Monzo Or Starling Bank account

Wannabedebtfree21

Hi guys 
I opened a Monzo and Starling account some time ago but never really used either to have my salary paid into cos I don’t feel it’s safe to do so. 

I’m in the process of declaring bankruptcy, so need a basic account, I did open a HSBC basic account but after reading reviews and having experienced their poor customer services I will be immediately closing the account. 

jbrassy

I personally prefer Starling over Monzo as Starling allow unlimited free ATM withdrawals abroad, unlike Monzo. I also think the Starling app is better than Monzo on Android.  

jasonwatkins

I've always had good experience of Nationwide with their basic bank account.   The app is decent and the main thing I always found handy is that a lot of their cash machines have a deposit facility as well that pays the money straight in.

I did fancy one of the app-based bank accounts but I don't have a passport or driving licence so that was never possible.

Armorica

Why wouldn't it be safe for your salary to be paid there?

colsten

Have you read this: https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/after-you-go-bankrupt/accessing-your-bank-account-after-going-bankrupt/

Wannabedebtfree21

Armorica said:

Why wouldn't it be safe for your salary to be paid there?

I’m sure it probably is safe, and as safe as putting my money in a high street bank, I don’t know, they just seem more prone to being hacked. 

colsten

Wannabedebtfree21 said:

Armorica said:

Why wouldn't it be safe for your salary to be paid there?

I’m sure it probably is safe, and as safe as putting my money in a high street bank, I don’t know, they just seem more prone to being hacked. 

What makes you come to that conclusion?

PRAISETHESUN

I'd argue that a digital bank, built from the ground up in the digital age is probably more secure than the legacy systems that the high street banks cobble together into a somewhat functional IT system.

In any case, Monzo/Starling both have FSCS protection so your money is just as protected as any other high street bank.

If you're looking for reviews of basic accounts specifically, I've had BoS and Santander basic accounts and they both worked fine for me. They all do basically the same thing tbh so it almost doesn't matter which one you go for.

Alex9384

I receive my salary into my Monzo account. Never had any problem.
The app even shows the incoming transaction one day before it's actually paid in.

[Deleted User]

PRAISETHESUN said:

I'd argue that a digital bank, built from the ground up in the digital age is probably more secure than the legacy systems that the high street banks cobble together into a somewhat functional IT system.

In any case, Monzo/Starling both have FSCS protection so your money is just as protected as any other high street bank.

If you're looking for reviews of basic accounts specifically, I've had BoS and Santander basic accounts and they both worked fine for me. They all do basically the same thing tbh so it almost doesn't matter which one you go for.

Digital Banks tend to outsource more functionality so I would consider it to be the opposite.

Ultimately, with a bricks and morter bank you can get cash or cheque/drafts over the counter in most instances in addition to any channels digital banks offer.

Monzo doesn't even offer Post Office functionality too. 

Wannabedebtfree21

I do believe you can pay cash into a monzo account via Paypoint outlets. But they charge £1 fee for the privilege. 

My problem is, the internet can be really safe, however that doesn’t mean someone with the right knowledge from hacking a system. Yes the likes of Monzo and Starling are backed by the FSCS or whatever they are called but, worse case scenario someone does hack the systems, you won’t get your money back within an hour or 2. That’s only an assumption.