Monzo etc type bank...?

d123

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?

The only thing I’m waiting for Starling to implement is digital imaging cheque deposits, other than that they already offer a current account comparable to a traditional bank. To be fair, I don’t think all the traditional banks offer it yet either.

Silverspeed

latinaid wrote: »

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

Hello,

When I opened my Monzo account it took only a few minutes to open plus a confirmation.
Basically, 1 hours later of opening I was able to use it as bank account. So the answer is yes

djp64

Another fan of Starling.



Opened a personal account a couple of months ago and then a business account and transfers (both internal and external) etc are instantaneous.


BACS payments also credit quicker.


Got it primarily for a forthcoming overseas holiday as I liked the idea of 'commercial' exchange rates but getting to really like it as a possible everyday account.


Also been researching fee free ATM withdrawals with Starling (going to USA) and there are options for this too : )

Silverspeed

. 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.

Hi,
I use Monzo for a while. I didn't switch to Monzo because I use it like budget account. I like separate accounts: investment, budgeting, interest.
I like these digital banks idea because they have some 'cool' features what the 'normal' banks just copy from digital banks.
Features like:
1) Notification from every transactions! Maybe many of you get annoyed of many notifications but I do love/want to know every movement/changes in real time.
2) budgeting.
I like seeing where my money goes. Certainly, most of the time I know where my money goes. But when I spend a little here and there then overall I can see now how badly I manage sometimes 'my time' money. I definitely improve on that. (I don't mean live like a ' homeless'. But don't waste money on what is not necessary and I don't enjoy neither.)
3) It's good that I can freeze my card, pin check, block some transactions etc. I don't need to make a call or go to branch for that. (However those things you can do almost everywhere by now)
4) This is not a big issue as it happened only once all in my life by now:
The card is MasterCard and not Visa card. If one of them doesn't work for a few hours then I have the other option for shopping.
It's similar like when you have two bank accounts if one bank system is down. When nobody could use visa card for shopping a few months ago then I had cash and MasterCard too which were fine.

Actually the list can be much longer so my opinion is that you should looking for some videos and description (with examples) what they offer. And if you like it then try it.

Grumpygit

Another fan of Starling here.


Got recommended via a post on here and got one for a US trip


Just got back and it worked brilliantly.


The only fees I paid were from 2 ATM withdrawals (at bank ATM's rather than random ones)



Loved the real time deduction from my balance (even though it may have been pending).


The only sticking point with it (and this is no reflection on Startling) was the hassle we had trying to fund it from a Lloyds bank account.


They blocked the transfer so OH had to phone up and go through all sorts of questions etc before they would release it.


No such problem with HSBC - transfer went straight through.


Must have looked a bit funny on holiday, moving money from Lloyds to HSBC and on to Starling!


Anyway - big fan

d123

Grumpygit wrote: »

The only sticking point with it (and this is no reflection on Startling) was the hassle we had trying to fund it from a Lloyds bank account.

Strange, I usually transfer funds from Halifax to Starling and (*touches wood*) in almost 2 years I haven’t had a single issue with the transfers.

peachyprice

I use Monzo now for all my day to day banking. We've switched our main joint account over for all bills and household spending, I also have a single Monzo account for my own spending and savings.

I love the interface, it so quick and easy to use. The transaction alerts are brilliant, you would know instantly if there were any suspicious activity on your account and I like the fact that they show your incomings and outgoings the day before they are due.

However, The biggest drawback for me is not being able to pay cash in easily, which I do regularly. There's a limit of £1000 every six months and £300 in one go, for which you get charged £1 for the privilege of using Paypoint.

I still have other bank accounts that I use primarily for paying in cash other transactions where I don't want companies having access to my full bank account.

zerog

I won't be using Monzo / Starling as they don't appear to offer anything that I need and don't already have from another bank, and they appear not to have a website-based online banking, which is the most important thing for me.

Revolut doesn't have a website, but it offers a multi-currency account with features not provided by any other UK institution, therefore I use them for that purpose only.

System

I had Monzo, not really that impressed as the card and app was a little unstable. Seemed to be gimecky rather than functional.

Revolut been fine so far but wouldn't use it as a full current account - more a forex / travel tool.

Starling (to be fair) never tried as the app froze on application and couldn't be bothered proceeding if they can't even get that working.

I sound like Gumbler :rotfl: