Anyone tried Starling Bank?
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I think it's a great feature. If you're close to your limit close to payday, it's simple to borrow using it without committing to a permanent increase and having to call your bank to arrange it. I reduced my overdraft to nil with them as they offered way more than i would ever need, but i know that if i needed it, it's there.
But what does that gain you that you wouldn't have by just keeping it at the limit? The only feasible reason I can see is if you have no will power and want to remove the temptation to spend, but then that doesn't work either as you can just "slide" it back up again.0 -
But what does that gain you that you wouldn't have by just keeping it at the limit? The only feasible reason I can see is if you have no will power and want to remove the temptation to spend, but then that doesn't work either as you can just "slide" it back up again.
Perhaps it helps prevent some punters going too deep in to their overdraft.
Starling report the OD limit you set to CRAs. Meaning that, for example, you could have a maximum £3,000 OD limit, but set it to £100. The lower figure will be reported to CRAs. Useful if you're scratching around for credit and don't want lenders to know the full value of your line of credit.
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SouthLondonUser wrote: »How is Starling different from what Monzo plans to do in 6-9 months, i.e. when it evolves from prepaid card into a full bank account?
Are both app-based only, with no plans to provide access via the web and a PC?
Are the apps tied to a specific device only? Eg if I change my phone, I can’t just reinstall my FirstDirect app: I have to go through security on the phone first. How about with Starling and Monzo?
Is there any noticeable difference between the apps? Do both classify expenses similarly?
Can both provide printed banking statements upon request? Printed statements are still a common requirement for identification – online statements won’t do in most cases.
Will either provide statements in PDF and/or spreadsheet format?
Starling was first of the new fintech banks to become a fully fledged U.K. bank with FSCS protection. That put them in the lead. On the other hand Monzo placed its bets on being a prepaid card and attracted money that way especially through an initial minimum top-up of £100. I have been saying continually and repeatedly throughout MSE forums that Monzo is a prepaid card and not a bank. That may have changed in April this year but I doubt that I will touch them even with a bargepole.
It was quite funny how Starling Bank pranked Monzo/Mondo and that sealed it for me. Starling Bank is now my main bank account.
https://techcrunch.com/2016/08/26/monzo0 -
Integration with loyalty apps such as Yoyo Wallet and Flux allows rich data to flow between the bank and (via the app) the retailer, enabling a far richer experience for all three (retailer, customer and bank). This is the first example that I am aware of that demonstrates the possibilities flowing from PSD2.
Actually Starling got in first with what we may later be referring to as "Open Banking", that is the sharing of customer data. But none of it is actually useful for me and therefore I'm not so sure that it isn't just a a gimmick. However what is most important is what if anything the new partnerships generate rather than any usefulness of them.0 -
Hopefully this thread hasn't completely died.
I tried to open a Starling account but unfortunately I failed to pass their credit checks and apparently my account is now locked.
I got the following email from their helpdesk :-
"Based on the information you provided, we have done our checks, and are unfortunately unable to open an account for you at this time.
We understand you may like to know why; and we can say it is due to one or more matters arising from the identity, fraud prevention or credit checks we have conducted.
If you are unaware of any information held by credit reference agencies or fraud prevention agencies that might impact your ability to open a bank account, we suggest you seek, in the first instance, a copy of your credit report from one or more credit bureaux in the UK."
My credit rating is around 600 on Noddle but 999 on Experien although my affordability isn't the greatest during. The only fraud issue I've experience recently is one of my banks prevented an arranged bank transfer from going through as it flagged their system.
Anyone else experienced this previously and been able to overcome it? Is it worthwhile doing what they suggest and requesting a copy of my report and if so, how do I go about this? I can't help but think that I took terrible video and passport photo during the application.0 -
orange-juice wrote: »Hopefully this thread hasn't completely died.
I tried to open a Starling account but unfortunately I failed to pass their credit checks and apparently my account is now locked.
I got the following email from their helpdesk :-
"Based on the information you provided, we have done our checks, and are unfortunately unable to open an account for you at this time.
We understand you may like to know why; and we can say it is due to one or more matters arising from the identity, fraud prevention or credit checks we have conducted.
If you are unaware of any information held by credit reference agencies or fraud prevention agencies that might impact your ability to open a bank account, we suggest you seek, in the first instance, a copy of your credit report from one or more credit bureaux in the UK."
My credit rating is around 600 on Noddle but 999 on Experien although my affordability isn't the greatest during. The only fraud issue I've experience recently is one of my banks prevented an arranged bank transfer from going through as it flagged their system.
Anyone else experienced this previously and been able to overcome it? Is it worthwhile doing what they suggest and requesting a copy of my report and if so, how do I go about this? I can't help but think that I took terrible video and passport photo during the application.
Sign up to (if you have not already done so):
Noddle (covers CallCredit)
ClearScore (covers Equifax)
MSE Credit Club (covers Experian)
This will cover all the big three credit reports for free.
If there are any mistakes, get them corrected. Do you have defaults? That would be a reasonable explaination.
If you don't, it might be worth checking with CIFAS by making a subject access request to see if there is a marker. While unlikely, this can occur if you've been involved in any fraud, or suspected of any fraud. If there is a marker, you will need to speak to the bank to have it removed if you think it's erroneous.0 -
I am not able to get Starling as my phone is too old. I'm thinking of buying a new phone ( I kind of need one, current one held together by elastic bands) but I would not be in such a rush if not for wanting a Starling account for a trip coming up.
I will save serious pounds, which will help with my new phone. But - I'd like to know it's going to work.
So my questions are. In a trip to Thailand and Cambodia, how confident should I be that my Starling card will work? Also, is it a problem if I'm only online via wifi occasionally? Does not having the phone ( i.e. switched off or lost) effect using the plastic card? I'm not quite sure how it all works - but I'm hoping that after I've opened the account and put some money in it then I don't really need to look at the app too much and can just use the plastic. Correct? Thanks in advance.0 -
Not tried SEsia but worked for me in India.
This might help or Google "starling bank <country>"
https://www.fodors.com/community/asia/using-a-starling-bank-card-in-se-asia-1550068/0 -
You do not need to be online on your phone to use the debit card - it's just like any other mastercard0
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The Starling Bank MasterCard works fine in Cambodia and Thailand where card payment is accepted, same as anywhere.
Your phone doesn't need connection for the card to work, but a local SIM with data package is cheap anyway. It's nice to have the instant transaction notifications on the app, and use the selectable security features.
Consider a dual-SIM model for your new phone if you have further travels in mind.
Note that all Thai ATMs charge £5 per withdrawal using any foreign card, so exchanging cash at a good exchange shop in Thailand is cheaper than frequent ATM use.Evolution, not revolution0
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