Monzo etc type bank...?

southantrim3

Hi everyone.
Just wondering if many of you use any of the new digital banks such as Monzo?
If so, which do you use and why? Are they any better than the "normal" banks such as Halifax etc?
Thanks for your help.
:beer:

colsten

It's horses for courses. The requirements of some people are fully met by the app-based banks. The requirements of others aren't. The general advice is not to rely on a single bank, anyway, in case one of them runs into trouble, or you are running into trouble with one of them.

eskbanker

southantrim3 wrote: »

Just wondering if many of you use any of the new digital banks such as Monzo?
If so, which do you use and why? Are they any better than the "normal" banks such as Halifax etc?

Monzo claim a customer base of 750,000 so obviously plenty are happy with them, although the market share of more established traditional banks outweighs them heavily.

Perhaps worth reading https://www.moneysavingexpert.com/banking/digital-banking/ for thoughts on how they compare unless you're just after another open debate dominated by subjective opinions about which is 'best'?

southantrim3

I already have the Halifax reward current account for day to day banking and to be honest I've never had any issues with them. Even their customer service has been fairly reasonable (on the whole, if you avoid the branches.)
This was more one to test out and see what it was like, and if it was good, I might move to it but would still keep the Halifax one - and Halifax's banking app is also pretty good in itself.

whatkatysaved

I do. I initially opened my Monzo account as I was going abroad with a friend who was already a Monzo user and he recommended it for international transactions. I ended up loving it so much I kept using it once we returned home and a few months later went 'full Monzo' and closed my legacy bank account through Monzo's account switching service. Haven't looked back.

colsten

Ah well. There seem to still be people who will keep all their eggs in one basket.

Takmon

whatkatysaved wrote: »

I do. I initially opened my Monzo account as I was going abroad with a friend who was already a Monzo user and he recommended it for international transactions. I ended up loving it so much I kept using it once we returned home and a few months later went 'full Monzo' and closed my legacy bank account through Monzo's account switching service. Haven't looked back.

This is a very bad idea and you should always have atleast one other account with a different bank just in case.

d123

eskbanker wrote: »

Monzo claim a customer base of 750,000 so obviously plenty are happy with them, although the market share of more established traditional banks outweighs them heavily.

Perhaps worth reading https://www.moneysavingexpert.com/banking/digital-banking/ for thoughts on how they compare unless you're just after another open debate dominated by subjective opinions about which is 'best'?

I have a Monzo account so am included in their customer numbers but only use it as a spare account to store a bit of money in. I don’t use it at all and I think there are a lot of other people who do similar.

I do have (and use) a Starling account though, which is much better than Monzo for what it offers, I do also still have a conventional Halifax current account as well.

paragon909

When you make a payment transfer with Monzo or Starling, Is it instant like "normal" banks say TSB, Santander? Or does it take say an hour like Revolut or Pockit etc.

adamditz

I’ve got a Starling account and I can honestly not rave about it enough - even more so now you can pay cash in at the post office.

I can’t manage my money with a normal account that takes 35 years to update the transaction on online banking, I need to instantly be able to see what I’ve spent and what’s available - which Starling does. Online help is fantastic, customer service fantastic, yes payments and transfers are instant with instant notifications, without it I currently wouldn’t be doing so well with money

DCFC79

Takmon wrote: »

This is a very bad idea and you should always have atleast one other account with a different bank just in case.

Especially if you get petrol at Asda and you cant use Monzo.