Monzo.. Your opinion?

toib

The access that yolt requests only allows them to read account information. They cannot make a payment on your behalf.

ozaz

@Essex22011: I've been using Monzo for about 3 years and think its excellent. The key for me is the instant nature of transaction information and balance updating. Really helps you keep on top of your spending if you no longer use cash and make many card transactions. You don't get this instantness if you just layer Yolt (or similar aggregator) over a traditional bank account.

My only real gripe with Monzo is the customer service can sometimes be a bit slow. This is probably because they are not currently able to expand their customer service team as fast as customers. I'd also prefer if there was more emphasis on phone-based customer service - it seems they use more staff for chat-based support. But for an account you're only using for spending money I don't think this should put you off. You may go years without needing customer support.

As others have said, Starling is an other option. I haven't used Starling so can't compare. I expect the experience would be similar between Monzo and Starling.

BookmobileBadGirl

I love my Monzo account, and use it how you plan to.

I have my main account with NatWest where I get cash back on all my direct debits, but every month I transfer £700 to Monzo and it is all assigned to pots.

As others have mentioned, it is instantly updated so allows me to keep track of my money and can amend pots regularly so I know what I can plan

bobblebob

Halifax (and i believe other banks) now update your balance instantly soon as you use your card.

ozaz

bobblebob wrote: »

Halifax (and i believe other banks) now update your balance instantly soon as you use your card.

Are you sure about Halifax and instant updates for card transactions? I don't have a Halifax account so not saying you're wrong but it is notable for me that they don't highlight it on their mobile app web-page. What they highlight is notifications for regular payments, incoming payments and spending summaries. The most important one - card transactions - isn't mentioned.

Which other mainstream banks have instant balance updates for card payments? I have accounts with four and none of them have it so I don't think it is yet a common feature among mainstream banks.

colsten

bobblebob wrote: »

Halifax (and i believe other banks) now update your balance instantly soon as you use your card.

It's the same old story again.

Banks can only update your balance if they know about your card use - i.e. once the retailer tells them.

Not all retailers always tell the banks immediately of a purchase. For example, if you are on a plane, there might not even be an internet connection, so even if the retailer wanted to tell your bank immediately, it would be physically impossible to do so. But even down on earth there are plenty of examples of retailers not notifying the bank immediately, such as small amount contactless payments.

colsten

ozaz wrote: »

Which other mainstream banks have instant balance updates for card payments? I have accounts with four and none of them have it so I don't think it is yet a common feature among mainstream banks.

I think Nationwide CC might do (not sure about Nationwide DC). I have linked my Nationwide CC to my Curve, and Nationwide often send me a text the second I make a payment (as does Curve). I have never checked whether they also update my statement at the same time.

But I digress. If you want a record of what you spent, you could try one of the new-fangled banks like Starling. Everything's instant with them.

Or you could do what I do and link your card to Curve. The Curve app will show you what you spent - though it won't show you your card's balance.

ozaz

colsten wrote: »

I think Nationwide CC might do (not sure about Nationwide DC). I have linked my Nationwide CC to my Curve, and Nationwide often send me a text the second I make a payment (as does Curve). I have never checked whether they also update my statement at the same time.

If you are getting instant account updates from Nationwide CC with that setup, perhaps it is something to do with the way Curve charge Nationwide. My Nationwide CC doesn't get instant updates for card transactions direct to retailer.

huw01

Santander card transactions show immediately in the app and show in your available balance but they don't send you push notifications to your phone.

EarthBoy

ozaz wrote: »

Are you sure about Halifax and instant updates for card transactions? I don't have a Halifax account so not saying you're wrong but it is notable for me that they don't highlight it on their mobile app web-page. What they highlight is notifications for regular payments, incoming payments and spending summaries. The most important one - card transactions - isn't mentioned.

Which other mainstream banks have instant balance updates for card payments? I have accounts with four and none of them have it so I don't think it is yet a common feature among mainstream banks.

I think you're confusing updates with notifications. Halifax do have instant updates, i.e. transactions are updated on your online record straightaway, but they don't send instant notifications for anything, let alone card transactions. They do send notifications for standing orders, direct debits and payments received, but these are definitely not instant. They usually come through several hours later; sometimes even the next day.