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    • jeandenham66
    • By jeandenham66 14th Apr 19, 12:20 AM
    • 10Posts
    • 3Thanks
    jeandenham66
    Mobile Challenger Banks
    • #1
    • 14th Apr 19, 12:20 AM
    Mobile Challenger Banks 14th Apr 19 at 12:20 AM
    I've been using my normal barclays bank account (personal account) for as long as I can remember, I've never really looked at changing it due to it being so fixed in my life.


    recently a friend of mine started using Starling and another swears by Revolut. Both look great, I wanted to know if anyone has switched over full-time to these banks and made them their main account? Also, I've heard that these companies have had down time in the past.


    Call me old-fashioned, sometimes old is gold. Convince me otherwise?
Page 2
    • Takmon
    • By Takmon 15th Apr 19, 1:03 PM
    • 405 Posts
    • 353 Thanks
    Takmon
    I tried that a couple of years ago, using an account which gives cashback for bills. For me it is easier to do almost the same thing using a free app (MMEX) and have all my money in one account. Regular payments are automatically 'debited' in the app on the same day as I'm paid. Each time I withdraw cash or buy something using my debit card I enter it in the app and mark it as cleared when I see it in my bank's online service.
    Originally posted by scgf
    But if you have all your money in one account then you are effectively losing money by not getting any cashback on your bills.

    Personally i have my wages paid into an account and the from this account standing orders pay a fixed amount to my bills account which covers all my bills. So that means i know that all my bills are covered.
    I then have standing orders which pay into my various savings accounts. I also have another weekly standing order which pays into Starling which is how much i want to spend each week.

    Starling then categorises my spending automatically if i want to look at that information.

    I find this system works really well and i would say it's far easier than messing around entering every transaction into an App.
    • colsten
    • By colsten 15th Apr 19, 1:29 PM
    • 10,162 Posts
    • 9,330 Thanks
    colsten

    Starling then categorises my spending automatically if i want to look at that information.
    Originally posted by Takmon
    How does Starling categorise your spending in non-Starling accounts? [rhetorical Q]

    Even the specialist Account Aggregator apps haven't worked out how to reliably, and comprehensively, categorise and analyse all spending across multiple accounts
    • scgf
    • By scgf 15th Apr 19, 3:00 PM
    • 394 Posts
    • 176 Thanks
    scgf
    But if you have all your money in one account then you are effectively losing money by not getting any cashback on your bills.
    Originally posted by Takmon
    My main current account is with the Co-operative Bank and I get 5.50 a month as an 'Everyday Reward'. I'm happy with that - it's more than I'd get in an interest paying current account given the average amount I keep in it and probably more than I'd receive net in an account which pays cashback on bills. I know I could have both but I'm really not into transferring money around to 'earn' a few pounds more. I got something like 145 for switching to the co-op and 5.50 a month so that's more than enough for me. I will only bank with an ethical bank anyway and the co-op fits that mould and is rated highly with the Ethical Consumer magazine, even after the recent hedge-fund debacle.
    • scgf
    • By scgf 15th Apr 19, 3:04 PM
    • 394 Posts
    • 176 Thanks
    scgf
    Personally i have my wages paid into an account and the from this account standing orders pay a fixed amount to my bills account which covers all my bills. So that means i know that all my bills are covered.
    I then have standing orders which pay into my various savings accounts. I also have another weekly standing order which pays into Starling which is how much i want to spend each week.
    I find this system works really well and i would say it's far easier than messing around entering every transaction into an App.
    Originally posted by Takmon
    It sounds like you have a lot more money to play with than I do. I'm retired and on a pension and my savings amounts to a grand total of 700. Believe it or not I enjoy messing around entering every transaction into an app. My margins are too tight to do anything else.
    • anotheruser
    • By anotheruser 16th Apr 19, 2:37 PM
    • 2,713 Posts
    • 1,568 Thanks
    anotheruser
    But you don't need to "change", which I assme (sic) you mean "switch". You can operate as many current accounts as you want.
    Originally posted by djpailo
    Switch... change... potato potarto... seriously, what else would I have meant?

    I don't see the point in having 10 current accounts.

    I have 6 accounts, which is plenty for my financial arrangements
    Current Account
    Joint Account
    Credit card
    Savings 1
    Savings 2
    First ever bank account (only has 1 in it)


    I did the circle of money for a few years but when Halifax dropped their Reward rate and I moved away from Santander, it became difficult to source another account I could create direct debits on.
    • jonnygee2
    • By jonnygee2 16th Apr 19, 4:31 PM
    • 1,151 Posts
    • 1,146 Thanks
    jonnygee2
    The other issue is that not all transactions are 'online', ie. made in a store with live access to the internet or through an internet store.
    But, as I said before, this is only a tiny amount of transactions. Specifically, on short haul flights and toll booths. Most people could go several years without making a transaction that authorises offline, I have had Monzo for two years as my main account and have not made a single offline transaction in that time.
    • scgf
    • By scgf 16th Apr 19, 4:44 PM
    • 394 Posts
    • 176 Thanks
    scgf
    But, as I said before, this is only a tiny amount of transactions. Specifically, on short haul flights and toll booths. Most people could go several years without making a transaction that authorises offline, I have had Monzo for two years as my main account and have not made a single offline transaction in that time.
    Originally posted by jonnygee2
    I regularly buy petrol from a pay at pump station and that shows up as 1 - not the actual amount I spend. If you're OK with pending debits appearing in the transaction list then Starling or Monzo are the accounts for you. I just don't like it. It worries me that this will become the norm because it is seen as 'modern' as has already been suggested in this thread.

    Those who use such accounts and just look at their balance to see how much they have left to spend also have to be aware of upcoming direct debits, payments like pay at pump or continuous credit payments OR have so much money they have enough to cushion any potential overspending. All I'm arguing is that adding pending payments to the running balance and transaction ledger before they are actually debited does nothing major other than annoy those who would rather only see actual debited funds. What is wrong with Metro Bank's approach of having a separate 'transactions being processed' list? Surely that would please everyone?
    • colsten
    • By colsten 16th Apr 19, 5:00 PM
    • 10,162 Posts
    • 9,330 Thanks
    colsten
    I don't see the point in having 10 current accounts.
    Originally posted by anotheruser
    4 of my current accounts are needed for access to the top Regular Savers, and a further 5 are earning monthly rewards. Yet another one is currently sitting there waiting for a 150 account opening bonus. Then there's a couple of 'main' accounts that actually pay bills and act as feeder accounts for various Regular Savers. On top of that, I have 8 accounts that still earn more interest than I can get anywhere else, a couple of Euro accounts, and 4 or 5 spare ones that I keep in reserve in case there are any more switch offers. I have recently switch-closed 6 accounts, so am now down to just two dozen, all having a purpose for me.
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