He covers everything from digital banking to car insurance and, whatever the topic, he aims to make it easy for consumers to get straight to the best deal. And while both banks offer support via telephone, Monzo certainly do their best to push customers to in-app chat first, whereas Starling Bank encourage customers to call for more complex queries. I hope this helps with your decision! They are also both powered by their own apps, and it’s really simple to open an account. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. We show offers we can track - that's not every product on the market...yet. Both Starling Bank and Monzo are completely free to open. When it does, you can set up Samsung Pay, Garmin Pay and Fitbit pay too. The visual money pots allow you to get creative about money goals and the categorisation of your spending habits enables you to see the facts. 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. When you use your card to pay, any money that is in a pot – not in your everyday spending area – will not be touched. Disclosure: The Money Panel may receive financial compensation from a merchant if a reader chooses to purchase goods/services via links on this website. The only major difference is they’ve blocked spending for some things which are illegal if you’re under 18, like gambling. Monzo bids to cut costs with new fees for ATM withdrawals and lost cards 02 September 2020 2 5 12 A tale of two banks: Monzo vs Starling All in all, it’s a really, really close call and you’ll probably have an excellent banking experience with either of them – so you could always try both and get a feel for both apps! They’re both constantly developing their “marketplace”. Click here for Starling (affiliate link) or here for Monzo. Monzo only allow you £200/month before they charge 3%. Our address is Level 2, 20 St offer credit facilities from a panel of lenders. 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 You’re absolutely right – we have just confirmed this with Starling who say they added the scheduled pay to pot feature this year. Monzo and Starling both offer the MasterCard rate, and Starling charges a commission of around £ 5. If you run a business, Starling bank once again comes out on top for its business account. In terms of the 3rd and 4th points you have raised, we will do what we can to investigate this for you. Rates from 0.10%-0.93% available on instant access savings, Create different spending goals and protect money from daily spending. authorised and regulated by the Financial Conduct Authority (firm We endeavour to ensure that the information on this site is current and product provider, We cannot provide you with personal advice or recommendations. Online Courses – Investing for beginners from £1. You’ll also need to record a short video selfie as part of the process, and the reason for this is that both banks use a type of technology which matches the video footage to your ID. Both accounts offer pots or spaces to move money away from your everyday spending area, but keeping it in the same account. Starling and Monzo offer good levels of integration through their “marketplaces”. If Monzo or Starling (or any other bank or building society) goes bust, it means you won’t be left out of pocket. British mobile banks Monzo and Starling are transforming UK spending. They’re very similar and great for travelling fee-free, but with one key difference: with Monzo, there’s a £200 limit on free cash withdrawals abroad – after which 3% is charged. Few points / questions: 1) Monzo do offer joint accounts- my wife and I have one. For our top picks, we've evaluated a number of digital bank accounts against a range of metrics to select accounts for specific needs. Starling was founded by UBS and RBS alum Anne Boden in 2014 and is arguably the UK’s oldest challenger. 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. Lots of people get their card the next day. I am a self-confessed emotional spender turned savvy saver! Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Having fostered a reputation for hiring the best and brightest it comes as no surprise that an… Please check your entries and try again. 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. If it had that it would be perfect. I am a self-confessed emotional spender turned savvy saver! Comparison: Starling vs Monzo. My mission is to reduce financial anxiety and increase financial empowerment & resilience for 1 million women all around the world. 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… 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. In this guide, you’ll learn the key differences between the Tide and Starling business bank accounts and which one is most likely to suit you. You can also pay in via bank transfer or standing order with both Starling and Monzo. Here’s everything you need to know to get started on this great savings technique to be smarter about your spending and savings. 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. I use the Profit First accounting premise which is much like the envelope budgeting system but for businesses. Monzo seems more attractive somehow, but Starling actually has more features. Other than this, they both offer the MasterCard exchange rate, and their options to temporarily freeze your card in your app could just be a life saver abroad. Check out Monzo’s savings accounts if this sounds like the option for you. Monzo offers higher rates, but only if you open a separate savings account with one of its partners. finder.com is an independent comparison platform and information service The really interesting stats can be found when you look at which specific banks and building societies we all recently ditched and joined. According to a latest news report, the London-based digital bank Revolut witnessed more app downloads in 2020 than Monzo and Starling Bank combined, as competition between the UK’s fintechs intensifies. Hi I’m Catherine! There is no overdraft facility with Monzo Business, only for Personal account holders. 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. You can get a higher interest rate with Monzo if you open a separate savings account with one of its partners through the marketplace. Monzo pays no interest on current accounts, while Starling pays 0.5 per cent AER on accounts holding less than £2,000 and 0.25 per cent on those holding more. Taking out an overdraft is cheaper with Starling than with Monzo though. decisions. If you can update with some of these questions answered this article will be super useful! 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). Both let you connect your card with Apple Pay and Google Pay, for instance. Both apps split your spending into categories like ‘bills and services’ or ‘groceries’. When you move money into pots in either Starling Bank or Monzo that money still physically exists in your account, but it is essentially ringfenced. 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. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. My preference, for all those reasons, is unwaveringly towards Starling Bank. Monzo has more than 2.2 million customers, and it’s now planning to expand into the US in the coming weeks. Option for you with your account straight away through Apple pay and Google pay before your card arrive! 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