Monzo/Starling Banking/Revolut

Dirk Diggler · 1 Dec 2020 at 13:16

LiE said:
Agreed, but I've tried to provide detail. I could have said:

Create a new joint account to use for spending, and to an account switch to the existing joint account.

Yes, fair enough.

Ok, feel free to call me an idiot if I'm misunderstanding (it wouldn't be the first time) but I think all that's required is a personal account and a joint account. All direct debits come out the joint account and I have a single standing order of one fixed sum that goes to the joint account once a month. My wife also does a standing order.

LiE · 1 Dec 2020 at 13:41

Dirk Diggler said:
Ok, feel free to call me an idiot if I'm misunderstanding (it wouldn't be the first time) but I think all that's required is a personal account and a joint account. All direct debits come out the joint account and I have a single standing order of one fixed sum that goes to the joint account once a month. My wife also does a standing order.

Depends if you want a shared spending account. All of our family spending comes from a shared account. You ideally don't want bills coming from the same account as the fun money.

englishpremier · 1 Dec 2020 at 19:58

opstrat said:
i am reading more and more instances from monzo users of being locked out of their accounts for weeks while they investigate fraud. i have been using it for a couple of years but only recently using it full time. i havnt known any high street banks to shut down you bank complete like this. its making me think about going back to my Santander account.

This has happened a lot with Tide. It's usually when they rush to get customers onboard and don't do their checks properly, because it's better to have more customers than spend time doing proper due diligence. Then after a year, or two, they completely freeze the customers account and tell them they need to provide further evidence or ID.

It actually happened to me on Tide. I'd had an account that had been in use for two years. Out of the blue they said if you do not upload a video/image of yourself (saying some daft phrase) your account will be frozen.

Since I test a lot of these accounts I just told them to go and do one, and transferred out any money to a Starling Business, or Santander Business account.

shiver · 28 Jan 2021 at 16:38

Whilst I primarily use my Monzo account to send/receive money with friends / family also on Monzo, I did keep a bit of money in an easy access savings pot on there too.

Frustratingly, after waiting a day for the savings money to clear in the current account (fair enough as the pot is with a 3rd party), I am now having to request a temporary increase in transfer limits to get the money out of Monzo. The standard limit is only £10k and I'm currently on the in app chat to request a limit increase.

This money is towards a house deposit and I'm glad I'm doing this a little early because they haven't actually confirmed they can increase it yet. Definitely an eye opener and confirms I need to keep my "real" bank account with Barclays.

shiver · 28 Jan 2021 at 17:26

Fortunately, they agreed to raise the limit until the end of the day. Worth thinking about if you intend to move chunks of money about with Monzo.

Feek · 28 Jan 2021 at 17:28

Useful to know and I can't see any reason why they wouldn't raise the limit.

ChrisD. · 28 Jan 2021 at 17:29

Yeah good to know, my mrs and I will be moving around £50k through our Monzo accounts in the coming months for house deposits etc.

platinum87 · 22 Mar 2021 at 21:49

1) I received my new starling card (old one expired), activated it everything fine.

2) I received an exact duplicate starling card, figured i'd keep it as a spare.

3) Got a message saying some customers have received duplicates etc, i will get a 3rd card this week i guess.

4) Contactless/chip and pin, do not work.

5) Went on live chat, not really useful after the fact anyway, got a message later saying they are aware of the issue and they are sorry.... I assume it will be fixed once i get and activate the third card.

I always have backup plans, for those with a single account you are basically running on raid zero.

ChrisD. · 16 Apr 2021 at 23:55

Has anyone here had to deal with a large cash deposit into Monzo? If so how did you do it?

Surveyor · 17 Apr 2021 at 00:02

ChrisD. said:
Has anyone here had to deal with a large cash deposit into Monzo? If so how did you do it?

Isn't it still deposit only at PayPoint locations and subject to a limit of £300 in one go and £1,000 total in 180 days?

ChrisD. · 17 Apr 2021 at 00:07

Surveyor said:
Isn't it still deposit only at PayPoint locations and subject to a limit of £300 in one go and £1,000 total in 180 days?

That's the way I understand it, I might just open a normal account to pay into.

bloodiedathame · 17 Apr 2021 at 00:07

My business account is with Starling. Also moved my current account and joint account with wifey to them. Only drawback so far is that overdrafts aren't available on joint accounts!

Souness · 27 Apr 2021 at 11:46

I liked the sound of the Starling business account for sole traders, so I opened a personal current account first but the option for the sole trader account is greyed out. I messaged support and they said the option is only available to current account holders that meet their eligibility checks, but they can't tell you if you'll be eligible ahead of time.

I have absolutely no idea why I wouldn't be eligible. Bit annoying.

englishpremier · 27 Apr 2021 at 14:27

Souness said:
I liked the sound of the Starling business account for sole traders, so I opened a personal current account first but the option for the sole trader account is greyed out. I messaged support and they said the option is only available to current account holders that meet their eligibility checks, but they can't tell you if you'll be eligible ahead of time.

I have absolutely no idea why I wouldn't be eligible. Bit annoying.

Are you already registered with HMRC? Some of these companies (Tide for example) check that as part of their process to enable them to offer/set up the accounts so quickly.

mid_gen · 27 Apr 2021 at 14:41

platinum87 said:
1) I received my new starling card (old one expired), activated it everything fine.

2) I received an exact duplicate starling card, figured i'd keep it as a spare.

3) Got a message saying some customers have received duplicates etc, i will get a 3rd card this week i guess.

4) Contactless/chip and pin, do not work.

5) Went on live chat, not really useful after the fact anyway, got a message later saying they are aware of the issue and they are sorry.... I assume it will be fixed once i get and activate the third card.

I always have backup plans, for those with a single account you are basically running on raid zero.

Given how often I use cash these days (once in the last year), and the fact that they can provision a new card instantly and you can add it to Google/Apple pay instantly.....

This is a more resilient setup than any of my old traditional banks. Been two years now and am yet to come across any situation where having to go to a branch would be beneficial.

The only reason I still have my RBS account is...you guessed it, because I can't close the account without going to a branch.

Just wish they're got on and add a Starling credit card.

Conscript · 27 Apr 2021 at 16:23

ChrisD. said:
Has anyone here had to deal with a large cash deposit into Monzo? If so how did you do it?

Did it just the other day as it happens, you can do it anywhere with a Paypoint. There's one in my local Co-op. Just hand over the cash and your card, they give you a receipt and you get an immediate pending notification in the Monzo app, the money is available after 10 minutes or so. Theres a £1 fee, not sure if there's a maximum you can deposit in one go.

https://consumer.paypoint.com/

ChrisD. · 27 Apr 2021 at 16:27

Conscript said:
Did it just the other day as it happens, you can do it anywhere with a Paypoint. There's one in my local Co-op. Just hand over the cash and your card, they give you a receipt and you get an immediate pending notification in the Monzo app, the money is available after 10 minutes or so. Theres a £1 fee, not sure if there's a maximum you can deposit in one go.

https://consumer.paypoint.com/

There is with Monzo, £300 per day. I just opened up a Nationwide account and paid it in there and then transferred it over to Monzo.

Souness · 27 Apr 2021 at 16:56

englishpremier said:
Are you already registered with HMRC? Some of these companies (Tide for example) check that as part of their process to enable them to offer/set up the accounts so quickly.

What do you mean by registered? I'm just a sole trader, no limited company or anything like that, and have been filing self employed taxes for 5-6 years.

englishpremier · 27 Apr 2021 at 19:31

Souness said:
What do you mean by registered? I'm just a sole trader, no limited company or anything like that, and have been filing self employed taxes for 5-6 years.

Then you are registered. People have 3 months to register with HMRC once they start trading. I know for a that Tide used to check this as part of the application process when people opened a new business account. Can't speak for Starling. Despite being on their beta business program I only just moved the business account over from the evil that is Santander.

platinum87 · 27 Apr 2021 at 21:40

mid_gen said:
Given how often I use cash these days (once in the last year), and the fact that they can provision a new card instantly and you can add it to Google/Apple pay instantly.....

This is a more resilient setup than any of my old traditional banks. Been two years now and am yet to come across any situation where having to go to a branch would be beneficial.

The only reason I still have my RBS account is...you guessed it, because I can't close the account without going to a branch.

Just wish they're got on and add a Starling credit card.

Having only one current account is not a good idea when there is no cost or inconvenience to you.

I say nothing about going into a branch. If you close your RBS account then i would say open a Monzo account then.

mid_gen · 27 Apr 2021 at 22:05

platinum87 said:
Having only one current account is not a good idea when there is no cost or inconvenience to you.

I say nothing about going into a branch. If you close your RBS account then i would say open a Monzo account then.

There is no reason for to me to have an account beyond the 3 I already have with Starling. The only reason I still have the RBS is literally because it's so inconvenient to administer it....the last thing I want is more inconvenience.