Monzo, Starling or Chase

wiseonesomeofthetime

Daliah said:

wiseonesomeofthetime said

My Chase Rewards, i.e. save the change, are currently far exceeding my cashback, on normal spend. Just over double, as I type.

I was with you until that last para. All that Chase does there is move some of your money into a different pot of yours, called Round Up. How is that a reward? Obviously, they give you the 5% interest on it, but as you said, this is merely a gimmick as it will  be just pennies.

You're right 🤣

It's called Round Up not reward. 🙈 Cashback is called Rewards

Me bad 😂

Daliah

wiseonesomeofthetime said:

Daliah said:

wiseonesomeofthetime said

My Chase Rewards, i.e. save the change, are currently far exceeding my cashback, on normal spend. Just over double, as I type.

I was with you until that last para. All that Chase does there is move some of your money into a different pot of yours, called Round Up. How is that a reward? Obviously, they give you the 5% interest on it, but as you said, this is merely a gimmick as it will  be just pennies.

You're right 🤣

It's called Round Up not reward. 🙈 Cashback is called Rewards

Me bad 😂

Oh, right, I thought you actually meant it. Apologies 

lvf

I'm a massive fan of Starling, I moved everything to them at the start of 2021 and use them as my main bank account. It was the best thing I ever done.

They do have spending pots, called 'Spaces'. But what I love about them is I use them to pay my bills. My salary lands in my account, then I set up automatic transfers to each pot, then I set up the pot to pay a specific bill. So for example, I have a pot for phone bill, I set an auto transfer of £18 into the pot on the day my salary arrives. It deducts from the main balance, and sits in the pot out of sight until the Direct Debit is taken, which lifts the money straight out of the pot. I have added my car payments, rent etc in the same way. I also have pots for savings too which don't have any bills attached, so the savings build up in there.

Anything left in the 'main balance' I use as my personal spend.

There's so much more I love about Starling but it would be off topic on the thread, but the range of features, and significantly lower fees than traditional HSBs are a massive win for me.

LushesFaith

I was just asking about Starling bank so I can use it as my spending account to help me budget and be more aware of my spending. 

DrCarrie

Monzo is great, I love it. 

ccdorset

wiseonesomeofthetime said:

ccdorset said:

Does the Chase app have similar budgeting features to Monzo?

In a word no. Well, not in my opinion anyway.

My Monzo account allows me to set a budget for the period I desire, as a whole, however, it also allows me to micro-budget by setting budgets for each category too, if I so desire. Whether you keep to those individual budgets, of course, is down to you and self-control.

When I used Monzo as my main spending account, i.e. pre-Chase, I just used the global budget feature of £x per month. You can set a toggle so it shows you how much of your budget you have left to spend, aside from your main account balance. Monzo provides a Summary feature, that allows you to see what categories you are spending your money in, and these categories can be amended should they not fit the actual spend. For example, Asda defaults to Groceries, however, you may have only made purchases within the clothing range that day, so could change it to Shopping for example. Many find it useful to see where their money truly goes. They also have a Trends feature, though, in all honesty, I have never bothered with it as I am fortunate enough to now be in control of my spending and budgeting so do not need mega insights any more. Many are not.

Chase, on the other hand, provide basic insight into spending. You can set your budget for the month and, like Monzo, it will tell you how much you have left of that budget as the month goes on. This appears just below your account balance. It will also provide you with a simple bar chart, reflecting this period's spend against the previous month, however, I take little notice of that particular one personally, as does not mean anything to me. If I buy theatre or football tickets at the end of November, say, then start of December, the chart will look like I am heading for a massive December overspend, based on November's first half spending, where in fact they will probably even themselves out and both fall in budget.

Chase currently has the bonus of 1% cashback for up to 12 months on eligible spends, and the 5% interest on top-ups, although the latter, imo, is just a gimmick as will amount to just pence. As may the cashback for some

My Chase Rewards, i.e. save the change, are currently far exceeding my cashback, on normal spend. Just over double, as I type.

Hope this helps.

Thanks so much for taking the time to post this! Really helpful!

I guess I probably need to work out just how much I am going to rely on the budgeting features of the account, as I have a free year of YNAB so if I used that properly I think Chase would be good enough by the sounds of it.

I was initially quite excited when I saw the 5% with them, but then realised it was just on the save the change element!

Decisions decisions!

ccdorset

lvf said:

I'm a massive fan of Starling, I moved everything to them at the start of 2021 and use them as my main bank account. It was the best thing I ever done.

They do have spending pots, called 'Spaces'. But what I love about them is I use them to pay my bills. My salary lands in my account, then I set up automatic transfers to each pot, then I set up the pot to pay a specific bill. So for example, I have a pot for phone bill, I set an auto transfer of £18 into the pot on the day my salary arrives. It deducts from the main balance, and sits in the pot out of sight until the Direct Debit is taken, which lifts the money straight out of the pot. I have added my car payments, rent etc in the same way. I also have pots for savings too which don't have any bills attached, so the savings build up in there.

Anything left in the 'main balance' I use as my personal spend.

There's so much more I love about Starling but it would be off topic on the thread, but the range of features, and significantly lower fees than traditional HSBs are a massive win for me.

Thanks for taking the time to reply with all the info! That's really useful, I've heard good things about Starling.

I like the sound of the automation you have set up there, I think that would really help me keep things under control.

I also like that they have a web online banking site as well.

DrCarrie

Hi all, in my previous post on this thread, I said how I loved Monzo. But with the cashback for a year on Chase, I am seriously considering it for my spending. 

I am just a bit confused about the numberless card, and how that works. Does that mean I wouldn't be able to use it for online purchasing? 

Many thanks in advance.

DrCarrie

I answered my own question by visiting the Chase site. Thanks

Fairyeggs

Monzo, I like it that before any transaction you do online, you have to log in to the app.. it warn you the amount and who to. Then you have to input your PIN if your ok with it. The pot.. i'm always chucking the odd pence in there and it build quickly for xmas . When i get paid.. it knows all my DD that going out. So tell me how much free money i have to spend. It keeps me under control but i'm also not a spender lol. Overdrasft is limited to only 1k thou