Monzo

LCM

I love my Monzo, although I haven’t been using it as a full current account, more like - putting in a chunk and using it as a budgeted monthly spending and with whatever leftover saving into a pot.

d123

feta wrote: »

Yes, you might want to look as Starling. It’s very similar but it pays interest rate (only 0.5% but still) and it seems to offer more services overall. Worth checking out

I’d agree, Starling offers more (and better) service when compared to Monzo.

I see they won Best British Bank and Best Current Account at the British Bank Awards 2018.

jonnygee2

I’d agree, Starling offers more (and better) service when compared to Monzo.

Monzo's budgeting features are more advanced and they have a bit more in the pipeline. Also you are much more likely to get something out of the P2P features on Monzo because no one else is on Starling!

That said, I have and like both. Probably narrowly prefer Monzo. 100% prefer both to any other bank out there.

d123

jonnygee2 wrote: »

Monzo's budgeting features are more advanced and they have a bit more in the pipeline. Also you are much more likely to get something out of the P2P features on Monzo because no one else is on Starling!

That said, I have and like both. Probably narrowly prefer Monzo. 100% prefer both to any other bank out there.

I’m talking about actual banking service rather than clever widgets that might please techie types.

For example, cash deposits.

Starling offer a proper service at the post office, which is free to use and up to £20,000 per transaction can be deposited (depending on the individual post office branch policy, some small sub-offices will only accept £2,000).

You can also draw cash out over the counter. The counter assistant is likely to be trained and efficient in handling large amounts of cash.

Monzo offer a Mickey Mouse service at PayPoint outlets, so you’re expected to queue in your local corner shop and be served by a retail assistant who is more likely to be clueless on the procedure.

You can also only deposit a maximum of £300 and you’re charged £1 for the privilege of depositing your cash, you can also deposit no more than £1,000 in any 6 month period.

Monzo seem to think they’re still operating a prepaid debit card with the chargeable Paypoint service and ridiculously low limits, Starling are actually acting like a proper bank.

jonnygee2

I’m talking about actual banking service rather than clever widgets that might please techie types.

For example, cash deposits.

I'm not sure the Monzo widgets are 'just for tecchy types' but I know what you mean about cash. Still, the last time I paid cash into my account was over ten years ago so for me it's not an issue. It's also the only feature I think Starling have and Monzo don't?

The 1% savings pots were a big draw for me on Monzo, since those came out I have to admit I've started using Starling a lot less (still use it though!).

d123

jonnygee2 wrote: »

I'm not sure the Monzo widgets are 'just for tecchy types' but I know what you mean about cash. Still, the last time I paid cash into my account was over ten years ago so for me it's not an issue. It's also the only feature I think Starling have and Monzo don't?

The 1% savings pots were a big draw for me on Monzo, since those came out I have to admit I've started using Starling a lot less (still use it though!).

I have both cards, I have only used the Monzo card in the way of a prepaid card, the customer services are abysmal (even on their cult-like own community forum there’s a huge number of complaints, not to mention Twitter).

2-3 days for a simple query to be answered is ridiculous, one guy on Twitter waited 4 or 5 days iirc, my last Starling query was answered and resolved in about 20 minutes.

You might not have much cash, but at least half the population still relies on cash use.

I think I am reasonably knowledgeable of financial products but I have no idea what a 1% pot is, sounds like the type of manure to be used in a plant pot .

Doesn’t Monzo also have a very small cap for free overseas use? something like £200 a month?

How much interest does Monzo pay on credit balances in your account?

Monzo is a toy to play with, Starling is good enough to be a main bank account.

jonnygee2

2-3 days for a simple query to be answered is ridiculous,

There's a 'my query is urgent' option. If you chose it your query is answered immediately. But yes, I have also noticed that Monzos customer service has gone hugely downhill in the last six months, I hope they can bring it back.

In terms of complaints on their community forum, take a look at Starling's; https://community.starlingbank.com/

Oh wait, you can't - they actually had to axe it because of all the complaints.

at least half the population still relies on cash use.

Withdrawing and spending it, sure. Do 50% of people regularly pay cash into a bank account? I really doubt it but feel free to provide some stats and prove yourself right there!

The_Lady_Sarah

So I want a current account that has no overdraft - and if the money isn't in it then the transaction is declined - none of this well we paid it and you now owe us £12 in fees with interest too.....
Noticed that the Starling and Monzo both do this - is there one that fits this criteria?

Sarah

d123

jonnygee2 wrote: »

There's a 'my query is urgent' option. If you chose it your query is answered immediately. But yes, I have also noticed that Monzos customer service has gone hugely downhill in the last six months, I hope they can bring it back.

In terms of complaints on their community forum, take a look at Starling's; https://community.starlingbank.com/

Oh wait, you can't - they actually had to axe it because of all the complaints.



Withdrawing and spending it, sure. Do 50% of people regularly pay cash into a bank account? I really doubt it but feel free to provide some stats and prove yourself right there!

How do people working in the cash economy get the money into the bank in the first place?

Taxi drivers, sole traders like plumbers, locksmiths, car booters, people who work in small businesses like takeaways etc all get paid in cash and Monzo the clown seems to think those people need to use magic to get the money into their account.

The official Monzo line was to keep a high street Bank account open and to deposit into the high street bank and then transfer it! What a joke...

jonnygee2

Taxi drivers, sole traders like plumbers, locksmiths, car booters, people who work in small businesses like takeaways etc all get paid in cash

And that is probably, errr, 5% of the population? And declining .