Monzo/Starling Banking/Revolut

LiE · 30 Jul 2020 at 20:33

Monzo would probably be bought by a bank before it disappeared.

Tephnos · 30 Jul 2020 at 21:55

Yeah, I always wondered how Monzo was going to return its investment to the VCs, which is why I went Starling.

Stu999 · 30 Jul 2020 at 22:06

Tephnos said:
Yeah, I always wondered how Monzo was going to return its investment to the VCs, which is why I went Starling.

Starling lost money in 2018 too but not this much. Will be interesting to see how they did in 2019 (should file by the end of next month).

Nutty_Death · 1 Aug 2020 at 06:04

What is Monzo's business model?

Subscription to special accounts. Business/plus
Overdrafts
Referrals to 3rd parties

Liquid_Entity · 1 Aug 2020 at 08:22

2 years today I changed from normal banking to Starling. Never looked back, so easy, refreshing and managing to save some money with all the pots.

Reppyboyo · 1 Aug 2020 at 11:13

Oof, with that news I may consider switching back to Starling.

LiE · 1 Aug 2020 at 11:20

Reppyboyo said:
Oof, with that news I may consider switching back to Starling.

wait till starling publish their figures I bet it will be similar. All banks have taken a hit.

Mr_Cool · 1 Aug 2020 at 11:26

Was gonna do a full switch but may hold off and just continue to use it as my spending account.

Nationwide are really dragging their feet they have the resources to implement basic things like notifications etc but haven’t.

glenimp617 · 1 Aug 2020 at 11:44

Stu999 said:
Blaming coronavirus is a bit ridiculous. Not sure what’s causing the increased loss. Doing well on customer numbers.

As long as you’re within FSCS limits you’ll be fine.

Covid-19 is an easy to use excuse for a lot of companies.

I signed up to both Monzo and Starling, but something was always holding me back.

Junglist · 1 Aug 2020 at 11:49

Yet to fully switch to Monzo, was going to switch once we were in the house but this is a bit worrying. Do still have a starling account but never used, i just preferred the Monzo app.

Will keep an eye on all of this

LeeUK · 1 Aug 2020 at 11:59

I still think it's wise to keep some ready access cash in another bank in the off chance they do collapse. FSCS is all very well but you still have to wait for your money back which means you'll be stuck with nothing while you're waiting.

HACO · 1 Aug 2020 at 14:00

LeeUK said:
I still think it's wise to keep some ready access cash in another bank in the off chance they do collapse. FSCS is all very well but you still have to wait for your money back which means you'll be stuck with nothing while you're waiting.

I think it's wise to do that in all circumstances, never trust all your money to one institution.

platinum87 · 1 Aug 2020 at 15:06

Made a purchase 1month ago, and maybe 3 months ago, from OCUK.

Tried to pay via starling, declined, and that's after entering the pin code they text me, made 4 attempts in total. Certainly entered everything correctly etc

So i just paid via my Halifax account. Anyone else have this problem on OCUK with a starling card or just me?

FYI it works fine on amazon, steam, and a couple of other retailers.

Stu999 · 1 Aug 2020 at 15:52

platinum87 said:
Made a purchase 1month ago, and maybe 3 months ago, from OCUK.

Tried to pay via starling, declined, and that's after entering the pin code they text me, made 4 attempts in total. Certainly entered everything correctly etc

So i just paid via my Halifax account. Anyone else have this problem on OCUK with a starling card or just me?

FYI it works fine on amazon, steam, and a couple of other retailers.

Me and one other poster had this problem. It's a Starling problem not an OCUK one.

neil_g · 1 Aug 2020 at 16:19

Yeah my OcUK orders never go through. But then OcUK payment portal is odd, I never see why they need reoccurring PayPal payment authorisation.

Stu999 · 1 Aug 2020 at 17:35

Deaths_Calling said:
What is Monzo's business model?

Subscription to special accounts. Business/plus

Overdrafts

Referrals to 3rd parties

They seem to be making most of their money from interest and interchange fees on card transactions. Might make more money as they move into business accounts, loans and mortgage switching.

LeeUK · 1 Aug 2020 at 17:45

platinum87 said:
Made a purchase 1month ago, and maybe 3 months ago, from OCUK.

Tried to pay via starling, declined, and that's after entering the pin code they text me, made 4 attempts in total. Certainly entered everything correctly etc

So i just paid via my Halifax account. Anyone else have this problem on OCUK with a starling card or just me?

FYI it works fine on amazon, steam, and a couple of other retailers.

I had a similar problem on another site trying to use Starling, when I selected MasterCard Debit as payment card it failed but when I changed the card type to just MasterCard it worked. I understand most retailers automatically select the payment card type for you when you start entering your card number now so no way round it if that's the case.

Dirk Diggler · 1 Aug 2020 at 17:46

The Bank of Scotland app has evolved really well since I started using Starling (about a year ago). They've added basic features like card freezing and that includes targeted like online only etc. A new feature they just added recently is a configurable lookahead at what is due out in the next "X" amount of days. The instant alerts have gotten much better, too.

I use both BOS and Starling as both now have features I like. I actually like having Starling as a buffer account and I also prefer the joint Starling account I have with the wife for household bills.

I've got a personal loan with BOS and it's brilliant flexible in terms of overpayment facility etc.. and the interest rate was very competitive. I had the cash in my hands within hours, and we're talking a 5 figure sum. If Starling got competitive with loans or mortgages then I'd use the service for sure.

I think I'm settled on Starling & BOS and I'll just use Monzo for random transactions where I'm happy to take a slight risk with security e.g. online purchase from companies I'm not 100% sure about.

ChrisD. · 1 Aug 2020 at 17:58

Stu999 said:
As long as you’re within FSCS limits you’ll be fine.

Exactly this.

Marky · 3 Aug 2020 at 09:34

https://www.cityam.com/monzo-fights-for-survival-as-losses-double-to-114m/

This is another reason why I’ve stepped more into Starlings court than Monzo. I hope they survive, as the more competition the better, but I’ve read on more than one occasion that Starling have a better, more experienced CEO in charge.

Edit: I’ve just realised you’ve all already been discussing this