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