Starling or Monzo bank account and savings?

Bookowl

Hello,
I’m looking to spruce up my finances in the new year.
Has anyone used starling or monzo bankings or savings?
If so, what’s people’s experiences of it?
the savings accounts seem good. I see monzo have saving accounts with their partners: paragon and oak north bank. Monzo say both of these are fcs protected, but I’ve not heard of them before. Has anyone else used monzo for this?
*mods feel free to move if not in right place*

Rob5342

I've used them both and have Monzo as my main account. They are quite similar but are both miles ahead of the old fashioned banks. I used to say that Starling had the slight edge as they paid interest and let you pay in cheques in the app, but they have stopped paying interest now and Monzo allow cheque pay in via the app (cheques are obviously very antiquated now but i still get the odd one every few yewrs for a utility that miscalculated my final bill. Starling's branding is a lot more grown up than Monzo who have a gaudy bright orange debit card, not that it really matters. 

Mark_d

I used Starling as my current account since 2017 and it was excellent - but I wanted something with better savings/interest - so I moved to Kroo about 18 months ago.

You could earn 0% on £5k in your current account and 5% on £5k in a savings account...but I choose to earn 4% on £10k in my Kroo current account.

I'm very happy with Kroo because, aside from the usual benefits eg. commission free foreign currency, having all my cash in my current account means I don't need to be transferring money to & from a savings account.

wiseonesomeofthetime

I would never recommend keeping all your cash in your current account, interest or not!

But that's me.

jbrassy

I've used Starling for several years for spending abroad and think it's really good. I would have no hesitation recommending it as a current account.

However, I wouldn't recommend either for savings. For that you should look at the dedicated MSE page for savings accounts.
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

simongregson

Kroo is now paying 3.65%, Starling has just launched an interest paying savings space paying 4% - it can be beaten but it is convenient given they are stopping current account interest.

JadedAngel88

I have both Monzo and starling. Even though they both have pots/spaces, starling allows you to have 5 virtual cards for your spaces. Where as Monzo to pay from a pot you have to upgrade your account and pay monthly for it.

Optimistic_Saver

Hi Bookowl,

I don't have experience of Starling but have recently opened a Monzo account - to enable me to set up individual savings pots, and help me to focus on and categorise my savings. So far, I am really enjoying their modern approach to banking, with the ease of automating savings and joining existing savings challenges, while being able to choose the savings interest rate and term that is right for me.

So far, I have set up 4 savings pots - two pots at 3.6% and two at 4.09% interest.

(Removed by Forum Team)

Bookowl

JadedAngel88 said:

I have both Monzo and starling. Even though they both have pots/spaces, starling allows you to have 5 virtual cards for your spaces. Where as Monzo to pay from a pot you have to upgrade your account and pay monthly for it.

Thanks for the info - whats virtual cards?

Bookowl

Rob5342 said:

I've used them both and have Monzo as my main account. They are quite similar but are both miles ahead of the old fashioned banks. I used to say that Starling had the slight edge as they paid interest and let you pay in cheques in the app, but they have stopped paying interest now and Monzo allow cheque pay in via the app (cheques are obviously very antiquated now but i still get the odd one every few yewrs for a utility that miscalculated my final bill. Starling's branding is a lot more grown up than Monzo who have a gaudy bright orange debit card, not that it really matters. 

Thanks for the the info, yes the mMonzo orange card, is awful. I think the monzo accounts you can upgrade to have more appealing colours, but as you say it doesn't matter. Lol!

If don't mind me asking, with regards to Starling, what do you use Starling for? If monzo is your main account. Is Starling for savings?
I'm currently with nationwide and thinking of changing.

wiseonesomeofthetime

Bookowl said:

JadedAngel88 said:

I have both Monzo and starling. Even though they both have pots/spaces, starling allows you to have 5 virtual cards for your spaces. Where as Monzo to pay from a pot you have to upgrade your account and pay monthly for it.

Thanks for the info - whats virtual cards?

Virtual cards

Monzo - https://monzo.com/help/monzo-plus/virtual-cards-what/

Starling - https://www.starlingbank.com/features/virtual-cards/

Although I would class Monzo as my main hub account, I use Starling for the virtual cards as you can have up to five for free.

Use them wherever you feel you don't want t use your main card. For example, website never visited before, or a subscription (though remember that deleting the virtual card does not stop any contractual obligations with the sub provider)