Monzo Or Starling Bank account

colsten

Dandytf said:

Wannabedebtfree21 said:

I mistaking it closed my Starling account a couple of days ago, after being told by a chat agent my bankruptcy will effect my account with them 

I’m regretting closing it now as I have to wait 12 months before I can open a new account. I believe starling is a basic account isn’t it? 

I think Starling are a standard current account with one or two features, .5% balance interest and others.

I think you mean 0.05% interest 

Alex9384

Lightning360 said:

Deleted_User said:

I've used Starling as my main current account since 2017 and I would not go back to using an old high street dinosaur bank now. They are just as safe as any well known high street bank where your money is concerned. Also most hacking is the fault of the customer using weak passwords, divulging information to scammers, and having malware on your device, etc. Not from someone hacking the bank from the bank's end, even if that did happen then you'd still be compensated.  

A lot of "dinosaur" banks have very similar features to Starling and Monzo now. They are nowhere near as unique as they like to pretend.

Yet none of them is capable of providing feature as simple as showing the time of every transaction. Starling, Monzo, Revolut, yes, but none of the dinosaur banks. I'm pretty sure bank itself can see it, so why do they hide it from their customers? I don't understand it.

What about standing orders on weekend and bank holidays? I know Monzo and Revolut have no problems to send out your payment on weekens and bank hol. With dinosaur banks it's still problem.

Opening a new account without a hard search? No way... Only with Monzo, Starling, and of course Revolut.
At least Halifax / Lloyds can do it without a search if you're opening your second or third account with them, but not the first.

Chosing your own PIN during account opening? No way... Only with Monzo, Starling, and Revolut. Oh, and American Express.
With dinosaur banks you still need to wait for a letter, one with your card, then another with PIN. In some cases, peeling of the cover from the PIN is almost impossible. For example NatWest, I had to ask them for another PIN as I could not read the first one (it came off with the paper sticked to it).

Armorica

Alex9384 said:

Lightning360 said:

Deleted_User said:

I've used Starling as my main current account since 2017 and I would not go back to using an old high street dinosaur bank now. They are just as safe as any well known high street bank where your money is concerned. Also most hacking is the fault of the customer using weak passwords, divulging information to scammers, and having malware on your device, etc. Not from someone hacking the bank from the bank's end, even if that did happen then you'd still be compensated.  

A lot of "dinosaur" banks have very similar features to Starling and Monzo now. They are nowhere near as unique as they like to pretend.

Yet none of them is capable of providing feature as simple as showing the time of every transaction. Starling, Monzo, Revolut, yes, but none of the dinosaur banks. I'm pretty sure bank itself can see it, so why do they hide it from their customers? I don't understand it.

What about standing orders on weekend and bank holidays? I know Monzo and Revolut have no problems to send out your payment on weekens and bank hol. With dinosaur banks it's still problem.

Opening a new account without a hard search? No way... Only with Monzo, Starling, and of course Revolut.
At least Halifax / Lloyds can do it without a search if you're opening your second or third account with them, but not the first.

Chosing your own PIN during account opening? No way... Only with Monzo, Starling, and Revolut. Oh, and American Express.
With dinosaur banks you still need to wait for a letter, one with your card, then another with PIN. In some cases, peeling of the cover from the PIN is almost impossible. For example NatWest, I had to ask them for another PIN as I could not read the first one (it came off with the paper sticked to it).

Standing orders is a central system. There are no standing order payments processed on Saturday or Sunday as a payment type. If Monzo and Revolut are sending them, then they aren't 'true' standing order. But from a customer angle you won't really see any difference - the money still moves from A to B. 

A hard search is different - that's sensible business practice as part of risk management. I'm not sure why you'd be resistant to that if actually opening an account?

And the underlying answer to your question is that it's easy to build in new things from scratch when you don't have many customers. When you've still got legacy system and millions of customers it's a bit harder. So the real question is when/how will the big dinosaurs manage to move away from legacy systems.

colsten

Alex9384 said:

Lightning360 said:

Deleted_User said:

I've used Starling as my main current account since 2017 and I would not go back to using an old high street dinosaur bank now. They are just as safe as any well known high street bank where your money is concerned. Also most hacking is the fault of the customer using weak passwords, divulging information to scammers, and having malware on your device, etc. Not from someone hacking the bank from the bank's end, even if that did happen then you'd still be compensated.  

A lot of "dinosaur" banks have very similar features to Starling and Monzo now. They are nowhere near as unique as they like to pretend.

Yet none of them is capable of providing feature as simple as showing the time of every transaction. Starling, Monzo, Revolut, yes, but none of the dinosaur banks. I'm pretty sure bank itself can see it, so why do they hide it from their customers? I don't understand it.

What about standing orders on weekend and bank holidays? I know Monzo and Revolut have no problems to send out your payment on weekens and bank hol. With dinosaur banks it's still problem.

Opening a new account without a hard search? No way... Only with Monzo, Starling, and of course Revolut.
At least Halifax / Lloyds can do it without a search if you're opening your second or third account with them, but not the first.

Chosing your own PIN during account opening? No way... Only with Monzo, Starling, and Revolut. Oh, and American Express.
With dinosaur banks you still need to wait for a letter, one with your card, then another with PIN. In some cases, peeling of the cover from the PIN is almost impossible. For example NatWest, I had to ask them for another PIN as I could not read the first one (it came off with the paper sticked to it).

Whilst they have now applied for a UK banking licence, Revolut are not currently a bank. TheIR main drawbacks are no FSCS protection, and a virtually non-existent CS

Alex9384

Armorica said:

Standing orders is a central system. There are no standing order payments processed on Saturday or Sunday as a payment type. If Monzo and Revolut are sending them, then they aren't 'true' standing order. But from a customer angle you won't really see any difference - the money still moves from A to B. 

A hard search is different - that's sensible business practice as part of risk management. I'm not sure why you'd be resistant to that if actually opening an account?

And the underlying answer to your question is that it's easy to build in new things from scratch when you don't have many customers. When you've still got legacy system and millions of customers it's a bit harder. So the real question is when/how will the big dinosaurs manage to move away from legacy systems.

Whether they are true or not, you still get your money exactly on the day you want. Same with rent payments, etc. Money go out from my Monzo account on the same day of each month, no matter what day of the week it is, or whether it's a bank holiday.
You can also cancel it any time you wish, as long as it didn't leave the account yet. With banks like NatWest, you can't cancel it one day before it was supposed to go out.

A hard search is not needed if you're not applying for a credit facility. You can open 3 new accounts on the same day and your credit history won't get a hit like it would get with dinosaur banks (3 hard searches). When you decide to apply for an overdraft, only then will Monzo and Starling run a hard search. Seems perfectly OK to me.

And yes, I understand it, but is it really that hard to make transaction times visible? So hard that all big banks are still unable to do it? Even Metro, built from scratch in 2010, same functionality (or lack of features) as old dinosaurs.

[Deleted User]

Was Metro built from the ground up or did they just copy some old banking systems?

EarthBoy

Deleted_User said:

Was Metro built from the ground up or did they just copy some old banking systems?

They've outsourced the lot.

https://www.computerworld.com/article/3413804/metro-bank-outsources-entire-it-infrastructure.html

colsten

Alex9384 said:

A hard search is not needed if you're not applying for a credit facility. You can open 3 new accounts on the same day and your credit history won't get a hit like it would get with dinosaur banks (3 hard searches)..

It’s valid to argue that a credit check should only be carried out when people apply for credit. With dinosaur banks, you automatically apply for credit when applying for a current account, even if you don’t apply for an overdraft. All dinosaurs can allow you to go into an unarranged overdraft, whereas the Fintechs always stop you dead as soon as a payment would send you below £0. Some dinosaurs even give you a small agreed 0% overdraft without you asking for it. This might be useful for some people some of the time.

There is also way too much fear around about these hard searches. A few searches make almost no difference, and none at all unless you are planning on applying for a large credit facility (mortgage, loan, credit card) in the next 6-12 months. Your ability to get further current accounts is also not impacted at all.

Wannabedebtfree21

Guys?? I have a monzo account which I would like to use, is the standard monzo account within the category of a basic account that I’ll likely be able to continue using once the official receiver has finished his investigations?

pmduk

Wannabedebtfree21 said:

Guys?? I have a monzo account which I would like to use, is the standard monzo account within the category of a basic account that I’ll likely be able to continue using once the official receiver has finished his investigations?

No, it isn't a basic account.