Monzo/Starling Banking/Revolut

[LiE]

Not sure why for the Post Office? Money shows in your account immediately so you’d know if there was a problem.

It's a moot point anyway as I don't have Starling and have access to a current account in town to pay cash into. My local post office are a pretty incompetent bunch, I wouldn't want to have a dispute about why my money didn't show up or incorrect amounts.

 

[batfink]

Can I ask why?

Whilst I'm happy with adapting to the world of mobile banking, my Mrs is less inclined to do so. She still only really uses online banking if she has to and is always wary of a bank that isn't one of the 'big boys'. To put in context, her main account is with Yorkshire Bank which she has probably held for 40+ years and doesn't intend changing. We're probably a fair bit older than you and she hasn't really moved on in the banking world yet so its more a case of me having to spend the time persuading her of the benefits and talking her through the sign up steps.

 

[Deleted member 77746]

Whilst I'm happy with adapting to the world of mobile banking, my Mrs is less inclined to do so. She still only really uses online banking if she has to and is always wary of a bank that isn't one of the 'big boys'. To put in context, her main account is with Yorkshire Bank which she has probably held for 40+ years and doesn't intend changing. We're probably a fair bit older than you and she hasn't really moved on in the banking world yet so its more a case of me having to spend the time persuading her of the benefits and talking her through the sign up steps.

This is why high streets banks won't go anywhere just yet. Going to be still a customer base who would prefer going to the local bank.

 

[Stu999]

This is why high streets banks won't go anywhere just yet. Going to be still a customer base who would prefer going to the local bank.

Maybe for another 20 years absolute maximum.

 

[Deleted member 77746]

Maybe for another 20 years absolute maximum.

The only one near me now is post office, the rest of them is about 5 miles away.

 

[Jimbeam3678]

High street banks need to be careful. They need to play catch up cos these online banks seem to be increasing 10 fold with customers.

With the closure of so many high street bank stores the only way is online or telephone banking.

This is why high streets banks won't go anywhere just yet. Going to be still a customer base who would prefer going to the local bank.

You do know what the end game is for these challenger banks right?

 

[Deleted member 77746]

You do know what the end game is for these challenger banks right?

Go on.

 

[LeeUK]

The old high street banks just can't match the fintech challenger banks. Starling/Monzo are built fresh from the ground up where as the high street are using old systems decades old. Look what happened to Cahoot and IF.

Also didn't NatWest release some quasi-mobile bank not long ago called Bo' or something?

 

[Jimbeam3678]

The old high street banks just can't match the fintech challenger banks. Starling/Monzo are built fresh from the ground up where as the high street are using old systems decades old. Look what happened to Cahoot and IF.

Also didn't NatWest release some quasi-mobile bank not long ago called Bo' or something?

Go on.

Certainly Starling are waiting to be bought out by one of the big banks. As Lee said their back end is built for this age while traditional banks systems are archaic. This at least was their end goal as of 18 months ago when hadn't turned a profit. Not sure if this has changed yet.

I use Monzo for day to day and Starling for travelling, love them both. When you compare their apps to say HSBC's its embarrassing.

 

[Kemik]

My bank balance looks forward to the day Monzo lists and I can cash in my shares

 

[LeeUK]

Certainly Starling are waiting to be bought out by one of the big banks. As Lee said their back end is built for this age while traditional banks systems are archaic. This at least was their end goal as of 18 months ago when hadn't turned a profit. Not sure if this has changed yet.

I hope not. If they do sell out to a high street dinosaur bank they will just eventually be absorbed into it and the Starling brand will disappear.

 

[Basher]

I hope not. If they do sell out to a high street dinosaur bank they will just eventually be absorbed into it and the Starling brand will disappear.

I'm not sure a hughstreet bank buying Starling/Monzo etc would actually solve much of a problem for them anyway (other than removing competition).

The reason why a Santander (for example) app doesn't work as well as Starling is not because they don't have the developers (they do), it's because they're encumbered by legacy systems and are trying to protect an existing business. If they're not careful, it'll be a Kodak moment all over again.

 

[Deleted member 77746]

I just got an email to say Monzo is going 24/7 support (urgent queries like lost card, fraud e.t.c) First online bank I know to go 24/7.

 

[LeeUK]

I just got an email to say Monzo is going 24/7 support (urgent queries like lost card, fraud e.t.c) First online bank I know to go 24/7.

The email I got says that urgent stuff like lost cards and fraud is staying 24/7 but everything else is going 7am to 8pm only. Where as before everything was 24/7?

 

[Deleted member 77746]

The email I got says that urgent stuff like lost cards and fraud is staying 24/7 but everything else is going 7am to 8pm only. Where as before everything was 24/7?

Was it? oh...

 

[LeeUK]

Was it? oh...

Then reads on to say that they can provide a better service this way and that only 12% of customers call at night. Typical turning a negative into a positive marketing BS.

Not like it's a game changer. I've only ever contacted Starling support once and that was through the app when I couldn't get it to work on a new phone.

 

[enigma27]

Just a heads up for Monzo users and pots.

Not sure if this is known yet or not as a someone mentioned earlier is this thread the ability to pay Direct Debits from pots. Well now seems to add to this you can now schedule deposits into a pot.

So now money comes into the account you can auto schedule to drop it into a pot and then DD's get taken from that pot.

Makes your account nice and clean.

 

[Junglist]

Just a heads up for Monzo users and pots.

Not sure if this is known yet or not as a someone mentioned earlier is this thread the ability to pay Direct Debits from pots. Well now seems to add to this you can now schedule deposits into a pot.

So now money comes into the account you can auto schedule to drop it into a pot and then DD's get taken from that pot.

Makes your account nice and clean.

awesome feature! As soon as we’re in the new house I’m switching to Monzo full time. Wish I had sooner to be honest

 

[Narj]

Just a heads up for Monzo users and pots.

Not sure if this is known yet or not as a someone mentioned earlier is this thread the ability to pay Direct Debits from pots. Well now seems to add to this you can now schedule deposits into a pot.

So now money comes into the account you can auto schedule to drop it into a pot and then DD's get taken from that pot.

Makes your account nice and clean.

God damn it, Starling were supposed to do this ages ago.

 

[enigma27]

God damn it, Starling were supposed to do this ages ago.

you can now schedule payments into pots with starling just not assign DD to pots yet (I have both)