Had never heard of that service. Seems to be part of an industry-led collaboration - Stop Scams UK. Monzo seem to be part of this collaboration (About — Stop Scams UK) although doesn’t seem to use the 159 service (159 — Stop Scams UK).
Yep, was launched a little while ago.
There has been some publicity about it (I think the likes of BBC etc. covered it at the time). But if those with an interest in fintech haven’t heard of it, you do need to wonder how well people actually know about it.
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Just wondering how Monzo compares to Starling as of now, would you say they’re pretty much on par?
I’ve had both since launch, but opted for Starling as my main account, and never had any issues with it, just curious how it is on the other side of the ship.
Cheers
Monzo have a lot more products and features and therefore a more complicated app. Starling has been standing still for a while but if you only need a reliable account, nothing wrong with it.
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I’ve never had a Starling account but it seems to have a few features Monzo doesn’t have. Might be worth noting. From what I can tell: cheque imaging, post office counter services, multi-currency account, kids card. Anything else?
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Free virtual cards, free second current account web based online banking
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Starling has all, apart from secondary account. Correct me if I’m wrong?
well you can have a joint and a personal account, if that counts
You can get a second GBP account with Starling
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In that case, all the features @dudesuper1982 mentioned are on par. I guess it’s just mainly down to which customer service, ethos, and app experience you much prefer.
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All I will say is…. Monzo charge for things starling don’t. Take that as you will.
However
Monzo have credit, loans and starling doesn’t. So it depends on what you need from a bank
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@dudesuper1982 was listing features that Starling has which Monzo doesn’t (not the other way around). Monzo does have some features that Starling doesn’t have.
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Sort of. Not a credit card comparable with the rest of the market, as their current accounts and loans are. Better in some ways, very limited in others.
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Oh okay, that makes sense. He didn’t reply to your post, so it was a bit confusing lol.
Might also be worth mentioning the things Monzo has which Starling doesn’t, as I’m not sure what’s been mentioned so far is comprehensive. Someone might need to help me out or correct me as I don’t use Starling, but as far as I’m aware, this list comprises…
Credit card (of sorts)
BNPL
Loans
Easy access savings
Packaged accounts
Account aggregation (via packaged accounts)
I also often see it mentioned that budgeting and analytics tools are superior in Monzo, although don’t know how accurate this is.
I’m not aware of any banking app that does quite what Monzo does. In that case they’re probably leaders.
To me it’s still definitely the latter no much how Monzo say it’s not.
It might get there one day.
I don’t have one yet, and it probably won’t become my only or primary credit card (I want points/cashback for that), but it seems quite appealing to me as a second credit card given it has more flexibility than traditional credit cards and has fee free foreign spending.
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I use it pretty much in the same way that I used Tymit, so I think it’s almost as much of a credit card as Tymit was.
I use it for a handful of foreign currency subscriptions that I have and for anything that doesn’t support Amex. I pay most things off monthly and split larger purchases over 3 months interest free.
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Everything you’ve listed Starling don’t offer because they’d make a loss on all of it.
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Not sure about if they’d make a loss on that. A bank that doesn’t lend is silly