app based banks

DCFC79

As I say Ive used Monzo and Starling more, both were easy to setup and neither had an issue, theres a forum for Monzo users if you need help.
Not had an issue with either one, there was obviously the issue last year that was on Watchdog.

fiendishlyclever

From the Sunday Times (link only lasts a few days) https://www.thetimes.co.uk/article/monzo-and-revolut-customer-complaints-are-mounting-at-digital-banks-p9fm3xjmj?shareToken=ef7be760ff07a7cb34fb6a14542fe56d

sal_III

I think that the main reason for high volume of complaints against Revolut and Monzo is that they are quite lax in their requirements to open an account. Monzo doesn't ask for proof of address, just an ID and UK address to send you the card. 

This attracts shady use of their bank accounts and forces the banks to adopt much more aggressive stance on AML, leading to innocent customers having their accounts frozen.

Personally I have been using Starling as my main bank account since 2018 and am perfectly happy with it. Main advantage over Monzo is interests on balance and unlimited ATM withdrawals abroad vs. £200/month with Monzo. Also prefer the teal over pink/coral card

DCFC79

I wouldn't open N26, as they are closing UK accounts due to the banking licence they have is European and wont apply to the UK so accounts will be closed 15th April.

Rhino666

I certainly recommend FSCS protection and staying within the limit whoever you choose.
Thought I had lost most of my savings when the three Icelandic banks went pop a few years ago and no FSCS protection. Luckily the government bailed personal savers like me out - very lucky and lesson learnt!
Atom(FSCS protected) had good fixed rates about a year ago, now well and truly gone. App good once in but facial recognition software was hard work. The worst problem was an app upgrade at the crucial time when re-investment instructions needed to be input. The IOS version required for the new version not supported on my iphone4s so had to install app on girlfriends more recent iphone to manage account.      

SevenOfNine

sal_III said:

I think that the main reason for high volume of complaints against Revolut and Monzo is that they are quite lax in their requirements to open an account. Monzo doesn't ask for proof of address, just an ID and UK address to send you the card. 

This attracts shady use of their bank accounts and forces the banks to adopt much more aggressive stance on AML, leading to innocent customers having their accounts frozen.

Personally I have been using Starling as my main bank account since 2018 and am perfectly happy with it. Main advantage over Monzo is interests on balance and unlimited ATM withdrawals abroad vs. £200/month with Monzo. Also prefer the teal over pink/coral card

Coudn't agree more, a Monzo account was where a fraudulent attempt to swipe £995 was headed! 

SlovakianGuy

EarthBoy said:

Starling does have the facility to attach notes to payments, they've had it for a long time.  You simply click on ""attach" and you can add a photo, e.g. copy of a receipt, or write your own note.  You can't edit the payment reference that was used by the sender for incoming payments, but I think that's a good thing.  I'd always want a record of the reference used when the payment was received, but you can add your own note in addition if you need further explanation.  

Thanks. But do these notes appear on the main page below each transaction so you can see multiple notes of multiple transactions at the same time as you are scrolling through them? That's what I like about Revolut. I see all notes and payment times for all transactions without the need to click on one particular transaction and 'expand' it.

EarthBoy

SlovakianGuy said:

EarthBoy said:

Starling does have the facility to attach notes to payments, they've had it for a long time.  You simply click on ""attach" and you can add a photo, e.g. copy of a receipt, or write your own note.  You can't edit the payment reference that was used by the sender for incoming payments, but I think that's a good thing.  I'd always want a record of the reference used when the payment was received, but you can add your own note in addition if you need further explanation.  

Thanks. But do these notes appear on the main page below each transaction so you can see multiple notes of multiple transactions at the same time as you are scrolling through them? That's what I like about Revolut. I see all notes and payment times for all transactions without the need to click on one particular transaction and 'expand' it.

No they don't, you'd need to click on each transaction to see any notes.

SouthLondonUser

sal_III said:

I think that the main reason for high volume of complaints against Revolut and Monzo is that they are quite lax in their requirements to open an account. Monzo doesn't ask for proof of address, just an ID and UK address to send you the card. 

This attracts shady use of their bank accounts and forces the banks to adopt much more aggressive stance on AML, leading to innocent customers having their accounts frozen.

Is it just hearsay or have you read anything specific and quantifiable about that?
It is public knowledge that a whistleblower reported his/her concerns about allegedly lax compliance and anti-money laundering policies at Revolut. I have no idea how much of that was true, I have no idea how much "shady use" there is for Monzo and Revolut, and I have no idea if these banks are really more aggressive when it comes to AML.

Any bank can and does mess up. Major banks froze customers' accounts for no particular reason; maybe some compliance IT system messed up, who knows, but whatever it was caused lots of grief. https://uk.reuters.com/article/uk-hsbc-smallmid/hsbc-account-freezes-still-hurting-customers-a-year-on-idUKKBN1KA1HG

The one thing I'd say is that using a photo or video of yourself and of a recent ID does not seem lax at all to me; in fact, it seems better than sending a paper statement which any 10-year old with a PC could easily fake. And, btw, this osbession with proofs of address is an entirely British thing, basically unheard of in the European continent.