Monzo/Starling Banking/Revolut

englishpremier · 26 Mar 2018 at 16:49

Monzo doesn't seem to be signed up to any switching service. The current account seems to function exactly the same as the pre-paid card. Do they even have Apple/Android pay yet?

Starling is an odd one in that I've been trialing it as a current account since it first launched and used the switching service too, but in some instances it acts like a pre-paid card too. When your balance is less than a certain amount it prompts you to "top-up". Hmm topping up a bank account, is that even a thing?

Diddums · 26 Mar 2018 at 16:58

englishpremier said:
Monzo doesn't seem to be signed up to any switching service. The current account seems to function exactly the same as the pre-paid card. Do they even have Apple/Android pay yet?

Starling is an odd one in that I've been trialing it as a current account since it first launched and used the switching service too, but in some instances it acts like a pre-paid card too. When your balance is less than a certain amount it prompts you to "top-up". Hmm topping up a bank account, is that even a thing?

I use mine purely to help me manage my finances so the top up message is great. It tells me every time I go below £25. I've never used it as a bank account so can't comment on that.

McPhee · 27 Mar 2018 at 12:50

englishpremier said:
Monzo doesn't seem to be signed up to any switching service. The current account seems to function exactly the same as the pre-paid card. Do they even have Apple/Android pay yet?

Starling is an odd one in that I've been trialing it as a current account since it first launched and used the switching service too, but in some instances it acts like a pre-paid card too. When your balance is less than a certain amount it prompts you to "top-up". Hmm topping up a bank account, is that even a thing?

CASS is coming. Should arrive in the next few months; it was added to their "within six months" tin

Google Pay is definitely supported.

I can't think of anything that I need from a Current Account that Monzo doesn't currently support TBH. I plan to swap to Monzo exclusively during the summer.

On the Top-Up front, Monzo has aadimilar feature. I actually quite like it. Money moves over instantly, instead of the seemingly random timeframe a traditional bank transfer can take (minutes, hours, days).

LeeUK · 27 Mar 2018 at 13:17

Been using Starling Bank as my main current account since last autumn and not had any problems. Only annoyance is all cash machines throw up a prompt saying my card issuer may charge for the withdrawal and I have to select yes/no to proceed. Don't get that with Visa debit cards. What makes it more annoying as I keep thinking it's the prompt for a receipt which I always say no to, which results in my card being spat back out.

Maccy · 27 Mar 2018 at 13:25

LeeUK said:
Been using Starling Bank as my main current account since last autumn and not had any problems. Only annoyance is all cash machines throw up a prompt saying my card issuer may charge for the withdrawal and I have to select yes/no to proceed. Don't get that with Visa debit cards. What makes it more annoying as I keep thinking it's the prompt for a receipt which I always say no to, which results in my card being spat back out.

I get the same with Monzo and Revolut sadly, think it's just a Mastercard thing!

NewGamer11 · 27 Mar 2018 at 17:02

LeeUK said:
Been using Starling Bank as my main current account since last autumn and not had any problems. Only annoyance is all cash machines throw up a prompt saying my card issuer may charge for the withdrawal and I have to select yes/no to proceed. Don't get that with Visa debit cards. What makes it more annoying as I keep thinking it's the prompt for a receipt which I always say no to, which results in my card being spat back out.

Maccy said:
I get the same with Monzo and Revolut sadly, think it's just a Mastercard thing!

It's because they aren't LINK members.

Starling are supposed to be getting the ability to pay into your account at a Post Office in the next few months.

Glaucus · 27 Mar 2018 at 17:04

used my normal bank card the other day, took over two days to show the transactions, yet monzo and the other new banks are instant. Really hoping these start ups kick the banking sector into progressing, and that they continue to add features that no banks have.

englishpremier · 27 Mar 2018 at 17:12

Glaucus said:
used my normal bank card the other day, took over two days to show the transactions, yet monzo and the other new banks are instant. Really hoping these start ups kick the banking sector into progressing, and that they continue to add features that no banks have.

I doubt it. The established banks have to be dragged kicking and screaming into everything, like the new open banking regulations that some banks can't even meet so have to have an extension. Barclays tend to be pretty good. They've had their blue data running for a while now, and have always been well on top of things when it comes to the app. Oddly, since switching began, they have been losing customers in droves.

McPhee · 27 Mar 2018 at 17:55

I reckon Monzo will become difficult to ignore. For most banks, the Current Account is about getting the customer in the door; you get them with the current account, then you sell them other, more profitable, products.

Monzo are targeting the lot. The aim for the business is to become a marketplace for mortgages, savings products, insurance, and utilities. They want to ensure their customers are using the best products on the market across a range of providers. For the big banks, who champion brand loyalty, that could be painful.

I don't really know enough about Starling, but it looks to me like they want to become a bank in the traditional sense?

The_Abyss · 27 Mar 2018 at 20:28

Starling's already on that path, and have an existing partner for a pension in place.

Jimbeam3678 · 27 Mar 2018 at 20:53

They also have a plug in called Flux should be huge https://www.starlingbank.com/marketplace/loyalty-receipts/flux/

LeeUK · 27 Mar 2018 at 22:33

NewGamer11 said:
Starling are supposed to be getting the ability to pay into your account at a Post Office in the next few months.

Yep got email about that the other day. Will be handy as won't have to deposit cash into another bank to then transfer over. Not like I get cash in hand much these days.

Just hope it's actual cash deposit at PO and not some crappy pay in slip in an envelope like with some banks.

Glaucus · 27 Mar 2018 at 22:43

I can't remember the last time I had to pay something in at a branch. Probably when I sold a car for a few thousand about 4 years ago, and they decided to do cash rather than bank transfer.

Still that's a very nice option for people who need it. Cash can't die quick enough imo.

The_Abyss · 27 Mar 2018 at 23:34

I'm pretty much the same in that I have very few cash transactions, and the ones I do have are hugely expensive as I then end up saving all my change to pay in to my son's savings account. The change is happening very swiftly. My son's 18 in a few days and for the past few years, when I've bunged him a few quid, he's looked at notes with a measure of exasperation and confusion. Not only is everything online for that generation, it is also contactless. Cash is a huge inconvenience.

Jimbeam3678 · 28 Mar 2018 at 19:31

The_Abyss said:
I'm pretty much the same in that I have very few cash transactions, and the ones I do have are hugely expensive as I then end up saving all my change to pay in to my son's savings account. The change is happening very swiftly. My son's 18 in a few days and for the past few years, when I've bunged him a few quid, he's looked at notes with a measure of exasperation and confusion. Not only is everything online for that generation, it is also contactless. Cash is a huge inconvenience.

Not just their generation trust me! I'm with Glaucus cash can't die quick enough for me.

LeeUK · 28 Mar 2018 at 23:35

Cash will live on as long as there are still rip off companies that charge you extra for card payments like Just Eat.

TNGL · 29 Mar 2018 at 01:12

I love my Starling account. Use it for day to day purchases and to keep track of my spending habits/enforce a budget. I love the goals feature too! Doesn't seem to work at the Tesco Petrol Pumps though which is annoying.

LeeUK · 29 Mar 2018 at 02:14

Tingle said:
I love my Starling account. Use it for day to day purchases and to keep track of my spending habits/enforce a budget. I love the goals feature too! Doesn't seem to work at the Tesco Petrol Pumps though which is annoying.

I have no problems using mine at ASDA petrol pumps. According to the Starling forums, it's probably something to do with Tesco not updating their BIN code database where as Tesco still think the BIN code belongs to a poormans prepaid card.

englishpremier · 29 Mar 2018 at 06:30

LeeUK said:
I have no problems using mine at ASDA petrol pumps. According to the Starling forums, it's probably something to do with Tesco not updating their BIN code database where as Tesco still think the BIN code belongs to a poormans prepaid card.

That is interesting. I wonder if Starling have some sort of complaint, as that represents some kind of anti-competitive/discriminatory practice, not accepting cards issued by another licence bank.

McPhee · 29 Mar 2018 at 07:33

LeeUK said:
Cash will live on as long as there are still rip off companies that charge you extra for card payments like Just Eat.

They stopped charging extra for using a card back in January, when it became illegal to do so.