Monzo/Starling Banking/Revolut

Steedie · 19 Oct 2020 at 18:49

LiE said:
Instant...you must be dodgy.

Can confirm

Vanquish-Storm said:
I gave up in the end with Starling. Everytime you gave them a piece of information they requested 24 hours later they would ask for something else. 5 days later went with Monzo for business bank account instead.

Yeah losing interest with these guys fast, had enough documents off me regarding the business. Their support seems non-existent as well when I’ve tried to contact them via live chat.

Already got a Monzo personal account and I know they’re good, so will just tell Starling to cancel the application and go with Monzo

Stu999 · 19 Oct 2020 at 19:23

Vanquish-Storm said:
I gave up in the end with Starling. Everytime you gave them a piece of information they requested 24 hours later they would ask for something else. 5 days later went with Monzo for business bank account instead.

How long did the Monzo one take to open?

Basher · 19 Oct 2020 at 19:25

Steedie said:
Can confirm

Yeah losing interest with these guys fast, had enough documents off me regarding the business. Their support seems non-existent as well when I’ve tried to contact them via live chat.

Already got a Monzo personal account and I know they’re good, so will just tell Starling to cancel the application and go with Monzo

Agreed here. Starling support is pretty rubbish. I’ve been waiting on them to get back to me on something very urgent for around 5 days now.

Every time I’ve contacted them it has led to a complaint being raised which just isn’t good enough.

Vanquish-Storm · 19 Oct 2020 at 20:47

Stu999 said:
How long did the Monzo one take to open?

Got "accepted" within the day cards came for me and my business partner that same week

Maccy · 19 Oct 2020 at 21:04

@Steedie check out Tide

englishpremier · 19 Oct 2020 at 21:38

Maccy said:
@Steedie check out Tide

Just be aware of the typical sorts of complaints and comments the Tide account conjures up. Otherwise, it's a decent alternative, especially now Faster payments actually works. Previously they only ran them in batches (presumably to save money), so it might take 4 hours before being processed. I think this has been cut down now to 30 min batches and 2 hour clearing.

In the end I cancelled my test account when after a couple of years they wanted me to re-verify it by video, or it would be frozen. One shouldn't need to dick about with issues like that on a business account.

DireEmblem · 19 Oct 2020 at 21:39

I'm surprised some of these guys don't have more customers than they do. I find Starling much easier to use then some of the older banks - Natwest or HBOS.

Maccy · 19 Oct 2020 at 22:20

englishpremier said:
Just be aware of the typical sorts of complaints and comments the Tide account conjures up. Otherwise, it's a decent alternative, especially now Faster payments actually works. Previously they only ran them in batches (presumably to save money), so it might take 4 hours before being processed. I think this has been cut down now to 30 min batches and 2 hour clearing.

In the end I cancelled my test account when after a couple of years they wanted me to re-verify it by video, or it would be frozen. One shouldn't need to dick about with issues like that on a business account.

They’re a lot better now than they were!

Vanquish-Storm · 20 Oct 2020 at 07:47

Maccy said:
They’re a lot better now than they were!

Do tide still charge a monthly fee AND transaction fees + other fees?

Maccy · 20 Oct 2020 at 08:03

Vanquish-Storm said:
Do tide still charge a monthly fee AND transaction fees + other fees?

I'm actually not sure tbh, I'm not a heavy business account user and usually receive one inbound payment per month and make a few outbound payments, plus direct debits. Monthly fees are anything from £1.50-£2.20.

LiE · 20 Oct 2020 at 08:41

Monzo have launched their premium account.

https://monzo.com/i/monzo-premium

ChrisD. · 20 Oct 2020 at 08:43

LiE said:
Monzo have launched their premium account.

https://monzo.com/i/monzo-premium

That's actually quite tempting with the phone and travel insurance. I get travel insurance through work but only on work trips and not personal.

Basher · 20 Oct 2020 at 09:10

ChrisD. said:
That's actually quite tempting with the phone and travel insurance. I get travel insurance through work but only on work trips and not personal.

Seems a bit pricey, though. We get family travel insurance (including winder sports) for around £90 a year and have phone insurance via our home cover. The rest of the benefits aren't up to much, really.

LiE · 20 Oct 2020 at 09:11

ChrisD. said:
That's actually quite tempting with the phone and travel insurance. I get travel insurance through work but only on work trips and not personal.

Yea it’s not bad, Nationwide’s FlexPlus is still better as it includes breakdown cover and all insurances extend to your household.

xb8browney · 20 Oct 2020 at 09:15

LiE said:
Yea it’s not bad, Nationwide’s FlexPlus is still better as it includes breakdown cover and all insurances extend to your household.

This for me aswell, nationwide has good benefits.

ChrisD. · 20 Oct 2020 at 09:15

Basher said:
Seems a bit pricey, though. We get family travel insurance (including winder sports) for around £90 a year and have phone insurance via our home cover. The rest of the benefits aren't up to much, really.

True, but it's handy that I don't have to faff about renewing a policy each year.

LiE said:
Yea it’s not bad, Nationwide’s FlexPlus is still better as it includes breakdown cover and all insurances extend to your household.

I don't need breakdown cover, my BMW is covered by BMW and my Civic wouldn't be eligible as it's over 10 years old.

Basher · 20 Oct 2020 at 09:18

ChrisD. said:
True, but it's handy that I don't have to faff about renewing a policy each year.

That's a fairly big price to pay for avoiding the 15 mins it takes each year to sort a travel policy out.

LiE · 20 Oct 2020 at 09:21

ChrisD. said:
I don't need breakdown cover, my BMW is covered by BMW and my Civic wouldn't be eligible as it's over 10 years old.

Like most of these products, everyone has different needs. However it's still worth highlighting that FlexPlus is still a better package from an insurance stand point. People will find value from different things.

Martynt74 · 20 Oct 2020 at 09:53

DireEmblem said:
I'm surprised some of these guys don't have more customers than they do. I find Starling much easier to use then some of the older banks - Natwest or HBOS.

Presumably because most people don't swap banks much. If they did then all the major banks wouldn't offer £100 or more to try and tempt people, and i imagine that for 99.9% of people out there, the normal banks do everything they need. They can be paid into it and pay for things out of it.

I follow this thread, but whilst i've seen the odd thing that'd be handy, nothing i've seen has made me feel the need to switch.

Martynt74 · 20 Oct 2020 at 09:58

ChrisD. said:
I don't need breakdown cover, my BMW is covered by BMW and my Civic wouldn't be eligible as it's over 10 years old.

Interesting, i never realised the clause excluded cars over 10yrs old. Do most packaged accounts also work like that do you know?