Monzo/Starling Banking/Revolut

Ah, well every card has that. It's a kin to having an actual card number, which is why I was confused at the question.

I'm travelling with someone now who's using Revolut with only the virtual card and paying contactless. It's been working well for her so far.

I've been travelling for 3 years now, and still happy with my Starling card, but Revolut does get used occasionally, and when I needed to withdraw £1200 cash, I ended up having to split it over 4 cards. It's probably the only time my Monzo card has seen the light of day.
 
As a reminder, avoid Revolut:
  • Revolut whistleblower had concerns over CEO conduct and compliance [BBC News]
  • It's banking license is in Lithuania and even their government are asking questions [Telegraph]
In the interest of openness, I am a Monzo shareholder.
 
This is a long thread and I've not read through it.

My banking needs are simple. I have a basic Nationwide account which is the one I use for everything with a very small ISA by them that I pay a few quid into each month.

I also have a Monzo account which I use when I go on holiday. I transfer spending money into it and use that. I also transfer £1/day to my Monzo account from my Nationwide account which automatically goes into a pot. This is just a little more savings for holidays.

I don't know why but I'm considering moving my main current account over to Monzo. I like what appears to be extra security with the instant app notifications and location based security so I suppose that has something to do with it.

Are there any disadvantages in doing this? I don't have (and don't want) an overdraft or a credit card. I do everything via a debit card and Apple Pay.

Is the lack of physical branches a problem? If I have a (metaphorical) sack of cash, how do I pay it in?

Would appreciate any feedback from people who have moved fully over to Monzo.
 
Feek said:
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Are there any disadvantages in doing this? I don't have (and don't want) an overdraft or a credit card. I do everything via a debit card and Apple Pay.
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I'm full Monzo, since they allow to pay direct debits from pots. This allows me to have a "bills" pot and assign all my direct debits to it, and I just move the months bills on pay day.

I'm a huge fan of the pots, really useful for putting money away for things. I like that they are constantly working to add features, it'll be interesting to see the new Monzo plus when it launches (again).
 
LiE said:
I'm full Monzo, since they allow to pay direct debits from pots. This allows me to have a "bills" pot and assign all my direct debits to it, and I just move the months bills on pay day.
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OK, so you set a pot for bills and knowing what to expect in a given month, you transfer that automatically into the pot come pay day? What happens if you miscalculate and there's not enough in the pot, does it take it from the main account?

Also, I get paid on 'the day before the last working day' of each month so it varies between months, sometimes it can be as early as the 27th and sometimes as late as the 30th. My bills start coming out on the last day of the month as I've always been paid by then - Could this still be done?
 
Feek said:
OK, so you set a pot for bills and knowing what to expect in a given month, you transfer that automatically into the pot come pay day? What happens if you miscalculate and there's not enough in the pot, does it take it from the main account?

Also, I get paid on 'the day before the last working day' of each month so it varies between months, sometimes it can be as early as the 27th and sometimes as late as the 30th. My bills start coming out on the last day of the month as I've always been paid by then - Could this still be done?
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Yea it takes it from the main account if the pot doesn't have enough.

Not sure what you mean by your 2nd question. When you get paid (Monzo allow you to get paid a day early FYI), you then use the salary sorter to move things into pots, this isn't automatic.

https://monzo.com/i/salary-sorter
 
Feek said:
Ahh OK, it isn't an automatic move, you have to do it manually each month?
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Yea. You'll get a notification something like "Your salary is ready for you to get paid" a day before around 4pm. You open the app and click the incoming salary and select get paid early. The money will hit your account instantly, then you click the salary and launch the salary sorter, it will remember your previous figures if you check that option.

https://monzo.com/features/get-paid-early/
 
Feek said:
Thanks, it's starting to sound like a no-brainer.
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I would seriously think hard about handing over any significant amount of cash over to PayPoint. Worked closely with them on numerous integrations in previous line of work, utter cowboys and quite frankly have a misplaced arrogance about all of their products and services.

Mono and starling are both pretty safe bets with regards to Fintech companies.
 
Jimbeam3678 said:
I would seriously think hard about handing over any significant amount of cash over to PayPoint.
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It's not something I intend to do. I very rarely have to put cash into my account and if I do, I can have a family member pay it into their high street bank account and transfer it over. I just wondered how it could be done.

Having said that, I have used PayPoint in the past to top up an old pre-payment card and although I used to begrudge them every penny they took in fees, I never had a problem with them.

I like the look of Monzo and think that once I get paid tomorrow and all this months DDs have gone out, I'll look at moving my account.
 
Feek said:
It's not something I intend to do. I very rarely have to put cash into my account and if I do, I can have a family member pay it into their high street bank account and transfer it over. I just wondered how it could be done.
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You could still leave your nationwide account open if there's a branch local and just use it for the odd deposit and transfer it over?
 
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