Caporegime
All banks are experiencing losses right now, Starling will be the same when it shares it's Annual Report later this year.
Monzo/Starling Banking/Revolut
- Thread starter Junglist
- Start date
All banks are experiencing losses right now, Starling will be the same when it shares it's Annual Report later this year.
Man of Honour
I think the only thing I'll really miss if Monzo go is the bills pot and possibly the salary sorter. Everything else is just nice but the paying bills from pots is certainly a feature I'd really like to keep.
Caporegime
Bill pots are for me the biggest feature, if Starling offered this I'd definitely have a closer look. As it stands, I wouldn't be able to use Starling as my only account because I need that separation of daily spending and bills. People who have them all in 1 account I don't understand.
Man of Honour
I'd always just been one of those schedule my DD as close to payday as possible and then keep it all in 1 account, but I've been converted and don't want to go back!
Soldato
What confuses me is why Monzo have lost so much. Their income pretty much tripled from last year so what has been the huge spike in costs?
Most banks are reporting hits, but that's mainly due to provisions for bad debts and all the lost income from payment holidays. Monzo (as far i'm aware), don't issue loans so shouldn't be experiencing these hits?
Most of their costs are staff. Staff numbers have gone up significantly this year and they also opened a Las Vegas office, think they're trying to crack into the American market.
EDIT - I didn't realise Tom Blomfield had stepped down as CEO but still works there as 'president'. Interesting.
Soldato
I like Starling's app as it's much cleaner. I don't really need bills pots or anything like that. I prefer everything in one place then I know where I am. I also keep a £1K buffer in my Starling current account so I always know that my DD's are covered, not like they are anywhere near that amount.
Caporegime
This is the bit I don't get. If I had everything in a single account and looked at my balance I'd have no idea how much is already allocated or how well I am doing at any given time. If every single bill comes out on the 1st then maybe this would be OK as in theory all your bills would come out showing you how much you have left. I have a spread of bills so I may look at my account and see £500 to last me 2 weeks, but in reality there's still £150 worth of DD/bills to come out of that, which isn't obvious unless I go and work it out.
Soldato
Agreed, i use Money Dashboard toowhich has a decent planning tool, but i don't use it as much as i should.
What annoys me way more than it should, is that i get paid on the 20th and my wife the last day of the month. I'd much rather we both got paid on the same day. It doesn't really make a difference in reality, but it still annoys me.
What annoys me way more than it should, is that i get paid on the 20th and my wife the last day of the month. I'd much rather we both got paid on the same day. It doesn't really make a difference in reality, but it still annoys me.
Caporegime
When you get paid just put it into a pot until your wife gets paid and make that your new pay day.
Soldato
My DD's are spread out through the month. I open my Starling app and I'm greeted with my balance which is always over £1K. My DD total for a month is around £250 so I always know I'm well covered. I'm also paid weekly so I've always got money coming in every week and I'm the type of person who keeps and eye on my finances. I'm not the sort of person who has forgotten subscriptions from years ago still coming out or anything like that.
Caporegime
Ah ok, I stupidly assumed you had a ton of DDs associated with having a family / house. I can see how that is manageable. To give you an idea of where I'm coming from, I have 24 DDs totalling £2.7k, so you can see how that would be a nightmare in the same account I spend from. I even have pots for petrol, groceries and other aside money. This leaves my main account balance for day to day spending.
Soldato
I wouldn't like that many DD's a month, that would be a nightmare! Infact my DD's should go down even more once I've finished paying my CC's off. Also to make clear I don't have all my bills on DD, only the ones I can't get away with, council tax and water I pay manually.
I maybe can see the point of the pots if you are down to zero by the end of the month by payday, but like I say I like to keep a buffer.
I know weekly pay is not for everyone but it's a small family owned firm and that's how they have always done it apparently.
Soldato
That's exactly what the Bank of Scotland facility I was talking about earlier does... You have a drop box to select any date in the future and when selected it shows every bill due and the total amount due.
Caporegime
OK so I select a day in the future, get the number, then manually deduct from my balance to work out how much is left? It's not bad, but still not great for quick glances if I'm having to select things and do a quick bit of math.
Soldato
Yes, that's how it works. It lists every payment due out, which day it's due, the amount.. and at the bottom it shows the total due out for the period selected.
Soldato
City centric office workers not buying their daily coffee and sandwich on the go with their tap card = less transaction fees coming in.
It is of course why contactless payments were invented for.
Soldato
Seriously? They're going to get hammered with credit defaults alone.