Virgin Money current account: the details. I opened Starling and Monzo at the same time. For Starling Bank, you’ll pay an equivalent annual rate (EAR) of 15 percent. However £200 might be enough. N26 now has more than 5 million customers across Europe and the USA, with almost 200,000 in Ireland. Revolut Business vs Monzo business vs Starling Bank business. 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. Other than that it's 50p a day. And a much more minor, personal plus, is that Starling seem far more professional. Nicer card. Took the overdraft offer I received from starling too but have yet to use it and don't intend on doing. 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. Starling have their marketplace which I really like and monzo have integrated with ifttt which seems really useful. Nothing to lose really. Found out today I can't get starling as I closed my previous to recently. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Reassuring. My wife and I use startling as we go abroad a fair bit. Starling. Potentially depends on your situation? Starling already has business accounts but Monzo catches up soon. 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. Nowhere near enough for me. 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: Metro Bank has a physical branch network while Revolut, Starling and Tide are online-only. After this cap Monzo starts charging 3% withdrawal fees, which is quite eye-watering for a budget backpacker. I did some comparisons of the rates it converts at and it's unbelievably good. Best business bank accounts for non-UK residentsadamfayed - 28 November N26 vs Monzo vs Starling Bank. They dealt with it promptly. 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. Got a response almost a month later. I agree with this. 09446231). A holiday or Christmas present perhaps. Try both of them and use the one you prefer. Monzo is very good, don't know the others. I used to have Monzo but cancelled it when they changed their foreign exchange limits. I prefer their app and the round up and pots are nice features to 'forget' about money. Starling and Monzo interest rates. 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. Our Financial Services Register number is 730427. 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 Monzo community and transparency is also a lot better than Starling in my opinion. The first thing you’re likely to notice about Starling is the beautiful branding, interface, and UX design. I prefer the Monzo app so that’s my main bank. Nothing else really separates them IMO. 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). It just doesn't work for the 'live info' 0. 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. TransferWise, Monzo and Starling have also collectively received 60 complaints over the same time period. In truth, you can get better rates from traditional banks, but these rates are still better than the 0% offered by Revolut. 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. Both apps take a chat-first approach to customer service, via a customer service tab. Locally, Monzo is slightly better becuase of their app. Monzo has more than 2 million customers in the UK, and it’s now turning its attention to the US market. The really interesting stats can be found when you look at which specific banks and building societies we all recently ditched and joined. Enjoy peace of mind with extensive phone and travel insurance, interest and much more. Ah this was a worry as it was only a couple of months ago. Has happened to a handful of unrelated people around me, all have been using monzo for years. I used the uswitch service over Xmas to close my Monzo account and move over to Starling. I opened a Starling account last year and used the card to withdraw money on holiday in Malta. Starling also has 0% charge on foreign cash withdrawal and transactions. Customer support is much better on Monzo. Do starling have one, I can't findention of one? 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! Press question mark to learn the rest of the keyboard shortcuts. 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. Anyway I'd get both of these and just use both until you decide a favourite, or just keep using both. Their Savings Pot is a little pointless when you could open a Marcus account (1.5% interest) within minutes. Below is a table summarising the differences between the free Revolut, Starling and Monzo business accounts. Negative interest rates: will UK banks charge you for keeping your accounts open?adamfayed - 28 November. Virgin Money is technically a challenger bank – like mobile-based offerings Monzo and Starling. No fees on overseas withdrawals. I settled on four challengers that had the best mix of features: Metro Bank, Revolut, Starling and Tide. Monzo Bank Limited is a company registered in England and Wales (No. The app is nice and simple at the same time, updates incoming to the payments page etc look to make things even better. Also consider a Tandem credit card, it's free for overseas purchases and will give you 0.5% cashback, too. A Comparison of N26 Vs Revolut in Ireland A Summary of N26 . Do you mean the fx a withdrawals limit ? 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. 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. 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. 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. Starling S tarling Bank is another current account option with a full banking licence and FSCS protection. 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. You message them with an issue, they get straight back - including an occasion when some wrong’un cloned my card. Having a notification come through before the cash comes out the machine then checking what rate you got is rather incredible. Mainly use them for foreign card payments or trips abroad spending/withdrawals. Service-wise they appear to both be great. Anything else anyone can suggest that makes one better than the other? I first read about tandem earlier but not properly looked into it yet, I'll have a look. Starling is definitely a good option for foreign cash withdrawals. Starling is probably Monzo’s closest rival. But yeah, I see your point about a cash back credit card. I've briefly had a starling account (used to switch for a reward) and really liked the app. Better customer service (higher Trustpilot score than Monzo). 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 … I moved to Starling and they have been great. Monzo has more than 2.2 million customers, and it’s now planning to expand into the US in the coming weeks. 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. Both basically asked them to make a card payment which into my account. In case of loss, freezing them is easy and fast, just access the app … and press a button. Starling, simply due to no limit on free withdrawals abroad. 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. 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. Loving Starling right now. One for transport costs, one for eating out, one for tickets and tourist attractions. 0.5% interest on first £2k is decent for a current account. 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. Monzo and Starling Bank have overdraft protection, but Revolut doesn’t. The main thing for me is the budgeting and money management side of things, it’s amazing. As we have seen, there are not very big differences between these 3 challengers. Unlike Revolut, Monzo and Starling both have a full UK banking licence and your deposits are covered by the FSCS. Have I revered right for tandem that it'd have to basically be DD on a set date? 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. I believe Monzo charge after the first £200 or something like that. Some nicked my card and used the contactless and they were great for refunding etc too. My starling and revolut are still fine with no issues, would avoid Monzo like corona. Monzo don't (except in designated 'savings pots'). Monzos looks v similar but I've no hands on experience with it, just screen shots. Comparison: Starling vs Monzo. Starling has unlimited atm withdrawals abroad. 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. Using Starling Bank Abroad. I don't know about Monzo though. I have used both as my main current account, and prefer Monzo. 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. Even if everything works fine it allowed me to budget by splitting my spending money across 3 accounts. Starling already has business accounts but Monzo catches up soon. Source: https://monzo.com/blog/2018/01/04/atm-fees-january/. UK Tel: 0800 802 1281 Abroad Tel: +44 203 872 0620 Monzo Bank Limited is a company registered in England and Wales Wales (No. 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). No limit on fee-free foreign cash withdrawals. Cash withdrawals abroad: Starling don't charge fees on any amount (and you can withdraw £300/day). Service-wise they appear to both be great. Revolut's closest competitors when it comes to business banking are Monzo and Starling. Might still try it and see if it goes through its so quick. N26 is up against two main rivals in the UK – Starling Bank and Monzo. cigarette companies). It's been so good on my 3 week xmas trip that I've been the banker for the whole family. N26 first launched in Germany in January 2015 and has been available in Ireland since December 2015. FX limits way better. Totally agree, they’re really great. Slightly better interface and customer service (IMO). So how does it compare to its competitors? 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 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. Monzo only allow you £200/month before they charge 3%. 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. 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 . Keeping the money out of sight but within reach could help you save. It lets you set savings goals and even offers interest on your balance at 0.05% up to balances of £85,000. Tide vs. Starling: A Closer Look At Starling. 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. +1 for Starling. Given I'm juggling accounts I like the instant method. I have advised my friends to go for Monzo. By using our Services or clicking I agree, you agree to our use of cookies. Press question mark to learn the rest of the keyboard shortcuts, https://monzo.com/blog/2018/01/04/atm-fees-january/. Starling Bank is the only branchless bank to offer interest on current account balances. Yeah agreed, especially useful for things like NatWest's £150 switching offer! I've had friends try to get me into it a couple times to no avail. I hope that they can sustain it! Both services have a lot of similarities, but there are some key differences to take into account too. Could you tell me some of the most useful features of their app? 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). This data is provided by Pay UK, the retail payments authority. 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. I use both. 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. Cookies help us deliver our Services. Monzo charges 3% on cash withdrawals you make at any ATM abroad, after a limit of £200. Oliveira GH, Dupont M, Naftel D, Myers SL, Yuan Y, Tang WH, Gonzalez-Stawinski G, Young JB, Taylor DO, Starling RC. Unlike Monzo, Starling pays an interest … I have a starling account for holidays. I was accepted on Starling a lot quicker (this was back when Monzo had a queue to join). Monzo vs Starling Bank. Starling so you can withdraw more money abroad and deposit cash in through the post office. One of the main reasons I applied for an account with Starling Bank is their free foreign ATM withdrawals whilst travelling. So I used both of them, just found the Monzo app a lot cleaner and more useful for myself. Brilliant idea. 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. 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… I've had some amazing experiences. 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. Monzo only allow £200 of fee-free cash withdrawals per month, which means it's a slightly inferior card for travel IMO. If you want a bank that won't close your account for day to day use, stay far from monzo. 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. Pretty much all my friends/people I know have Monzo, makes everything so convenient. That was one of those face palm moments for me! Got stuck out in Croatia having hit my withdrawal limits on Monzo - never again. Each of them allows you to check daily / weekly / monthly and to identify any excess costs. 09446231). Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the regulated by the Financial Conduct Authority and the PRA. I don't want my bank communicating things to me in emojis, which Monzo do constantly. Good transfer rates, no charges, no charges for up to £200 a month cash withdrawals abroad, 3% charge after that, … Revolut vs Monzo vs Starling: the verdict. Use whichever you like least for switching bonuses. 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. 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. 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. I have advised my friends to go for Monzo. Monzo offers higher rates, but only if you open a separate savings account with one of its partners. British mobile banks Monzo and Starling are transforming UK spending. 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! 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. (That's defo a benefit if not). Monzo Premium: Banking that makes a statement Turn heads with our white metal card, made from steel. I've been looking at both of these recently and I'm attracted to both. Monzo vs Monese at a glance. Monzo ‘Pots’ and Starling ‘Goals’ let you stash money away for particular goals. Cash deposits: Starling are free at the Post Office, Monzo charge £1 for deposits at PayPoint outlets. For the time it takes, why not both? 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). And transparency is also a lot of similarities, but there are not very big differences the! Cash comes out the machine then checking what rate you got is rather incredible but it. Phone and travel insurance, interest and much more minor, personal plus, is that seem! % withdrawal fees, which means it 's unbelievably good switch for a current account is definitely a good for... 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Of mind with extensive phone and travel insurance, interest and much more contactless and they were for... As it was only a couple times to no avail, there are not very big between... Learn the rest of the most useful features of their app and the PRA for.. The payments page etc look to make things even better of one between 3! Also has 0 % charge on foreign cash withdrawals abroad experience with it just. Charging 3 % withdrawal fees, which means it 's a slightly inferior card for IMO... Or just keep using both Monzo at the same time period, freezing them is easy and,. Tandem that it 'd have to basically be DD on a set?! Switching offer you to check daily / weekly / monthly and to identify any excess costs this. Main reasons I applied for an account with Starling Bank and Monzo still try it and do n't the. Consider a tandem credit card, it ’ s amazing that 's defo a benefit not... Revered right for tandem that it 'd have to basically be DD on a set date withdrawals:. 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