Advantages of Holding a Traditional "Mainstream" Bank Over Mobile Current Account Providers

Takmon

Gregory402 wrote: »

Other than the fact that mainstream banks can offer loans, mortgages etc. what are the benefits of being with a traditional / mainstream bank like NatWest over being with a mobile-based one like Monzo or Sterling?

The mobile ones don't have branches but almost anything you'd need one for is included in their app. They are starting to slowly offer credit products. They operate like any other current account but without the hefty charges that traditional banks have.

Does anyone have anything that justifies favoring them over the new era of mobile current accounts? Do we still have an actual advantage over people who cannot get one for whatever reason?

It's always best to have multiple accounts with different banks so you at least have a backup because things can go wrong with any bank.

I think bank branches are pretty redundant in this day and age and almost anything you can do in branch you can do much easier and quicker using online banking and over the phone from the comfort of your own home.

stripeyfox

I've been tempted to switch as my wife and I are long term HSBC account holders (me ever since I got my Griffin Savers pack with Midland Bank back in the 80's).

They're not perfect but whenever I have had a problem over the years (cheque paid into wrong account, non HSBC machine charged me twice for a cash withdrawal etc) it has been sorted out in my local branch with no fuss. Some of the staff have been there for decades.

My PPI query was dealt with in branch, quickly and without fuss and I received a very nice chunk of money back (which I was not expecting)

Also, my wife has only just come on board with keeping tabs on our banking (and things are much better now we are managing things together) and she also likes the fact she can check everything on the HSBC app and that they helped her set everything up.

So I'm reluctant to swap just to get a £100 (which I'll probably waste on something anyway!)

Foolish? Maybe. But overall the many years of being a customer, I feel I have had a pretty good customer experience so I have no desire to switch.

JuicyJesus

Slappermum wrote: »

To several posters above: Monzo sends out paper statements by mail on request... and they do so 1st class so you can actually have them within a day or two, unlike most traditional banks which can take up to a week.

I'm aware of this - however the Home Office are exceptionally picky and it's not worth the potential loss of a £1k non-refundable application fee to piddle around with a bank they may well not recognise issuing statements they don't recognise. (Trust me, anyone who's dealt with our wonderful visa system will know what I'm talking about.)

Makes far more sense for these purposes to stick with Nationwide, who they will know about, and statements that they've issued in the post.

JuicyJesus

Zanderman wrote: »

I've had to deal with death, probate and executor's accounts - and all the complications and questions arising from all that - over the last 6 months. During which Lloyds branch staff were excellent and extremely helpful* - so I'd say branch based banking is still extremely useful.

I very much doubt I'd have got anything like that service from Monzo, Monese or Starling.

*PS And all that help, advice and time was free!

I don't think that, bluntly speaking, any of those three have had a significant number of deceased customers at this point. They skew very young.

penners324

They're banks, they issue bank statements if requested. The Home Office will accept those bank statements.

They are regulated by the FCA and are part of FSCS (well Monzo and Starling are). Therefore their bank statements are perfectly reasonable documents for other government departments.

EssexExile

Zanderman wrote: »

I've had to deal with death, probate and executor's accounts - and all the complications and questions arising from all that - over the last 6 months. During which Lloyds branch staff were excellent and extremely helpful* - so I'd say branch based banking is still extremely useful.

I very much doubt I'd have got anything like that service from Monzo, Monese or Starling.

*PS And all that help, advice and time was free!

I found in the case of Natwest that the Bereavement Team at the end of a phone were much better than the branch staff.

System

DCFC79 wrote: »

The times I've used it at pay at pump its worked everytime except once when there was an issue at Asda. Low transactions don't get declined for me.

I tried them for the free fiver - I took it and ran.

A mates uses it as his main bank account.

It will randomly decline both contactless and chip & pin transactions. The contactless stopped working (it became chip & pin only) and he had to order a replacement.

It would have been ASDA for the fuel, it just spat the card back out at me.

Takmon

Heng_Leng wrote: »

I tried them for the free fiver - I took it and ran.

A mates uses it as his main bank account.

It will randomly decline both contactless and chip & pin transactions. The contactless stopped working (it became chip & pin only) and he had to order a replacement.

It would have been ASDA for the fuel, it just spat the card back out at me.

I uses Monzo among others and I've never had a transactions declined for no reason.

If you used the card at ASDA pay at pump and it just gave you back the card without any notification on the app of an issue then that is a fault with ASDA and not Monzo.

colsten

stripeyfox wrote: »

So I'm reluctant to swap just to get a £100 (which I'll probably waste on something anyway!)

Nobody needs to switch their main account in order to get their hands on any switching bonus.

JuicyJesus

penners324 wrote: »

They're banks, they issue bank statements if requested. The Home Office will accept those bank statements.

Oh, my sweet summer child.

People have had Monzo and Starling's stamped bank statements rejected by the Home Office before for "not being a real bank" and for not appearing like real statements. And I know what you're about to say; surely the Home Office has a right of appeal for such circumstances for when there's such an obvious instance of idiocy on their side? Surely they should provide a better, more competent service for the thousands that they charge for a limited-time visa? And to that, I repeat:

Oh, my sweet summer child.

I'm not about to chance my partner's right to stay in the country, along with £1k of our own money, just so I can use a slightly nicer app.