Monzo/Starling Banking/Revolut

Anyone have an Algbra account?

I've had one near on 2 years but all of a sudden they have closed my account today citing regulatory obligations or some such nonsense. They are promising to forward on my monies asap but reading some feedback elsewhere some folk are still waiting months for a refund. Not good.
 
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From Trust Pilot .. I mean, if you are going to tell tales on the internet, at least make it believable :cry:
They closed my account , all my money was in that account , it has been three weeks and all now I haven’t received my funds , well done to Sarah and Nicky for lying to me . I have been taking anti depression pills ever since because I can’t pay my gas bills. I can’t do nothing smh. My girlfriend said she Is on the verge of leaving me because I can’t provide. If she leaves me, I have no reason to live.
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Think I'm going to move from Starling to Monzo for the savings account mostly.
Starling were in the news the other day, seems a large amount of people are getting refused for the Easy Saver. I've sent my complaint to the FOS as well.

Monzo seem to offer everything Starling does, so it's a no brainer.
 
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Just opened the easy saver with starling seeing as my chase savings account has dropped to 3.5. I only keep a manageable amount in there for immediate transfer and as starling is my main account might as well keep it with them.

Keeping chase simply for the cash back when Amex isn’t accepted as mentioned before.
 
robj20 said:
Think I'm going to move from Starling to Monzo for the savings account mostly.
Starling were in the news the other day, seems a large amount of people are getting refused for the Easy Saver. I've sent my complaint to the FOS as well.

Monzo seem to offer everything Starling does, so it's a no brainer.
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That’s like jumping out of the frying pan into the fire!
 
Kol said:
Just opened the easy saver with starling seeing as my chase savings account has dropped to 3.5. I only keep a manageable amount in there for immediate transfer and as starling is my main account might as well keep it with them.

Keeping chase simply for the cash back when Amex isn’t accepted as mentioned before.
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I’ve applied for it there. Basically identical situation to yourself.
 
The Starling Easy Saver thing is very odd. I expected to be declined too back in late November when I applied but I was accepted right away. I lobbed a large chunk of saving into it right away.
 
If you are a Monzo customer or considering being one, I would urge you to read the facebook group "Monzo stole our money" There are some horrific stories of people being left without access to money for months at a time and Monzo "confiscating" £1000s. In some cases savers who had lost everything were offered a percentage of their savings back if they closed their case with the financial ombudsman. If cases were few, I would dismiss it, but there seems to be something very wrong with that "bank"
 
mejinks said:
If you are a Monzo customer or considering being one, I would urge you to read the facebook group "Monzo stole our money" There are some horrific stories of people being left without access to money for months at a time and Monzo "confiscating" £1000s. In some cases savers who had lost everything were offered a percentage of their savings back if they closed their case with the financial ombudsman. If cases were few, I would dismiss it, but there seems to be something very wrong with that "bank"
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Did they cite reasons for ‘confiscating’ their money or say what the circumstances were?

I know quite a few folk who’ve used Monzo for years without issue and seem to rate it highly? Likewise the trust pilot reviews seem to be well regarded?
 
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mejinks said:
If you are a Monzo customer or considering being one, I would urge you to read the facebook group "Monzo stole our money" There are some horrific stories of people being left without access to money for months at a time and Monzo "confiscating" £1000s. In some cases savers who had lost everything were offered a percentage of their savings back if they closed their case with the financial ombudsman. If cases were few, I would dismiss it, but there seems to be something very wrong with that "bank"
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Also, there is the story about how the founder of Starling was ousted from Monzo. IIRC, someone on here provided lots of details on the subject. Its certainly the reason why I started to do some research on them and ultimately left for Starling, Chase and Nationwide.
 
Sounds like the usual stuff that used to happen to PayPal users. No context so no basis to panic.

I am always surprised when people hold good chunks of cash in these app banks though.
 
Jimbeam3678 said:
Also, there is the story about how the founder of Starling was ousted from Monzo. IIRC, someone on here provided lots of details on the subject. Its certainly the reason why I started to do some research on them and ultimately left for Starling, Chase and Nationwide.
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This starling? Lol
www.theguardian.com

Starling Bank fined £29m for ‘shockingly lax’ financial crime controls

Challenger bank apologises after City regulator says lack of checks ‘left system wide open to criminals and those subject to sanctions’
www.theguardian.com www.theguardian.com
 
dlockers said:
This starling? Lol
www.theguardian.com

Starling Bank fined £29m for ‘shockingly lax’ financial crime controls

Challenger bank apologises after City regulator says lack of checks ‘left system wide open to criminals and those subject to sanctions’
www.theguardian.com www.theguardian.com
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Yes that Starling :o The Monzo articles which made me switch, were older than that.. So I switched to starling as I like the pots, recent stories as the one you linked to show they are far from perfect either hence, Nationwide and Halifax accounts.

Starlings business practices are far from perfect. However, Monzo's are far worse. All in my humble opinion of cause.

Found the article I was referencing - https://www.reddit.com/r/monzo/comments/l9aahu/starling_bank_boss_anne_boden_how_monzos_tom/
 
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silvagti said:
Did they cite reasons for ‘confiscating’ their money or say what the circumstances were?

I know quite a few folk who’ve used Monzo for years without issue and seem to rate it highly? Likewise the trust pilot reviews seem to be well regarded?
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Monzo refuse to tell them. The other problem is that they then apply a CIFAS marker on the account so people affected havent been able to get another account anywhere else.
 
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