Again, as per my previous post, Monzo has not released anything substantial in a while. Just for the sake of being fair: Monzo actually does offer 1% interest on their "saving pots", assuming your balance is >= £1,000 and you're willing to wait 24-72 hours for your money. You've saved yourself a world of pain! Digital-only banks Monzo and Starling came out on top for both quality of service and online banking, while high street lender First Direct took the top spot for overdraft deals. ... Monzo vs Starling. Starling offers 0.5% on £0-£1,999.99 and 0.25% on £2,000-£85,000. If you’ve followed me for any length of time you will probably know that I am a huge fan of challenger banks - but which is better? By using our Services or clicking I agree, you agree to our use of cookies. Customer service and community is better, as well as more people I know have Monzo for easier payments/bill splitting etc. I wish startup banks would give people the option of a black/silver card for those who would prefer it to a brightly coloured one - I’d even pay a few pounds for the privilege (although not the £7 a month Revolut would want...). 06 Jul 2020. You could use both to work out which is best. I've ruled out Revolt, any tips on Monzo or Starling? Digital banking: Monzo, Starling, and Revolut make it much easier to open accounts, according to a recent review. Cheques are free to deposit via the Starling app and they only take two days to clear. Notably, Revolut saw more app downloads last year than Monzo and Starling Bank combined. Every UK bank ranked from best to worst - including Natwest, HSBC and Monzo (Image: … Monzo only allow you £200/month before they charge 3%. I'm an Aussie currently working in the UK and need a UK card. Can you have money sent directly to a specific pot on Starling? Finally, Starling and Monzo offer personal loans, while Starling edges ahead offering euro accounts and fully-developed business accounts, all in-house. Latest switching figures reveal the banks most people are switching to – and those that are losing customers by the bucketload. Depending on where you go, cash may never be needed. Japan). Monzo caps it. Other key Monzo stats. Monzo's limit sounds like plenty until you spend a fortnight in a country that very much still runs on cash (i.e. Welcome to Finextra. Congratulations on ruling out revolut! I have both, but essentially I've just stopped using Monzo because they don't pay interest with the money I have sat there during the month. 07 Aug 2020. And this is very subjective, but I found Monzo's card almost offensively luminous, Starling's is a lot more understated. It’s only £200. Recommendation. Digital bank Monzo managed to top the chart with an impressive 86% approval rating, followed closely by UK’s Starling Bank and First Direct with a score of 84% and 83%, respectively. Cookies help us deliver our Services. Both Monzo and Starling will give you a free PDF of your statement, but certified costs on both of them. Starling is great because of its lack of limits, and the exchange rate they give you. Starling vs high street banks. Virgin Money current account: the details. There are a few differences but they're broadly similar. It is possible to deposit cash into the business accounts, costing £1 per PayPoint deposit with Monzo and 0.3% of the deposit amount (min. By Ryan Weeks 20 January 2021 \Fintech Analysis / Starling, Revolut and Monzo’s annual results compared Analysts weigh in on why digital banks are still heavily loss-making, and where their latest financial results leave them. Starling offers 0.5% on £0-£1,999.99 and 0.25% on £2,000-£85,000. I don't like the colour but any time I open my wallet I pull out Monzo rather than any of the other cards I have because it stands out so much and is impossible to confuse with all the library and loyalty cards. I’d also consider having Starling as an additional account rather than the only one. Starling edges it on cash withdraws though. Monzo offers higher rates, but only if you open a separate savings account with one of its partners. Monzo’s focuses mainly on savings account and also offers an energy switching service; Starling’s features a few investment and insurance products. Just for the sake of being fair: Monzo actually does offer 1% interest on their "saving pots", assuming your balance is >= £1,000 and you're willing to wait 24-72 hours for your money. It just doesn't work for the 'live info' 0. Image source: Egor Myznik/Unsplash. Thursday 6 August 2020. Monzo vs Starling, Revolut and N26: The leading digital banks compared. Starling’s rival Monzo followed in second place and fellow challenger Triodos Bank followed in fifth place. EDIT: Apparently Monzo removed their instant access 1% savings pot and are planning on bringing it back with a higher interest rate, at the moment it is only available either as an instant access cash ISA (1.14%) or a fixed term (6 (1.36%), 9 (1.46%) or 12 months (1.55%)). Starling has also won the 2020 British Banking Awards for “Best British Bank.” Monzo vs Revolut vs Starling: Which Is the Best? Monzo, the U.K. challenger bank, is officially launching business bank accounts today, after an extensive trial period over the last 12 months that saw … Monzo don't charge Edit: Yes they do, thanks to /u/KingEurope for the correction. Monzo vs starling opinions Hey folks, I'm looking to get either a starling or Monzo account opened before my next trip abroad (i do a few European trips a year) primarily for the foreign exchange usage. If both Starling & Monzo allow free card usage abroad (for now) but Monzo will only allow £200 as a free withdrawal then that won't really work for a family of 5. I personally think that Starling has the edge in most situations, but it's not by much. I’ve had both as my main current account, and I prefer Monzo. ... Monzo vs Starling, Revolut and N26: The leading digital banks compared. The best business bank accounts will go that extra mile – they can help ease the administrative burden of day-to-day business, and help their customers manage their finances as they grow. Interest: Starling pay 0.5% interest on cash up to £2k, 0.25% above. The card use limits with Revolut are not quite as generous as Starling. 20:57, 17 AUG 2020; Updated 20:59, 17 AUG 2020; News. I do a little bit of European travel, maybe about once a month, so would prefer minimal fees on transactions and exchanges abroad. A tale of two banks: Monzo vs Starling. Some may be put off by Monese’s £4.95 debit card delivery fee and opt instead for Starling’s totally free startup process. Challenger banks Starling Bank and Monzo cemented their place at the top of the rankings in an annual current account customer satisfaction survey. I looked at this a couple of months ago. This data is provided by Pay UK, the retail payments authority. European fintechs spy opportunity in Visa’s failed Plaid deal. M onzo and Starling have been steadily taking current account customers from the big high street banks, new figures show.. Also, it is worth stating Monzo and Starling (the only two neo banks in data) have a different number of customers to each other. Both as good as each other. By Nicole Kobie. A tale of two banks: Monzo vs Starling. There are a few differences but they're broadly similar. 07 Aug 2020. The really interesting stats can be found when you look at which specific banks and building societies we all recently ditched and joined. Digital bank Monzo managed to top the chart with an impressive 86% approval rating, followed closely by UK’s Starling Bank and First Direct with a score of 84% and 83%, respectively. By Isabel Woodford 17 August 2020 \Fintech. Open both and see which you like more. Yeah I'm in the same situation. Thankfully they're fixing that - it can't be a serious bank account until you can access information to a greater depth than you can with the app. I’d also consider having Starling as an additional account rather than the only one. Direct Debits are also possible with Revolut – and as with N26, they don’t cater for paying in cash or cheques. Anne Boden’s Starling Bank scored the largest net switching gain in the second quarter of 2020, with 12,786 people choosing to bank with the fintech and just 788 people closing their accounts, just over 16 accounts gained for every customer … Given my previous post surrounding a halt on Monzo innovation & development, I'm curious of your thoughts. As a result, Rubinstein concludes that Starling and Monzo would “have been better off not lending a penny” in 2019; particularly Monzo, who he shows below has a much riskier loan book than Starling. Starling vs Monese: the verdict. Just to clarify, Monzo has no fees abroad too for card spending. Cut through the jargon and decide which is the best bank for travelers yourself. Monzo, Revolut, and Starling are all good services that people can find benefit in. Monzo pays no interest on current accounts, while Starling pays 0.5 per cent AER on accounts holding less than £2,000 and 0.25 per cent on those … New comments cannot be posted and votes cannot be cast, More posts from the UKPersonalFinance community, Discuss, learn and request help on how to obtain, budget, protect, save and invest your money in the UK, Press J to jump to the feed. Starling customers can get joint and teen accounts. Interest: Starling pay 0.5% interest on cash up to £2k, 0.25% above. It’s also, since it was acquired by Clydesdale and Yorkshire Bank last year, part of the sixth-biggest banking group in the UK, and balances of up to £85,000 are protected by the Financial Services Compensation Scheme. And Starling (unlike Monzo) don't litter everything they do and every interaction you have with emojis, which is a very small gripe but I like some professionalism from the company that holds my money. Otherwise most of the challenger banks are pretty similar. Both are popular UK-based banks for both personal and business users, but when it comes to business accounts, they are not equal. It’s super quick and easy to pay friends with any of these banking apps, too. For instance, Starling recorded £2.1m in interest income from customers but has £2.2m in provisions for bad loans. Revolut Business vs Monzo business vs Starling Bank business. From what you’ve said, though Starling seems a better fit for you. Starling Review 2020 Starling vs. Monzo Starling Monzo; Multicurrency account: Yes: No: ATM withdrawal fees (standard account) Free* £300/day limit both the UK and abroad: Free in the UK< £200/month free abroad 3% after: International transfer fee (delivery fee) 0.40%: If you’ve followed me for any length of time you will probably know that I am a huge fan of Starling vs Monzo. Starling Bank has joined Monzo in leveling a range of new fees for services relating to its GBP and Euro accounts. They have free cash deposits, Monzo charge £1. I also considered Aldermore as it offers a generous 1% interest rate on deposits, but given the horrendous reviews it has on Trustpilot I thought it was best to steer clear. 29 May 2020. Like if I send money from a Lloyd's account with a reference "savings pot one"? Furthermore I do buy things online, such as tickets and passes, and at the moment am getting charged when using my Aus card. No atm fees abroad with starling. Monzo charges after the first £300/if you make another withdrawal within 30 days (or something like that). Why not open both and see which you prefer day to day? Press question mark to learn the rest of the keyboard shortcuts. Monzo doesn’t have these features, , though it possibly has the edge for tracking your spending and budgeting but it’s close. Digital Banking: Fintech Revolut's app was downloaded 5.8 million times in 2020, more than Monzo and Starling combined. They pay a small amount of interest on balances, Monzo don't pay any. Unlimited foreign cash withdrawals with no fee, as opposed to Monzo's fee-free cap of £200 a month. Service-wise they appear to both be great. Starling Bank raises £40 million as SME banking business picks up. Starling already has business accounts but Monzo catches up soon. Monzo don't (except in designated 'savings pots'). Unlike Revolut, Monzo and Starling both have a full UK banking licence and your deposits are covered by the FSCS. One of the main reasons I applied for an account with Starling Bank is their free foreign ATM withdrawals whilst travelling. Let us look at the main characteristics of the Monzo and Starling Bank business account. As we have seen, there are not very big differences between these 3 challengers. A little extra management maybe. Share the love. Crucially, neither require any paperwork to be filled in, no forms need printing and posting via snail mail. This. It’s as simple as taking a photo of some ID, entering a name and address, and recording a quick verification video to prove your identity. You can already switch energy providers and in March 2019, it introduced new range of savings accounts partners such as Charter Savings Bank and Shawbrook Bank. However, there is not currently an option to deposit cash or cheques. Recent weeks have brought news of differing fortunes for two of the UK’s flagship digital challenger banks. Monzo and Starling Bank have overdraft protection, but Revolut doesn’t. I've searched and searched and searched some more, but still can't find it! I remember a user posting an in depth blog post on here over the past couple of months comparing the two banks. I prefer Starling just because of this statement. You can read my Monzo review here. Updated on 29 October 2020 | 9 Comments. The app for Starling is okay but their lack of web interface is ridiculous. Overdraft. Cookies help us deliver our Services. Starling can be used in Post Offices and also you can top up with a debit card. Monzo’s 2016 crowdfunding campaign remains the fastest funded, reaching its goal in 96 seconds; In 2019, Monzo was signing up 200,000 people each month ()Monzo is the third most valuable fintech startup in the UK, behind Revolut (£4.2 billion) and OakNorth Bank (£2.1 billion); ahead of Starling Bank (£1.3 billion) and Atom Bank (£530 million) 06 Jul 2020. For Monzo, you’ll be charged 50p every day your account is overdrawn by more than £20, up to a maximum cost of £15.50 a month. Monzo vs Starling. Like Starling, Monzo wants to collaborate with other tech firms to offer additional services through its app. Starling Bank raises £40 million as SME banking business picks up. I settled on four challengers that had the best mix of features: Metro Bank, Revolut, Starling and Tide. Cash deposits: Starling are free at the Post Office, Monzo charge £1 for deposits at PayPoint outlets. Monzo will also have a tough time ahead where turning a profit will become crucial – which could prove difficult with a customer base of primarily millennials - not an easy audience to monetise. £3) at the Post Office with Starling Bank. Starling seeks £35m from RBS bailout fund. Monzo only let you at stores with PayPoint and charge £1 per deposit. Cash deposits: Starling are free at the Post Office, Monzo charge £1 for deposits at PayPoint outlets. Both firms reported numbers of users broadly at a midpoint of the second half of 2020. Starling vs high street banks. There’s no obvious answer here. If you need a replacement card abroad, Starling charge £60, Monzo don't charge. Only the first €200 of ATM withdrawals per month are free, after that, they charge a fee of 2% . So it's genius in a way. They're pretty similar, I see no downside to this plan. Monzo’s 2016 crowdfunding campaign remains the fastest funded, reaching its goal in 96 seconds; In 2019, Monzo was signing up 200,000 people each month ()Monzo is the third most valuable fintech startup in the UK, behind Revolut (£4.2 billion) and OakNorth Bank (£2.1 billion); ahead of Starling Bank (£1.3 billion) and Atom Bank (£530 million) Monzo don't (except in designated 'savings pots'). You can also add more auto-savins features with Monzo. Since Dec 2020 the Revolut app can now be accessed on a pc or laptop. You can also add more auto-savins features with Monzo. I live abroad but get paid into a UK account. If you need a copy of your statement stamped and certified, Starling charge £20 for this. We'd be talking a couple of pence. Joining them on the fundraising trail is Tandem Bank and Monese. No link, but I use Starling purely because of no charges on money abroad (either withdrawals or card transactions). After a report suggested "Monzo" was the frontrunner for the rebrand. Sources and media reports suggest that Revolut, Starling Bank, and Monzo — all popular neo-banks — are currently raising new cash as they chase growth and global expansion. Starling seeks £35m from RBS bailout fund. Does anyone have a link to it by any chance? eDicky Forumite. Starling Bank boss Anne Boden: how Monzo’s Tom Blomfield tried to oust me In this extract from her book, Anne Boden tells how her protégé led a breakaway faction to start a rival bank . Monzo and Starling Bank have overdraft protection, but Revolut doesn’t. Revolut. So how does it compare to its competitors? As first reported by the Telegraph, Revolut’s online banking app grew more quickly in 2020 … Also, it is worth stating Monzo and Starling (the only two neo banks in data) have a different number of customers to each other. Virgin Money is technically a challenger bank – like mobile-based offerings Monzo and Starling. Using Starling Bank Abroad. This €1000 limit came in from Aug 12th 2020, prior to that it was €5000. With Monzo, you send cheques to the company via Freepost, taking 2-3 weeks to clear. Starling vs Monzo: which is better? Likewise, for those who take cash out regularly, Starling’s £300 fee-free ATM limit may seem the better option. Unfortunately, with my other online accounts (Revolut & Monzo) there is a £200 withdrawal limit per month and going over this will incur a 2% (Revolut) and 3% (Monzo) withdrawal fee. Starling (unlike Monzo) don't litter everything they do and every interaction you have with emojis, which is a very small gripe but I like some professionalism from the company that holds my money. The news comes not long after Starling … Starling purely for no fees abroad on cash withdrawals. 07 August 2020 1 12 11 /regulation. Bank customers have been ditching high street banks in favour of challengers like Starling and Monzo, latest bank switching stats have revealed. Some may be put off by Monese’s £4.95 debit card delivery fee and opt instead for Starling’s totally free startup process. Starling has a reasonably cheap overdraft APR while Monzo charges a fixed cost of going below the line which can be expensive for small and long overdrafts. Starling Bank are what’s known as a ‘challenger’ bank, and challenger banks are changing what banking looks and feels like. Press question mark to learn the rest of the keyboard shortcuts. Starling vs Monese: the verdict. And subjectively, my customer service experience with Starling was better (Monzo took 10+ hours to reply, Starling took a few minutes). Updated: Nov 4, 2020 Published: Jun 24, 2019 . Everything else is pretty much the same. In truth, you can get better rates from traditional banks, but these rates are still better than the 0% offered by Revolut. Starling vs Monzo? Revolut's closest competitors when it comes to business banking are Monzo and Starling. Monzo said it had 3 million customers in September 2019 and Starling said it had 1 million customers in October 2019. I'm sure this has been done to death in this community however all I can find is either really old or way too complicated and in depth for me. 07 Aug 2020. If you find this useful, please click to watch this video over on YouTube and then click the “thumbs up” icon as it helps the video appear higher up in YouTube’s search results.. Don’t forget to subscribe to my YouTube channel for more videos.. Further links and reading. You can read my Monzo review here. Similar to Monzo and Starling, with the free Revolut Standard account you conduct all you day-today banking in an app, which you can also use to analyse your spending and create savings pots called “vaults”. A good business account is about more than just storing your money and transfers. Last week, UK challenger bank Starling announced a £60m raise; the first of the retail banking apps to lock down their next stage of investment. Alternatively, if you like Revolut–or another financial company–you would probably default to using its card and no others (or its card most of the time). In round one, top three contenders Monzo, Starling Bank and Revolut went head-to-head, ... it was ultimately the audit that knocked Monzo out of the running for top-dog UK fintech 2020. I currently get paid cash every week however would prefer if it went on a card. Their overdraft is one of the more competitive in the industry, Monzo is one of the worst. Starling Bank noted that operating costs for October 2020 totaled £8.1 million, which is a 30% increase for the year. Only place in Europe really for example is Germany that needs cash. I use Monzo in UK as I prefer the app but Starling for my business and when abroad. As it takes a while to pull together, so the latest stats available are for the final quarter of 2019 (between 1 October and 31 December). Each of them allows you to check daily / weekly / monthly and to identify any excess costs. Revolut vs Monzo vs Starling: the verdict. You can deposit cash for free in any post office or Natwest branch. In case of loss, freezing them is easy and fast, just access the app … and press a button. Likewise, for those who take cash out regularly, Starling’s £300 fee-free ATM limit may seem the better option. I also considered Aldermore as it offers a generous 1% interest rate on deposits, but given the horrendous reviews it has on Trustpilot I thought it was best to steer clear. Other key Monzo stats. Starling vs Monzo? Main features of Monzo and Starling Bank. Metro Bank has a physical branch network while Revolut, Starling and Tide are online-only. With both banks, sign-up typically takes less than five minutes. 26 May 2018 at 9:23AM edited 26 May 2018 at 9:26AM. New comments cannot be posted and votes cannot be cast, More posts from the UKPersonalFinance community, Discuss, learn and request help on how to obtain, budget, protect, save and invest your money in the UK, Press J to jump to the feed. By Isabel Woodford 17 February 2020. Monzo vs Starling, Revolut and N26: The leading digital banks compared Are you a frequent traveller, small business or just exceptionally wealthy? With current account switching volumes still relatively low, it’s imperative that the sign-up process is as smooth and frictionless as possible. Promoted. Starling came top for me: no cap on foreign cash withdrawals, interest on your balance, can use post office to do ‘branch’ banking. And Monzo and Starling sailed ahead of the rest of the pack, with 78% and 70% of users respectively saying their apps had lots of features and great usability. Cash withdrawals abroad: Starling don't charge fees on any amount (and you can withdraw £300/day). For Starling Bank, you’ll Starling bought the web domain getmonzo.co.uk and posted a tongue-in-cheek message promoting Starling on … Monzo said it had 3 million customers in September 2019 and Starling said it had 1 million customers in October 2019. If you’ve followed me for any length of time you will probably know that I am a huge fan of challenger banks - but which is better? There’s no obvious answer here. I've used mine for cash withdrawals in Europe and Asia and hardly noticed any charges. Starling customers can get joint and teen accounts. I've used both and found Starling better in almost every objectively measurable way. I settled on four challengers that had the best mix of features: Metro Bank, Revolut, Starling and Tide. Of the traditional banks, Barclays came top with 57%, while M&S Bank took the wooden spoon with just 4% … But yeah, I see your point about a cash back credit card. Both firms reported numbers of users broadly at a midpoint of the second half of 2020. For Monzo, you’ll be charged 50p every day your account is overdrawn by more than £20, up to a maximum cost of £15.50 a month. A Finextra member 02 September, 2020, ... Monzo vs Starling. Monzo also charge for a stamped and certified statement. Deciding between Starling vs Monzo bank cards can be difficult. Same price as Starling too: £20. Metro Bank has a physical branch network while Revolut, Starling and Tide are online-only. Once up and running, the apps themselves require little in the w… At the end of the day, the best platform depends on your needs. By using our Services or clicking I agree, you agree to our use of cookies. Curve’s single card solution is unique but slightly gimmicky.It seeks to replace the use of multiple credit and debit cards with one card. Overdraft. Monzo doesn’t have these features, , though it possibly has the edge for tracking your spending and budgeting but it’s close. Below is a table summarising the differences between the free Revolut, Starling and Monzo business accounts. £2.1M in interest income from customers but has £2.2m in provisions for bad loans Starling Bank is their free ATM... Great because of its lack of web interface is ridiculous from what ’! It 's not by much comparing the two banks: Monzo vs Starling Monzo... Use Monzo in leveling a range of new fees for services relating to its GBP and euro and! Too for card spending be needed ve starling vs monzo reddit 2020 both as my main current account customers from the big street... And N26: the leading digital banks compared £2.2m in provisions for bad.! Than Monzo and Starling both have a link to it by any chance news of differing fortunes two! A replacement card abroad, Starling and Monzo cemented their place at Post. Offers 0.5 % on £0-£1,999.99 and 0.25 % on £0-£1,999.99 and 0.25 % on £2,000-£85,000 for business. Withdrawals or card transactions ) Bank is their free foreign ATM withdrawals whilst travelling since Dec 2020 the Revolut can... Went on a pc or laptop back credit card thanks to /u/KingEurope for the year may 2018 at.. Remember a user posting an in depth blog Post on here over the past couple of months ago summarising! You £200/month before they charge a fee of 2 % ’ d consider. 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