app based banks

aayush

Hi, can I get some advice re the above if they're any good and which the best or give s less hassle as been advised re starling? and advantages of web-based banks and are they safe 

oli356

I use Monzo, advantages for me is that the app is better than most if not all of the traditional banks. Support is good, uses chat via their app; don't need to waste time ringing a bank, waiting on hold, going through security questions etc.
Also great for when I go away as you just get the Mastercard exchange rate and there are no fees. Instant notifications upon money going in and out is useful too. 
Starling probably has all of the same features so it's down to preference I suppose. Both are as easy to setup. 
Both are FSCS protected, and don't see why the apps would be any less or more? Secure than others. 

ZeroSum

One downside is that if you don't upgrade your phone on a regular basis, you could end up not being able to access your account as over time apps are updated & stop working on older operating systems.
My last phone was only 3.5 years old & wasnt supported by a number of banks & companies. 

badger09

I've used Atom in the past for fixed rate savings account. It was fine apart from fiddly set up with selfie & it not always recognising me afterwards with my glasses on.
Recently opened a current account with Starling for spending & cash withdrawals abroad. OK so far.
However, I wouldn't use an app based bank for my 'main' current account. I want the flexibility to use a mixture of OLB, and very occasionally phone and even a physical branch - hence a number of accounts with different banking groups. 

[Deleted User]

Safer than the old fashioned high street dinosaur banks. Remember they all nearly went bust and had to be bailed out by the tax payer.

Just because you have 100s of years of history and a high street presence, it doesn't automatically make you a safer bet.

eskbanker

Deleted_User said:

Safer than the old fashioned high street dinosaur banks. Remember they all nearly went bust and had to be bailed out by the tax payer.

Just because you have 100s of years of history and a high street presence, it doesn't automatically make you a safer bet.

....but conversely, it could mean that the government will be more predisposed to step in and take drastic measures to keep you afloat, whereas it's entirely possible that had small app-only players existed in 2008/9, they'd have been allowed to fail!

[Deleted User]

ZeroSum said:

One downside is that if you don't upgrade your phone on a regular basis, you could end up not being able to access your account as over time apps are updated & stop working on older operating systems.
My last phone was only 3.5 years old & wasnt supported by a number of banks & companies. 

Usually any phone that runs Android 4.4 and above will still be supported by most apps. If you are a person savvy enough to use a smart phone for banking, then chances are you will have a newer phone by now.

eskbanker

Deleted_User said:

ZeroSum said:

One downside is that if you don't upgrade your phone on a regular basis, you could end up not being able to access your account as over time apps are updated & stop working on older operating systems.
My last phone was only 3.5 years old & wasnt supported by a number of banks & companies. 

Usually any phone that runs Android 4.4 and above will still be supported by most apps. If you are a person savvy enough to use a smart phone for banking, then chances are you will have a newer phone by now.

The fact that Atom only supports current and previous versions (e.g. Android 8 and 9) was discussed at https://forums.moneysavingexpert.com/discussion/6099480/atom-bank-app, so worth checking what any bank's stated policy is before committing.

[Deleted User]

eskbanker said:

Deleted_User said:

Safer than the old fashioned high street dinosaur banks. Remember they all nearly went bust and had to be bailed out by the tax payer.

Just because you have 100s of years of history and a high street presence, it doesn't automatically make you a safer bet.

....but conversely, it could mean that the government will be more predisposed to step in and take drastic measures to keep you afloat, whereas it's entirely possible that had small app-only players existed in 2008/9, they'd have been allowed to fail!

They bailed out, well give everyone their money back, when Ice Save went bust and that was a small niche banking product. Then again it was a Labour government back then. The Tories probably wouldn't have unless their rich friends had money tied up in it.

eskbanker said:

Deleted_User said:

ZeroSum said:

One downside is that if you don't upgrade your phone on a regular basis, you could end up not being able to access your account as over time apps are updated & stop working on older operating systems.
My last phone was only 3.5 years old & wasnt supported by a number of banks & companies. 

Usually any phone that runs Android 4.4 and above will still be supported by most apps. If you are a person savvy enough to use a smart phone for banking, then chances are you will have a newer phone by now.

The fact that Atom only supports current and previous versions (e.g. Android 8 and 9) was discussed at https://forums.moneysavingexpert.com/discussion/6099480/atom-bank-app, so worth checking what any bank's stated policy is before committing.

Starling app minimum requirements are Android 5.0 and iOS 9.0. 5.0 was released over 5 years ago. And iOS well you shouldn't join the Apple eco-system if you can't afford to keep up.

eskbanker

Deleted_User said:

eskbanker said:

Deleted_User said:

Safer than the old fashioned high street dinosaur banks. Remember they all nearly went bust and had to be bailed out by the tax payer.

Just because you have 100s of years of history and a high street presence, it doesn't automatically make you a safer bet.

....but conversely, it could mean that the government will be more predisposed to step in and take drastic measures to keep you afloat, whereas it's entirely possible that had small app-only players existed in 2008/9, they'd have been allowed to fail!

They bailed out, well give everyone their money back, when Ice Save went bust and that was a small niche banking product. Then again it was a Labour government back then. The Tories probably wouldn't have unless their rich friends had money tied up in it.

You're mixing up actions taken to keep a bank trading with those taken to reimburse depositors once it's ceased to do so!  These are completely different and unrelated activities but, getting back towards the thread topic again (and OP's question about whether smaller banks are safe), it's obviously recommended that anyone looking to deposit money in a UK bank ensures that it's protected by FSCS....

ZeroSum

Deleted_User said:

ZeroSum said:

One downside is that if you don't upgrade your phone on a regular basis, you could end up not being able to access your account as over time apps are updated & stop working on older operating systems.
My last phone was only 3.5 years old & wasnt supported by a number of banks & companies. 

Usually any phone that runs Android 4.4 and above will still be supported by most apps. If you are a person savvy enough to use a smart phone for banking, then chances are you will have a newer phone by now.

Mine was android 5. Most did work but a few didnt. Seems v6 is the one you need for all stuff to work. Then in a years time that'll stop working on some