Soldato
Yep I have been travelling around Europe since the beginning of Jul and only Germany seems to fall behind but I visited Czech and Hungary and didn't see any cash. I used apple pay everywhere.
Monzo/Starling Banking/Revolut
- Thread starter Junglist
- Start date
I'm so conflicted on what to do. I have a starling account up and running for the last few years but haven't used it since 2018. I still need to update my name change on the account!
We've got a lot of our bills and direct debits coming out of Monzo so the new limits don't really apply to us but I have been feeling less and less certain as time moves on
We've got a lot of our bills and direct debits coming out of Monzo so the new limits don't really apply to us but I have been feeling less and less certain as time moves on
It does seem a lot of faff for losing quite a lot of functionality that traditional high street banks just don't have (or probably ever will).
I don't have huge concerns over their "profitability", they're fully FSCS protected, and i don't have 85k in the account so no concerns there. A lot of high-tech startups have/are running at a loss, you don't know who's funding them behind the scenes. Hasn't Uber been running at a loss for years? Hasn't Tesla only just started turning a profit?
Frankly if the funding that's propping Monzo up stopped and they were going to flop, i could see them getting bought out.
Soldato
I'm not having a go mate just wondering your reasoning.
In what way is FD run different to Monzo? Or what do you like how it's run?
Caporegime
How do you invest? I can't see anything about it on their blog?
FD are an excellent bank, I was with them for years before switching to Monzo. Their app is decent but it's still a high street bank app which has its own issues. I switched because I feel like I can see what my money is doing easier, plus the bills pot is excellent.
Soldato
I was with FD ages ago, tbh I didnt find them anything special. Just a seperate arm to HSBC.
I liked the fact that when I did have to call them, there wasn't any call system to navigate through, you just get through to someone straight away and voice recognition authenticated you. No press 1 for current balance, 2 for loans, 3 for general enquiries etc.
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Caporegime
First Direct customer service is excellent, which is important for having confidence that your money is in good hands. Monzo don't have a good track record with support.
Soldato
I know I can only speak for myself here but the two times I have had to speak to Monzo for my personal account 1) they sorted it in app 2) I didn't have to beat around the bush when I called them.
I have heard it has been a bit slower recently but I'm sure Covid is a factor.
I don't think your money is any less safer in the hands of Monzo than HSBC.
Don't they? Weren't Monzo rated the best bank for Customer service recently?
Monzo is the best according to MSE: https://www.moneysavingexpert.com/n...ect-to-win-our-banking-customer-service-poll/
And an independent survey here, too: https://www.retailbankerinternation...anks-for-customer-service-rated-by-customers/
Caporegime
They were yes, but those 'surveys' don't paint the full picture and can't be viewed as gospel e.g. https://community.monzo.com/t/monzo-scores-lowest-in-mse-survey-whats-gone-wrong/103619
Caporegime
Perhaps, but I'm not putting my money behind Monzo anymore for the reasons I mentioned above. I'm not trying to convince others that my choice is right and theirs is wrong. Everyone has different reasons they make decisions they do.
Soldato
I dont think you are going to change your mind either. Everyone is different, if we were all the same life would be boring.
I'll just add your not putting your money behind Monzo. Your just using them as a bank.
Soldato
It’s early days yet. But it was on Crowdcube I invested.
It was also through them I had an email about another round of investment.
Guys I am in Turkey end of this month and currently have a revolut card. Am I right in thinking I can load this thing up with money and just use it out there freely and it will auto convert? Or should I convert in app first?
Soldato
It will autoconvert, but you don't want it to on weekends as they add 0.5% or something like that to cover themselves against market movements.
Soldato
Interesting one from Starling. Negative interest rates on Business account and Euro balances over €50000. I would have thought bigger deposits are good for them, as it allows them to lend more. Although lending is loss making for both Monzo and Starling.
The only one worth pointing out is the one free replacement card per year, then £5 after that. Who loses their card more than once a year?
The only one worth pointing out is the one free replacement card per year, then £5 after that. Who loses their card more than once a year?
Caporegime
They don't give interest for monies held in the business account anyway? I never had much in there but i don't recall ever getting a penny interest in the business account.
Fee changes for Starling personal accounts plus new features on the way:
Pricing changes to existing services from 4th November
We’re introducing some new fees that come into effect on 4th November, but they’ll only affect you if you use these features.
Updates to the terms for Personal and Joint Accounts (GBP Accounts only):
We’re excited to be launching a number of new products very soon. As such, we’ve updated our terms to outline how we’ll be charging for them. These new products are optional, and you’ll only be charged if you choose to subscribe.
Pricing changes to existing services from 4th November
We’re introducing some new fees that come into effect on 4th November, but they’ll only affect you if you use these features.
Updates to the terms for Personal and Joint Accounts (GBP Accounts only):
- On the rare occasion that you need to send a CHAPS payment, it will cost £20 per payment. CHAPS is a payment system for sending large, same-day payments. You can continue to send payments via Faster Payments for free.
- Replacement cards will be charged at £5 per card. You’ll get one free replacement per year, and we won’t charge you when your old card expires.
We’re excited to be launching a number of new products very soon. As such, we’ve updated our terms to outline how we’ll be charging for them. These new products are optional, and you’ll only be charged if you choose to subscribe.
- A children's Space and debit card (Starling Kite) will be charged at £2 per card per month.
- A new version of our Connected card, with extra features, will be charged at £2 per card per month. If you already have a Connected card, it’ll continue to be free.
- An additional GBP account (available on Personal and Joint Accounts) will be charged at £2 per account per month.