Mobile Challenger Banks

anotheruser

colsten wrote: »

Whilst 0.5% AER is better than nothing, I doubt this would be enough to get people off their 1.5% / 3% / 5% AER accounts.

And this is it.
While TSB still have a better rate, I'll just stick with them as it's not worth the hassle changing. I appreciate TSB are changing, but the % is still a lot more than Starling. When they change, so will I - even if it's just the same as what TSB are offering.

penners324

Starling certainly isn't amateurish and is probably the best of similar banks. Indeed HMRC now use Starling as a payment services provider.
Scgf just thinks he's better than everyone else because he keeps a spreadsheet running for his money.
Not realising that instant notifications and pending transaction list make this mostly redundant.

There's even a screen that shows open DDs and SOs and when they last paid and how much. The day before the DD is taken this is then included in pending transactions, at the correct amount, as the DD has already been requested.

System

penners324 wrote: »

Starling certainly isn't amateurish and is probably the best of similar banks. Indeed HMRC now use Starling as a payment services provider.
Scgf just thinks he's better than everyone else because he keeps a spreadsheet running for his money.
Not realising that instant notifications and pending transaction list make this mostly redundant.

It really seems you haven't read what I wrote. I have illustrated how the exceptions make posting some pending transactions pretty useless. I need to know how my budget pans out for the month ahead rather than day to day. I have 20 direct debits and a few continuous credit authorities which are debited throughout the month, most are monthly but a couple are weekly. How can I make sure that I have enough money in my account to pay these debits when they are due if I don't keep a record elsewhere? It's not about trying to be better than anyone else. I'd like to know how you do it. Having some pending debits appear as soon as they occur has no impact on this.

Horses for courses, of course. I will cast no aspersions on you, penners324, because I don't know you and I always assume people are nice until I get to know them.

djpailo

anotheruser wrote: »

And this is it.
While TSB still have a better rate, I'll just stick with them as it's not worth the hassle changing. I appreciate TSB are changing, but the % is still a lot more than Starling. When they change, so will I - even if it's just the same as what TSB are offering.

But you don't need to "change", which I assme you mean "switch". You can operate as many current accounts as you want.

penners324

All of DDs go out within 2 days of getting paid. Anything left over gets moved to my savings account.
I do keep a lisr of my dds which doesn't change apart from the credit card DD.

System

Try them out and see how you get on - but keep your 'old' bank running in parallel.

Tried Monzo, not massively impressed tbh and have Revolut - it's fine as travel/forex card but like not a full current account.

EarthBoy

scgf wrote: »

But you don't have y remaining if y is just your Starling balance because there will likely be debits occurring through the month at various intervals (direct debits or continuous credit authorities) which you need to be aware of. .

I find it works best for me to have a separate account for all my regular payments such as direct debits and standing orders. That way, I know they are taken care of so it doesn't matter whether they are pending or not.

colsten

penners324 wrote: »

Scgf just thinks he's better than everyone else because he keeps a spreadsheet running for his money.
Not realising that instant notifications and pending transaction list make this mostly redundant.

I am not sure how you know what scgf thinks, and whether (s)he indeed believes to be better than everyone else.

scgf has merely explained, and provided reasons for what many others have also concluded: using a banking app does not, for the vast majority of people, eliminate the need to monitor their spending in some other way. For example, with a spreadsheet or a personal finance manager. You may not come to the same conclusion yourself if your own requirements are met by whatever app you are using but that doesn't mean that it is invalid for other people, for the very reasons scgf has mentioned.

System

EarthBoy wrote: »

I find it works best for me to have a separate account for all my regular payments such as direct debits and standing orders. That way, I know they are taken care of so it doesn't matter whether they are pending or not.

I tried that a couple of years ago, using an account which gives cashback for bills. For me it is easier to do almost the same thing using a free app (MMEX) and have all my money in one account. Regular payments are automatically 'debited' in the app on the same day as I'm paid. Each time I withdraw cash or buy something using my debit card I enter it in the app and mark it as cleared when I see it in my bank's online service.

When I had financial issues after a marriage breakup many years ago and my credit reference plummeted and I had absolutely no access to credit or an overdraft I quickly learned that knowing exactly what I had in my account and what bills were due was vital. The scary idea that I could run out of money to buy petrol to get me to work spurred me into action. Since then I feel in control and I cannot understand those who only know (very roughly) what they have to spend by checking their online balance and keep no other records.

Takmon

scgf wrote: »

I tried that a couple of years ago, using an account which gives cashback for bills. For me it is easier to do almost the same thing using a free app (MMEX) and have all my money in one account. Regular payments are automatically 'debited' in the app on the same day as I'm paid. Each time I withdraw cash or buy something using my debit card I enter it in the app and mark it as cleared when I see it in my bank's online service.

But if you have all your money in one account then you are effectively losing money by not getting any cashback on your bills.

Personally i have my wages paid into an account and the from this account standing orders pay a fixed amount to my bills account which covers all my bills. So that means i know that all my bills are covered.
I then have standing orders which pay into my various savings accounts. I also have another weekly standing order which pays into Starling which is how much i want to spend each week.

Starling then categorises my spending automatically if i want to look at that information.

I find this system works really well and i would say it's far easier than messing around entering every transaction into an App.