My comparison of banking apps (Monzo, Starling, Lloyds, Natwest and others)

flaneurs_lobster

Alex9384 said:

I would add that Monzo and Starling pay out standing orders on any day. For example, if I decide to set up a new SO today with the first payment going out this Saturday, it will go out on Saturday! Most dinosaur banks will only send it out next Monday. And some won't even let you set up the SO if the first payment falls on weekend. You must use a different date.

It might tell you that it's processed your SO on a Saturday (and debit your account) but I bet it doesn't hit the receiving bank account until the next working day. External clearing systems innit.

eskbanker

SouthLondonUser said:

@eskbanker yes, some people care about apps, but many don't - I had made the same point at the beginning. Let's please try to stay on topic. This thread is not a discussion of whether you think apps are important, it's a summary of which apps do what how (since there is so much confusion on it), so, if apps are not important for you, please ignore this thread. this way it will be much easier, for those interested, to find the information they need.

Whoa, whoa!  Just to be clear, I didn't express any personal view about whether or not banking apps are important to me (for the record, I use a number of them) but was simply challenging the untenable way in which someone else's subjective opinion about their importance was being presented as objective fact.

Anyway, not looking to derail the thread, so happy to leave it at that....

Rob5342

flaneurs_lobster said:

Alex9384 said:

I would add that Monzo and Starling pay out standing orders on any day. For example, if I decide to set up a new SO today with the first payment going out this Saturday, it will go out on Saturday! Most dinosaur banks will only send it out next Monday. And some won't even let you set up the SO if the first payment falls on weekend. You must use a different date.

It might tell you that it's processed your SO on a Saturday (and debit your account) but I bet it doesn't hit the receiving bank account until the next working day. External clearing systems innit.

I've had a number of standing orders go out on weekends or bank holidays and it's always shown up in the receiving account the same day. That's sending to both modern banks and old ones.

Sensory

Rob5342 said:

flaneurs_lobster said:

Alex9384 said:

I would add that Monzo and Starling pay out standing orders on any day. For example, if I decide to set up a new SO today with the first payment going out this Saturday, it will go out on Saturday! Most dinosaur banks will only send it out next Monday. And some won't even let you set up the SO if the first payment falls on weekend. You must use a different date.

It might tell you that it's processed your SO on a Saturday (and debit your account) but I bet it doesn't hit the receiving bank account until the next working day. External clearing systems innit.

I've had a number of standing orders go out on weekends or bank holidays and it's always shown up in the receiving account the same day. That's sending to both modern banks and old ones.

Me too, although for traditional receiving banks the transactions are dated the next working day, with the real date included only in the details.

E.g. Chase sent out a SO on Sunday 31 July, and whilst my Halifax account received it that same day (I could pay and withdraw etc.), the date on my statement and online/app transaction list is forever 01 August, with 31 July included in the details of the transaction.

Alex9384

flaneurs_lobster said:

It might tell you that it's processed your SO on a Saturday (and debit your account) but I bet it doesn't hit the receiving bank account until the next working day. External clearing systems innit.

Nope.
The money will hit the receiving account but the receiving account will show a Monday date or whatever is the next working day. The important thing is that the money is already in there on Saturday. And of course, Monzo, Starling, etc. will show the correct date, i.e. when it left the account, rather than when it was cleared. Same as with their card purchases. As a consumer, I want to know when I made the purchase, rather than when it was cleared (which is OK as an additional info, but not OK as the only info). Many dinosaur banks literally give you misleading information about your purchases.

flaneurs_lobster

Sensory said:

Rob5342 said:

flaneurs_lobster said:

Alex9384 said:

I would add that Monzo and Starling pay out standing orders on any day. For example, if I decide to set up a new SO today with the first payment going out this Saturday, it will go out on Saturday! Most dinosaur banks will only send it out next Monday. And some won't even let you set up the SO if the first payment falls on weekend. You must use a different date.

It might tell you that it's processed your SO on a Saturday (and debit your account) but I bet it doesn't hit the receiving bank account until the next working day. External clearing systems innit.

I've had a number of standing orders go out on weekends or bank holidays and it's always shown up in the receiving account the same day. That's sending to both modern banks and old ones.

Me too, although for traditional receiving banks the transactions are dated the next working day, with the real date included only in the details.

E.g. Chase sent out a SO on Sunday 31 July, and whilst my Halifax account received it that same day (I could pay and withdraw etc.), the date on my statement and online/app transaction list is forever 01 August, with 31 July included in the details of the transaction.

Happy to be corrected, it's been a few years since I worked in this area, someone has spent some money on some infrastructure.

Alex9384

flaneurs_lobster said:

Happy to be corrected, it's been a few years since I worked in this area, someone has spent some money on some infrastructure.

That's what you can do when building new systems from scratch, instead of trying to improve legacy Neanderthal systems.
And that's why I was disappointed with TSB who migrated to their new systems in 2018 (which was an IT disaster) but didn't actually change anything about how payments work, what info is shown, etc. Totally wasted opportunity to catch up with modern banks. Same with Metro bank. Systems built from scratch in 2009/10 and don't even show things as basic as transaction time. It seems like the best among dinosaur banks by far are Halifax / Lloyds, in terms of functionalities.

lr1277

In my experience of the FD app, pending transactions are shown for the current account but not their credit card.

For the current account, I have seen pending transactions for card transactions and direct debit transactions. I don't have money coming into the account in that way so can't say if pending inwards payments are shown.

For the credit card, pending transactions are not shown explicitly. However on making a transaction, the available amount to spend reduces by the amount just spent. I suspect this because the confirmed transactions added to the amount left to spend does not add up to the credit limit. So FD have the information but are choosing not to show it, in my estimation.

As an aside, I think the FD website says pending transactions are shown in the mobile app, but they do not make the distinction between debit card and credit card transactions.

Btw: I have the iOS app.

penners324

Just to clarify an earlier point. In Starling and Monzo pending card payments show immediately and it has Pending on the transaction in the app until it's cleared

Rob5342

What a notifications like on t

penners324 said:

Just to clarify an earlier point. In Starling and Monzo pending card payments show immediately and it has Pending on the transaction in the app until it's cleared

They are exactly how banking apps should be in my opinion. I wouldn't even consider any other bank until they had something close.