09446231). 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. Took the overdraft offer I received from starling too but have yet to use it and don't intend on doing. Starling Bank is the only branchless bank to offer interest on current account balances. Try both of them and use the one you prefer. Loving Starling right now. Totally agree, they’re really great. Do you mean the fx a withdrawals limit ? I was accepted on Starling a lot quicker (this was back when Monzo had a queue to join). Having a notification come through before the cash comes out the machine then checking what rate you got is rather incredible. Revolut Business vs Monzo business vs Starling Bank business. For the time it takes, why not both? No fees on overseas withdrawals. (That's defo a benefit if not). My wife and I use startling as we go abroad a fair bit. The main difference between the two cards is the Starling’s ability to withdraw an unlimited amount of money from foreign ATMs without charging a penny, while Monzo is at a cap of £200 per month. British mobile banks Monzo and Starling are transforming UK spending. Comparison: Starling vs Monzo. I've been looking at both of these recently and I'm attracted to both. After this cap Monzo starts charging 3% withdrawal fees, which is quite eye-watering for a budget backpacker. Unless you’re going on holiday to a country who are heavily reliant on cash and do not widely accept card payments, the £200 monthly limit will not be an issue! I opened Starling and Monzo at the same time. Starling already has business accounts but Monzo catches up soon. Using Starling Bank Abroad. Good transfer rates, no charges, no charges for up to £200 a month cash withdrawals abroad, 3% charge after that, … Starling have their marketplace which I really like and monzo have integrated with ifttt which seems really useful. 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, simply due to no limit on free withdrawals abroad. My starling and revolut are still fine with no issues, would avoid Monzo like corona. The Monzo community and transparency is also a lot better than Starling in my opinion. I use both. Tide vs. Starling: A Closer Look At Starling. So how does it compare to its competitors? N26 vs Monzo vs Starling Bank. +1 for Starling. Best business bank accounts for non-UK residentsadamfayed - 28 November Monzo Premium: Banking that makes a statement Turn heads with our white metal card, made from steel. And a much more minor, personal plus, is that Starling seem far more professional. I first read about tandem earlier but not properly looked into it yet, I'll have a look. Revolut's closest competitors when it comes to business banking are Monzo and Starling. Some nicked my card and used the contactless and they were great for refunding etc too. Starling S tarling Bank is another current account option with a full banking licence and FSCS protection. monzo overdraft reddit Posted on August 2, 2020 by Online bank Monzo reveals the most common cons, from stolen cards to student ‘mules’Students are selling their bank accounts – giving someone else their account details such as logons – for as little as £50 to £100, often as they are finishing university and heading abroad for a period. Press question mark to learn the rest of the keyboard shortcuts, https://monzo.com/blog/2018/01/04/atm-fees-january/. Monzo and Starling Bank have overdraft protection, but Revolut doesn’t. 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. One for transport costs, one for eating out, one for tickets and tourist attractions. I do also like the spending tracking/breakdown but have an amex everyday cashback card so it makes me more to use that for everything I can which unfortunately negates the benefits of the tracking benefits. Nationwide's Select credit card is also free for overseas purchases, and might be a nice low hassle one to get once you have your Nationwide account. I did some comparisons of the rates it converts at and it's unbelievably good. The first thing you’re likely to notice about Starling is the beautiful branding, interface, and UX design. This data is provided by Pay UK, the retail payments authority. Monzo, Starling and Revolut all do roundups, an easy way to bolster savings by rounding up all transactions to the nearest pound, putting the spare change into a pot. I've briefly had a starling account (used to switch for a reward) and really liked the app. Nowhere near enough for me. Both apps take a chat-first approach to customer service, via a customer service tab. I'm used to amex where I just nip in the app and pay off come payday or mid month if I realise im ahead of budget or whatever. And 0.5% in credit interest on some balance I think, 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. Go with Starling, unless you closed your old account within 12 months - their FAQ mentions they won't open a new one within that timeframe. Mainly use them for foreign card payments or trips abroad spending/withdrawals. I prefer their app and the round up and pots are nice features to 'forget' about money. Monzos looks v similar but I've no hands on experience with it, just screen shots. Cash withdrawals abroad: Starling don't charge fees on any amount (and you can withdraw £300/day). I did all the same research in Aug between the two, I wanted a card mostly for spending insights but also for spending abroad and went with Starling and have never been happier with a bank before. In truth, you can get better rates from traditional banks, but these rates are still better than the 0% offered by Revolut. I opened a Starling account last year and used the card to withdraw money on holiday in Malta. Starling already has business accounts but Monzo catches up soon. Got stuck out in Croatia having hit my withdrawal limits on Monzo - never again. The really interesting stats can be found when you look at which specific banks and building societies we all recently ditched and joined. Starling also has 0% charge on foreign cash withdrawal and transactions. Pretty much all my friends/people I know have Monzo, makes everything so convenient. However £200 might be enough. Cash deposits: Starling are free at the Post Office, Monzo charge £1 for deposits at PayPoint outlets. I was using Monzo for my 'spending' account until December when I started using Starling, I prefer their app and the round up and pots are nice features to 'forget' about money. I used to have Monzo but cancelled it when they changed their foreign exchange limits. Both were fantastic and flawless plus I'm one of those who went a bit over the top with making sure I had several different banks I could access cash/spend with while away on holiday. I don't know about Monzo though. A holiday or Christmas present perhaps. Do starling have one, I can't findention of one? It lets you set savings goals and even offers interest on your balance at 0.05% up to balances of £85,000. TransferWise, Monzo and Starling have also collectively received 60 complaints over the same time period. I used the uswitch service over Xmas to close my Monzo account and move over to Starling. Starling also offers an in-app Marketplace so users can access other financial services and you can apply for a bigger loan than you can with Monzo. I agree with this. I don't want my bank communicating things to me in emojis, which Monzo do constantly. Starling and Monzo interest rates. FX limits way better. A Comparison of N26 Vs Revolut in Ireland A Summary of N26 . Monzo only allow you £200/month before they charge 3%. Revolut vs Monzo vs Starling: the verdict. Monzo Bank Limited is a company registered in England and Wales (No. cigarette companies). Monzo has more than 2.2 million customers, and it’s now planning to expand into the US in the coming weeks. For Starling Bank, you’ll pay an equivalent annual rate (EAR) of 15 percent. Cookies help us deliver our Services. 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. I moved to Starling and they have been great. 09446231). I settled on four challengers that had the best mix of features: Metro Bank, Revolut, Starling and Tide. I may short term benefit from monzos 1% for savings pots >1000 but only until for 2-3 months as I'm getting together 2500 to open a nationwide account for they're 12 month offer interest . Ah this was a worry as it was only a couple of months ago. Nicer card. Monzo offers higher rates, but only if you open a separate savings account with one of its partners. Monzo vs Starling Bank. 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 … Press question mark to learn the rest of the keyboard shortcuts. I've had some amazing experiences. Better customer service (higher Trustpilot score than Monzo). Anyway I'd get both of these and just use both until you decide a favourite, or just keep using both. I thought the £200 limit would be an issue but truth be told, I almost never pay for stuff with cash anymore even abroad... Ah I missed the <2000 rate, that's good. Virgin Money is technically a challenger bank – like mobile-based offerings Monzo and Starling. Unlike Revolut, Monzo and Starling both have a full UK banking licence and your deposits are covered by the FSCS. It's been so good on my 3 week xmas trip that I've been the banker for the whole family. You can get 0.5% AER on balances up to £2,000 or 0.25% on balances over £2,000 and up to £85,000. Nothing else really separates them IMO. A soft search means that other lenders usually can't see it, unlike a 'hard search' which is visible to other lenders searching your report and can lower your credit score. Metro Bank has a physical branch network while Revolut, Starling and Tide are online-only. Starling. But if you ever go on holidays, starling is superior becuase you get to withdraw, £ 300 equivalent of cash every day, while Monzo limits you to £200 per month! Starling is definitely a good option for foreign cash withdrawals. Starling had put a lot of time and effort into launching their business account offering (something Monzo have shown no interest in), and their current account had stayed pretty static. 0.5% interest on first £2k is decent for a current account. Might still try it and see if it goes through its so quick. Been considering Tandem Vs Monzo for the overseas purchases (got my accounts on money dashboard now so the spending tracking is now not needed so it's basically just the one reason for them). Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Nothing to lose really. I have a starling account for holidays. The Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account. Monzo vs Monese at a glance. And while both banks offer support via telephone, Monzo certainly do their best to push customers to in-app chat first, whereas Starling Bank encourage customers to call for more complex queries. I have used both as my main current account, and prefer Monzo. I find Monzo app to be more informative and useful for a day-to-day current account tasks, although Starling has some cool features as well. The seemingly unstoppable rise of the challengers continued in the last quarter of 2018, with Monzo and Starling gaining almost 10,000 current account customers. You message them with an issue, they get straight back - including an occasion when some wrong’un cloned my card. Both basically asked them to make a card payment which into my account. Both services have a lot of similarities, but there are some key differences to take into account too. In case of loss, freezing them is easy and fast, just access the app … and press a button. Even if everything works fine it allowed me to budget by splitting my spending money across 3 accounts. Yeah agreed, especially useful for things like NatWest's £150 switching offer! Negative interest rates: will UK banks charge you for keeping your accounts open?adamfayed - 28 November. Here are the bare statistics to kick off our comparison of these two services: Monzo Monese; Set up fees: Free: £4.95 for debit card: Time to get a debit card: Locally, Monzo is slightly better becuase of their app. UK Tel: 0800 802 1281 Abroad Tel: +44 203 872 0620 Monzo Bank Limited is a company registered in England and Wales Wales (No. Enjoy peace of mind with extensive phone and travel insurance, interest and much more. Both Monzo and Starling do 'soft searches' of your credit report when you apply (unless you're applying for an overdraft – more on this in the Starling Bank and Monzo product-specific boxes below). Source: https://monzo.com/blog/2018/01/04/atm-fees-january/. Reassuring. N26 first launched in Germany in January 2015 and has been available in Ireland since December 2015. N26 is up against two main rivals in the UK – Starling Bank and Monzo. Starling so you can withdraw more money abroad and deposit cash in through the post office. Use whichever you like least for switching bonuses. By using our Services or clicking I agree, you agree to our use of cookies. As we have seen, there are not very big differences between these 3 challengers. Increased need for right ventricular support in patients with chemotherapy-induced cardiomyopathy undergoing mechanical circulatory support: outcomes from the INTERMACS Registry (Interagency Registry for Mechanically Assisted Circulatory Support). I hope that they can sustain it! Other than that it's 50p a day. Service-wise they appear to both be great. Given I'm juggling accounts I like the instant method. Starling is probably Monzo’s closest rival. It just doesn't work for the 'live info' 0. Service-wise they appear to both be great. Got a response almost a month later. 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 don't (except in designated 'savings pots'). I have advised my friends to go for Monzo. Have I revered right for tandem that it'd have to basically be DD on a set date? Anything else anyone can suggest that makes one better than the other? Starling has unlimited atm withdrawals abroad. I've had friends try to get me into it a couple times to no avail. Our Financial Services Register number is 730427. Monzo has more than 2 million customers in the UK, and it’s now turning its attention to the US market. Monzo is very good, don't know the others. 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. 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). Also consider a Tandem credit card, it's free for overseas purchases and will give you 0.5% cashback, too. Monzo only allow £200 of fee-free cash withdrawals per month, which means it's a slightly inferior card for travel IMO. Their Savings Pot is a little pointless when you could open a Marcus account (1.5% interest) within minutes. Potentially depends on your situation? Oliveira GH, Dupont M, Naftel D, Myers SL, Yuan Y, Tang WH, Gonzalez-Stawinski G, Young JB, Taylor DO, Starling RC. Customer service takes a modern approach overall, with both using emojis and an almost overly friendly disposition to “soften” the approach, but for day to day queries, chat is a useful way to solve simple queries without moving from t… No expense has been spared here, and in terms of CSR, they’re outspoken about their refusal to partner with organisations that ‘use excessive power’ to promote bad behaviour or make profit via harmful activity (e.g. Started to use both a little for UK payments when I'd made a group booking for some friends to request they send me the money too just to test that feature out. Monzo don't charge if you balance is back above £0 again by the following midnight and offer a £20 'buffer' overdraft for free as standard though. 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. If Starling pull a Monzo and reduce the benefits when they get a certain level of custom, I'll sack them off too but for now they are great. Each of them allows you to check daily / weekly / monthly and to identify any excess costs. 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. So I used both of them, just found the Monzo app a lot cleaner and more useful for myself. Could you tell me some of the most useful features of their app? Keeping the money out of sight but within reach could help you save. 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. The main thing for me is the budgeting and money management side of things, it’s amazing. If you want a bank that won't close your account for day to day use, stay far from monzo. Virgin Money current account: the details. Monzo ‘Pots’ and Starling ‘Goals’ let you stash money away for particular goals. But yeah, I see your point about a cash back credit card. I prefer the Monzo app so that’s my main bank. Them and use the one you prefer you 0.5 % cashback, too https //monzo.com/blog/2018/01/04/atm-fees-january/. Defo a benefit if not ) while Revolut, Starling and they have been monzo vs starling reddit for... So quick branding, interface, and it 's free for overseas purchases and will you. 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