Monzo/Starling Banking/Revolut

englishpremier · 1 Sep 2020 at 18:21

Feek said:
If everyone stops using them, of course they'll be in trouble. If you like the service, why not stick with them? You're protected up to £85k or whatever the figure is.

I've not experienced a single problem and I'm not planning on switching in the foreseeable future. None of the changes mentioned above will make any difference to me and the way I bank.

It's also worth adding that the FSCS is very fast. Usually less than a week to get your money back.

Personally, I do not like Monzo's CEO or the way the company markets it products and backtracks on promises. Never been fond of way the owners try to grow the company either.

Starling is my main account. I have a Revolut card for foreign transfers, and a Monzo card as a further back-up. That doesn't include my CCs for different types of usage.

Feek · 1 Sep 2020 at 18:23

Bouton Aide said:
You will need too if they can't operate no longer.

And that will happen if everyone panics and pulls their money out.

They provide arguably the best app, the best features and the best all round package. But hey, they might have problems so let’s panic and remove all our money. That’ll just make it worse. Support a decent banking service, don’t trash it (not aiming that any any one person in particular).

Deleted member 77746 · 1 Sep 2020 at 18:32

Feek said:
And that will happen if everyone panics and pulls their money out.

They provide arguably the best app, the best features and the best all round package. But hey, they might have problems so let’s panic and remove all our money. That’ll just make it worse. Support a decent banking service, don’t trash it (not aiming that any any one person in particular).

I use Monzo, I won't be changing unless I'm forced.

Jimbeam3678 · 1 Sep 2020 at 18:36

If only starling would do DD pots ...

LeeUK · 1 Sep 2020 at 18:44

englishpremier said:
I see Monzo are so desperate for cash now that it is going to charge for ATM withdrawals even in the UK 3% after £250 worth. Most won't need to withdraw that amount, but it's still a bit of a sting.

Also keen to get their deposits up, by increasing the limits if users that pay in more every 35 days.

I think this bank could be in trouble come this time next year. The latest report by the company's auditors was pretty damning.

Just had that email too. I LOL'd at the £250 cash withdrawal limit.

ChrisD. · 1 Sep 2020 at 19:05

The new Monzo cash withdraw limit is frustrating.

Edit. It doesn’t affect me as I use it as my main bank, and will continue to do so.

Raymond Lin · 1 Sep 2020 at 19:11

£250 a month on holiday is nothing, you can easily do that inside a week.

Deleted member 77746 · 1 Sep 2020 at 19:15

Transfer it to another bank and withdraw it from there.

Semple · 1 Sep 2020 at 19:25

Who withdraws cash these days anyway. Even on holiday it's rare not to be able to use card payments.

englishpremier · 1 Sep 2020 at 19:31

Semple said:
Who withdraws cash these days anyway. Even on holiday it's rare not to be able to use card payments.

Really? Good luck in Curaco where I am now. Big holiday island for the Dutch. Aruba for the Americans (still a dutch island) St Maarten, nearly everywhere in South America. Germany believe it or not is also about 20 years behind when it comes to card payments, though catching up fast. Greece is poor, lost count of the places that don't accept cards and islands that don't even have an ATM. Fun times.

Raymond Lin · 1 Sep 2020 at 19:39

englishpremier said:
Really? Good luck in Curaco where I am now. Big holiday island for the Dutch. Aruba for the Americans (still a dutch island) St Maarten, nearly everywhere in South America. Germany believe it or not is also about 20 years behind when it comes to card payments, though catching up fast. Greece is poor, lost count of the places that don't accept cards and islands that don't even have an ATM. Fun times.

If you want to explore a country and head out of the popular tourist places meaning you are going to places that is off the beaten path then you will need cash. Japan in particular is still a primarily a cashless society. Albeit it has got better the last time i went this year. Also, I like to use cash if i can on holiday to prevent card fraud, not everywhere has contactless, in the US (although again got better), some restaurants will take your card away to swipe, even chip and pin is not a thing. (Yup, my credit card was used fraudulently one time after visiting the States, they bought something whilst I was mid-flight asleep over the Atlantic)

pinkpound · 1 Sep 2020 at 20:39

I stayed for 5 days over New Years in Amsterdam and again in February and only used cash once both times and that was using toilets

LeeUK · 1 Sep 2020 at 20:46

I agree and even pre-covid I probably never withdrew more than £250 cash a month from my main bank account (Starling) in the last few years. Even still it's not nice to have such a limit imposed.

Vanquish-Storm · 1 Sep 2020 at 21:30

If your using it as your main account the new rules don't apply anyway. Just stick £500 a monyh in there and take it out if your not.

LiE · 2 Sep 2020 at 13:58

I'm in the process of moving to Starling as my spending account and moving all my DD/SO back to First Direct. I've lost faith in Monzo with the launch of the plus account. I cannot see them getting profitable anytime soon. The entire Monzo plus just shows they don't have their act together.

If Starling had a way for me to pay from a Space I'd likely use them as my main account, but I need that physical separation between allocated bills and fun money.

Semple · 2 Sep 2020 at 15:29

LiE said:
I'm in the process of moving to Starling as my spending account and moving all my DD/SO back to First Direct. I've lost faith in Monzo with the launch of the plus account. I cannot see them getting profitable anytime soon. The entire Monzo plus just shows they don't have their act together.

If Starling had a way for me to pay from a Space I'd likely use them as my main account, but I need that physical separation between allocated bills and fun money.

How are you planning to work around that when moving back to FD?

Martynt74 · 2 Sep 2020 at 15:35

Looks like Curve are doing another IPO to raise funds.

I invested into their first offering but not sure i want to stuff more money into a company with il-liquid shares. I have enough of those. I'm curious how they're valuing each share though this time to see if i've made any paper money!

LiE · 2 Sep 2020 at 15:45

Semple said:
How are you planning to work around that when moving back to FD?

I would get my wages paid in FD, leave enough in there to cover all my DD/SO and then the rest would go over to Starling.

Vanquish-Storm · 2 Sep 2020 at 16:05

LiE said:
I would get my wages paid in FD, leave enough in there to cover all my DD/SO and then the rest would go over to Starling.

Seems more of a faff than staying with Monzo.

What's the actual reason for leaving?

LiE · 2 Sep 2020 at 16:09

Vanquish-Storm said:
Seems more of a faff than staying with Monzo.

What's the actual reason for leaving?

I've already talked about the reason. It may seem trivial, but if I'm going to use a service/bank then I need to like it and how it's run. Monzo have time and time again shown they can't get their act together so I'm moving to a company/bank who I can get behind with my money.