily enough and have been using it for around 2 years now. It's the way forward.

Rannoch · 5 May 2020 at 11:47

@TheOracle I have a Monzo and Starling account. I use them as secondary accounts for buying things on eBay and some other online retailers and have a couple of direct debits on Monzo. I top up these accounts from my main Santander account. I don’t keep much money in these accounts.

I have read some horror stories about both these banks simply closing accounts. Check the reviews online.

Bonjour · 5 May 2020 at 11:49

I've had Starling as my primary account for about 6 months. No issues so far.

Basher · 5 May 2020 at 14:29

ubern00b said:
I switched from Natwest after about 15 years to a Starling joint account as my primary account. Have had 1 issue which was resolved easily enough and have been using it for around 2 years now. It's the way forward.

Monzo and Starling still don't quite win yet for me. I have 2 Santander 123 accounts which gives me around £50 cash back a month. I transfer some to Starling and the app/customer experience is great, but the perks just not quite there yet for me.

glenimp617 · 5 May 2020 at 15:41

I’ve got my Monzo account setup. Funny you have to do a video, but it was pretty painless. Card will be with my on Saturday.

Love how it groups your direct debits, and also the retailer together. Will be a doddle to keep track of how much money the mrs is spending in Asda’s

Stu999 · 5 May 2020 at 16:34

Been using Starling as my main current account for over 2 years. No real problems. If you need to contact them I drop them an in app message and get a reply next day, which suits me.

glenimp617 · 5 May 2020 at 16:54

Doesn’t the Monzo app work on the iPad properly?

Basher · 5 May 2020 at 16:58

Stu999 said:
Been using Starling as my main current account for over 2 years. No real problems. If you need to contact them I drop them an in app message and get a reply next day, which suits me.

Weirdly that seems to work much fast when ever I tried - normally a response in 1-2 minutes.

Stu999 · 5 May 2020 at 17:18

Basher said:
Weirdly that seems to work much fast when ever I tried - normally a response in 1-2 minutes.

I’m probably using the wrong option TBF. None of the questions I’ve had needed an urgent response so I wasn’t too bothered.

Mekrel · 6 May 2020 at 01:38

Basher said:
Monzo and Starling still don't quite win yet for me. I have 2 Santander 123 accounts which gives me around £50 cash back a month. I transfer some to Starling and the app/customer experience is great, but the perks just not quite there yet for me.

Ironic you should post that on the day that interest rate on the 123 was cut to 1% and they've also announced it'll be cut to 0.6% from August. There's easy access savings accounts that offer 1.2% so I don't see the point in keeping the 123 account anymore, especially with the fee.

I'll probably open one of these saving accounts and either switch to the 123 Lite or to one of these new online only banks.

Why do people go with Monzo over Starling? Genuine question as from reading it looks like Starling doesn't have a limit on ATM withdrawals abroad and you earn some (although not much with base interest rates the way they are) interest vs none with Monzo. Anyone used both?

Basher · 6 May 2020 at 07:06

Mekrel said:
Ironic you should post that on the day that interest rate on the 123 was cut to 1% and they've also announced it'll be cut to 0.6% from August. There's easy access savings accounts that offer 1.2% so I don't see the point in keeping the 123 account anymore, especially with the fee.

I'll probably open one of these saving accounts and either switch to the 123 Lite or to one of these new online only banks.

Why do people go with Monzo over Starling? Genuine question as from reading it looks like Starling doesn't have a limit on ATM withdrawals abroad and you earn some (although not much with base interest rates the way they are) interest vs none with Monzo. Anyone used both?

Yep, it's much closer now then ever but I'm marginally better off with 123 due to the cash back on bills. Certainly not as great as it once was, though you're right. Plus after tax on the interest (no tax to pay on the cash back) it's kinda negligible.

tom_e · 6 May 2020 at 08:15

Mekrel said:
Ironic you should post that on the day that interest rate on the 123 was cut to 1% and they've also announced it'll be cut to 0.6% from August. There's easy access savings accounts that offer 1.2% so I don't see the point in keeping the 123 account anymore, especially with the fee.

I'll probably open one of these saving accounts and either switch to the 123 Lite or to one of these new online only banks.

Why do people go with Monzo over Starling? Genuine question as from reading it looks like Starling doesn't have a limit on ATM withdrawals abroad and you earn some (although not much with base interest rates the way they are) interest vs none with Monzo. Anyone used both?

I've used both. The Monzo app I find slightly better than Starling especially with the pots which allow me to dump all my bill money into them with the salary sorter and then everything just comes from there so I can see exactly what I've got for the month in my spending account.

The Starling interest has dropped to 0.0something% this month whereas the Monzo savings pots are still offering 0.93% which is better than nothing so even though I only earn interest on what I actually put into the pots it's much better than Starling even though you earn interest on your full balance.

Feek · 6 May 2020 at 08:17

Monzo have recently introduced the ability to hide pots as well, I have two savings pots and I've hidden them both. One gets any roundups plus £1/day transferred into it and I dump a lump sum once a month into the other one. Now I can't see them, I won't be tempted to dip into them

I've also locked one of them until the day before my holiday in October as it's generally used as my spending money.

LiE · 6 May 2020 at 08:19

Mekrel said:
Ironic you should post that on the day that interest rate on the 123 was cut to 1% and they've also announced it'll be cut to 0.6% from August. There's easy access savings accounts that offer 1.2% so I don't see the point in keeping the 123 account anymore, especially with the fee.

I'll probably open one of these saving accounts and either switch to the 123 Lite or to one of these new online only banks.

Why do people go with Monzo over Starling? Genuine question as from reading it looks like Starling doesn't have a limit on ATM withdrawals abroad and you earn some (although not much with base interest rates the way they are) interest vs none with Monzo. Anyone used both?

I went with Monzo after using Starling for a few reasons.

- I prefer the Monzo app. The UI and UX.
- Monzo still has a community forum which help provide input to the app.
- Pots are much better. Bill pots are game changer for me.
- Get paid your salary a day (sometimes more) early.

tom_e · 6 May 2020 at 08:36

Feek said:
Monzo have recently introduced the ability to hide pots as well, I have two savings pots and I've hidden them both. One gets any roundups plus £1/day transferred into it and I dump a lump sum once a month into the other one. Now I can't see them, I won't be tempted to dip into them
I've also locked one of them until the day before my holiday in October as it's generally used as my spending money.

Where's the option to hide? I can't see it on my Android app.

The IPB · 6 May 2020 at 08:38

I've been with Starling 2 years. No problems for me, it's great.