As a parent, you will need to hold a Personal Starling account to open a Kite account, and it really couldn’t be easier. Starling was founded by UBS and RBS alum Anne Boden in 2014 and is arguably the UK’s oldest challenger. offer credit facilities from a panel of lenders. The business has faced challenges over the last 12 months due to the onset of COVID-19. Monzo seems to be best suited to younger people who want to become in control of their finances . As a result, Rubinstein concludes that Starling and Monzo would “have been better off not lending a penny” in 2019; particularly Monzo, who he shows below has a much riskier loan book than Starling. our partners for featured placement of their products or services. Won Best British Bank and Best Current Account 2020. If Monzo or Starling (or any other bank or building society) goes bust, it means you won’t be left out of pocket. Level 2, 20 St Thomas St, Keen to manage all your money directly from your smartphone? They’re both constantly developing their “marketplace”. The basic card if nothing goes wrong is great, but if it does sensible to have another bank account too, you will probably need it. ← How to feel financially secure during financial crisis and beyond? We’ve put together a list of the best banking apps available in the UK. Read our, Digital banking assistant Cleo raises US$10 million in investment for its future, finder.com is a financial comparison and information service, not a bank or Existing customers can get help via the app. If you are On top of that, both of these digital banks offer fee-free spending abroad, visually appealing graphics and real-time spending notifications. 24/7 human customer support team via app, email, and phone. Taking out an overdraft is cheaper with Starling than with Monzo though. It’s great, isn’t it? Monzo vs starling opinions. We’ve compared the top challenger banks available in the UK to help you figure out which you can choose if you don’t particularly like N26. From mortgage and insurance providers to smart pension tools, the marketplace includes a hand picked a selection of third-party products that work with your Starling app. What’s great about this is it gives you a super easy way to give every pound coming into your account a purpose, one of the key lessons I teach my Money Circle members. Starling bank also give you access to their Marketplace on both personal and business accounts where you can integrate several third party financial products. Something went wrong. Starling bank once again comes out on top for its business account. If you lose your phone, Starling says it can block the app on that specific device. Yes, in many regions, there are only 1 or 2 options for a digital-only bank account. With Starling, you can start paying for things straight away through Apple Pay and Google Pay. Optional, only if you want us to follow up with you. Free to use your card abroad to pay for goods and services. reference number: 786446). and Monzo will not. You can also feel safe in the knowledge that your deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 – as long as you meet the organisation’s eligibility rules. Always consider your own circumstances when you compare products so you get what's right for you. They offer streamlined apps with loads of cool features, can be set up quickly, let you spend fee-free overseas and are constantly expanding their feature range. Posted by. Just more time with your money. As it takes a while to pull together, so the latest stats available are for the final quarter of 2019 (between 1 October and 31 December). To balance it out, however, the Monzo Business Pro account is offering 6 months free Xero use until 17th June 2020 (for new Xero customers only) which could save you up to £180. This is particularly useful right now in 2020 as we are beginning to take steps to recovering financially from lockdown (click the link for our top tips on recovering). Learn how your comment data is processed. What’s great about the challenger banks is the level of reporting and insights they offer, which are easy to understand and easily accessible within the apps. Dashboard changes from green to orange to red to indicate overspending. Yes: Free – Voted Best Business Banking Provider 2020, Yes – as long as you both have a Starling account, Yes – as long as you both have a Monzo account. What you can do on their apps is largely the same: Unlike Monzo, Starling pays an interest on current account balances (0.05% on up to £85,000). decisions. More region focused tables about digital banks coming soon. Monzo seems more attractive somehow, but Starling actually has more features. service provider and read the information they can provide. Monzo’s ‘get paid a day early’ feature is worth a mention: if you have your salary paid into your Monzo account Monzo say that they “can advance you the cash one day early. As you can see, overtime there have been lot’s of discussions revolving around these two Challengers. Starling Bank. 90% of the decisions we make about money come from our subconscious, Starling Bank pays you interest on any balance up to £85,000. Monzo say “You can change or cancel the scheduled payment whenever you want. Starling Bank are what’s known as a ‘challenger’ bank, and challenger banks are changing what banking looks and feels like. Please read the terms and conditions and privacy policy before submitting your details. Thank you so much for your comments here – we have updated this to include some changes recently, including Monzo joint accounts, as well as some clarification on pots and rules. Starling’s new mobile cheque feature lets you cash your cheques into your account from the comfort of your sofa (or bed, we won’t judge). I’m afraid that we’re unable to provide feedback on your query as being better between the two of them depends on what you’re looking for a digital bank. Starling Bank vs. Monzo: A Review By Harry Peach April 14, 2020. Winner 2020 - Best Current Account, British Bank Awards. The main difference between the two cards is the Starling’s ability to withdraw an unlimited amount of money from foreign ATMs without charging a penny, while Monzo is at a cap of £200 per month. My preference, for all those reasons, is unwaveringly towards Starling Bank. If it had that it would be perfect. Having worked in banks since the age of 18, I became very disillusioned with the focus on complicated financial products. 3) Are you in a position to get some info from Monzo or Starling over exactly what kinds of limited liability (ltd) companies they are ‘accepting’ – for some reason neither seem to want to give my business one and I’m not clear why. Monzo has delivered on its loans Check out Monzo’s savings accounts if this sounds like the option for you. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. This is subject to our terms of use. Starling and Monzo interest rates Unlike Monzo, Starling pays an interest on current account balances (0.05% on up to £85,000). Comparison: Starling vs Monzo. Meanwhile, Starling is behind on its promise of launching credit cards, which may have taken a back seat due to delays to its Irish bank license. Monzo’s onboarding process is simple and they offer a bunch of useful features that younger customers can take advantage of like automatic savings and splitting payments. As per the data from Sensor Tower, Revolut’s app was downloaded 5.8 million times last year compared to Monzo’s 2.4 million times and Starling Bank’s 1.3 million downloads. Lots of people get their card the next day. Like most industries, banks are in the midst of a digital transformation and established veterans on the high-street are getting ousted by up-and-coming challengers solely operating online, utilising cloud-based technology. We are a credit broker and not a lender and NatWest and … Starling Vs. Monzo How do they fair, day to day? If you’ve followed me for any length of time you will probably know that I am a huge fan of Starling vs Monzo. VAT number: 259751759. But what about places like the UK and EU where choice is already quite big and growing? You’re absolutely right – we have just confirmed this with Starling who say they added the scheduled pay to pot feature this year. 2) Does Starling allow you to create rules on pots so incoming money is automatically split into pots? This data is provided by Pay UK, the retail payments authority. There’s been a heart vs. head discussion around these banks online. The customer service is only by typing away and it takes ages for an agency to appear: lots of irritating phrases, clapping hands and rockets, but very time consuming. Monzo and Starling Bank have overdraft protection, but Revolut doesn’t. Thank you for getting in touch with Finder. You can also pay in via bank transfer or standing order with both Starling and Monzo. When it does, you can set up Samsung Pay, Garmin Pay and Fitbit pay too. Unlike Monzo and Revolut, the majority of Starling's customer transactions are domestic within the UK, limiting the impact of coronavirus. Hi I’m Catherine! When a bill is due, they pay it from the Pot for you. All you need to do is open your app store (I’m an Apple girl, but the apps are also available for android devices), download the app and then follow the account opening prompts. Starling Bank won Best British Bank and Best Current Account 2020. easier than ever to get started investing without overwhelm, and from as little as just £1. Having fostered a reputation for hiring the best and brightest it comes as no surprise that an… Starling bank offer overdrafts and loans up to £5000, dependant on your eligibility. They are also both powered by their own apps, and it’s really simple to open an account. Monzo have a similar eligibility check for overdrafts up to £3000, and offer loans up to £15,000 available on the same day you successfully apply. Pick a Pot to pay bills from, so you can’t accidentally spend the rent. Monzo, Revolut, and Starling are all good services that people can find benefit in. Loans and overdrafts – Only Starling offers loans and overdrafts for business directly. 4) Do you have any idea if ‘pots’ show up as different accounts when connected to Xero? Both accounts offer pots or spaces to move money away from your everyday spending area, but keeping it in the same account. When a bill is due, they pay it from that pot for you. Although Starling Bank, Monzo (both accredited and regulated by the FCA as banks) and Revolut (known in industry terminology as an electronic money institutino, but not a bank), do not use Wirecard – all fintechs suffered from the reputational fallout. Both apps are now integrated with Yolt and Money Dashboard too, so you can access all of your bank and credit accounts in one place. You would be amazed at how quickly this adds up! When you make major financial decisions, consider getting independent financial advice. Monzo business accounts do offer these features but only on their paid for account. I discovered Financial Coaching and by incorporating this into my work as a Financial Planner I have been able to launch a hugely successful standalone financial coaching business in the UK. Close. But with that being said, the ability to utilise pots within one account is absolutely game changing for both personal and business finance, and opening an account with either challenger bank will undoubtedly revolutionise your life! The FSCS aims to pay compensation within 7 days of an organisation failing, so your money really is just as safe as it would be with any other high street bank or lender. Put your salary into Monzo and we can advance you the cash one day early. Monzo has more than 2.2 million customers, and it’s now planning to expand into the US in the coming weeks. Book in a complimentary call to discuss how financial coaching can help you move from financial overwhelm to confidence and control. Cash withdrawals abroad: Starling don't charge fees on any amount (and you can withdraw £300/day). From a young age, my relationship with money has always been fraught with difficulties. From the Monzo Plus fiasco to Revolut’s new share trading feature, a recap of all this month’s news that matters in digital banking. We’ve updated the article now to reflect this. If you are £200 overdrawn for 14 days, you will pay £1.08 in overdraft charges. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Starling has also gone a step further than its rival Monzo, by allowing users to toggle on and off in-store contactless or chip and Pin payments, ATM withdrawals, online payments and mobile wallet payments. Monzo also added a scheduled pay to pots feature in 2018, which Starling refer to as PiggyBanking. In his spare time, he loves to cycle. “Starling has a different demographic, our customers tend to be more affluent and older,” said Boden. Real time notifications about any account activity. 8. Customer service takes a modern approach overall, with both using emojis and an almost overly friendly disposition to “soften” the approach, but for day to day queries, chat is a useful way to solve simple queries without moving from t… For me, there’s a few reasons that Starling Bank has the upper hand: if you travel often then it’s clear that Starling is your better option, and for those of you in business or self employed their business account offers some excellent features without having to pay the fee that Monzo charges. Monzo: you’ll normally have to wait 2-7 days for the card to arrive. (Such as saving 25% of all income for income tax? Compare a range of banks and apps that let you split bills, request money and send payments to friends. unsure you should get independent advice before you apply for any While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. may also receive compensation if you click on certain links posted on Our address is Level 2, 20 St So, Starling might just be better for those looking for a bit of extra cash. I also understand that Starling are building out the pay from pots feature, but at the moment don’t yet have a release date on the feature. This is the interest over time of the term “Starling vs Monzo” googled in the UK. How to Stop Self Sabotaging Yourself Financially with Caroline Strawson →, Real Money Stories: Don’t Spend What You Don’t Have, Real Money Stories: The Impact of Trauma on Money Relationships, Real Money Stories: The Cycle of Over Giving, Pay out via bank transfer, Contactless, Chip and Pin, Paypal, Apple Pay, Google Pay, Fitbit Pay, or Garmin Pay, Pay out via bank transfer, Contactless, Chip and Pin, Apple Pay, Google Pay, or send immediately to another Monzo account, Via bank transfer, standing order, have salary paid in, or pay in at any Post Office, Via bank transfer, standing order, or have salary paid in, Access to marketplace, up to 1.31% with minimum £500 deposit (fixed term). A business account with Starling is completely free and offers all the awesome features of the personal account with the addition of some brilliant features such as connecting to accounting software like Xero, Quickbooks, or FreeAgent. Being £200 overdrawn for 14 days will cost you £1.34, £1.97 or £2.56 respectively. One of the advantages of Starling Bank over Monzo is that Starling Bank pays you interest on any balance up to £85,000. Felix Thompson is a freelance writer at Finder. Finally, Starling and Monzo offer personal loans, while Starling edges ahead offering euro accounts and fully-developed business accounts, all in-house. Both let you connect your card with Apple Pay and Google Pay, for instance. What I love about challenger banks is that through the use of their intuitive, easy to use apps, they are more like personal finance assistants than high street banks. We endeavour to ensure that the information on this site is current and For Monzo, you’ll be charged 50p every day your account is overdrawn by more than £20, up to a maximum cost of £15.50 a month. And Monzo and Starling sailed ahead of the rest of the pack, with 78% and 70% of users respectively saying their apps had lots of features and great usability. Money held in both banks are covered by the FSCS up to £85,000. Data Protection ICO registration number: My mission is to reduce financial anxiety and increase financial empowerment & resilience for 1 million women all around the world. I am hoping Starling will also match the ability to pay bills from a pot as that is the only Monzo feature that is making me hesitate in my choice. Source: Google. Monzo do have some third party features such as energy switching and savings accounts, but their marketplace is certainly not as diverse as Starling bank’s. Starling applies a percentage charge of 15% EAR instead, regardless of your credit score. Within Starling, if you have a bill due you need to remember to go into the app and move money from the pot into the main everyday spending area. 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