Monzo etc type bank...?

Takmon

DCFC79 wrote: »

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

I did use it to get fuel in an Asda in August 2017 but haven't tried it since so is that something that they have changed?

d123

paragon909 wrote: »

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.

It’s instant, with Starling it’s even instant when you deposit cash at the Post Office (the confirmation notification usually pops up on my phone even before I’ve pulled the card back out the reader).

vacheron

I had a Monzo account as backup overseas account alongside my clarity card.

At that time their model was simple, however they then started proposing the overseas ATM withdrawal fees and with the £200pm oversees cash limit they lost all of their USP's.

In parallel, they were starting to go "full bank" and I just got sick of the constant pushing to sign up so I closed the account completely as i didn't feel it offered anything extra that I actually wanted above and beyond my other "traditional" current accounts any more.

PRAISETHESUN

It's on par with most other high street banks. The digital features are useful for some, but the lack of high street branches might be a drawback for others. As above, it might be a useful backup for your main account, and it is especially useful for travelling overseas.

bd10

Interesting question. I signed up for Starling Bank over the weekend. The application process was more like a registration process and it literally took < 5 minutes altogether. Pretty impressive but then again no overdraft options during the application process, so soft searches only. Closest comparison, switch to Nationwide. That went very smooth as well, not as lightening fast as Starling though.

Transferred a few pounds right after opening on Sunday evening. The amount was there within seconds, new payee authorization pretty secure but would have preferred a card reader to generate random numbers.
I'll trial them out next week and revert. First impression very good.

latinaid

bd10 wrote: »

Interesting question. I signed up for Starling Bank over the weekend. The application process was more like a registration process and it literally took < 5 minutes altogether.

That's interesting. So the account is opened instantly, and you got your sort code and account number straight away?

es5595

I was travelling with a friend who had opened a Starling bank account, and I was so impressed I opened one too.
I now use it for all my day-to-day transactions and it’s so easy to use.
I get instant notifications on my phone went I make payments or receive transfers, as d123 said, often before my card is back in my purse.
They definitely get my recommendation!

p12ttn

I am actually doing a research project to see if a fully digital bank could replace a traditional bank. A few people have said that they should always have a "back up" account with another bank. What do you think digital banks could improve on or implement that would eliminate the need for another account?

Takmon

p12ttn wrote: »

I am actually doing a research project to see if a fully digital bank could replace a traditional bank. A few people have said that they should always have a "back up" account with another bank. What do you think digital banks could improve on or implement that would eliminate the need for another account?

No matter what account you have your bank with you should always have at least one other account with another bank. There is always the risk of a banks system going down or issues with your account no matter who you bank with so if you don't have a backup you might end up stuck without money for a period of time.

The bank First Direct have been going since 1989 without any branches and only offer telephone and online banking so the concept is pretty well proven.

worried_jim

I have and use Monzo, Revolut and Starling. I work for lloyds banking group.