Felix Thompson is a freelance writer at Finder. So, which should you pick? The Goals section is a plus point – a visually appealing way to filter money into “pots” which could be anything from a party fund to employee bonuses. Monzo is best suited for the younger crowd, thanks to its intuitive interface and options to easily save, budget, and manage money. Won Best British Bank and Best Current Account 2020. Our Financial Services Register number is 730427. Hi I’m Catherine! Monzo say “You can change or cancel the scheduled payment whenever you want. We’ve put together a list of the best banking apps available in the UK. Monzo is the second digital bank to join the Yolt repertoire. Overdrafts are free up to £20, then a fixed charge is applied per day, … Remember, both Starling and Monzo are just like high street banks – you can set up Direct Debits, Standing Orders, and complete bank transfers from both apps. Disclosure: The Money Panel may receive financial compensation from a merchant if a reader chooses to purchase goods/services via links on this website. 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. You can get a higher interest rate with Monzo if you open a separate savings account with one of its partners through the marketplace. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Starling Bank says they aim to complete this process for personal accounts within 10 minutes, and Monzo say they try to verify all accounts within 2 hours but it will often be quicker than that. Then we will give our verdict of which is the best mobile banking app. If you want to use the accounting features you will need to hold a Business Pro account which will cost £5 per month. I currently have 17 goals in Starling. You must accept the Terms and Conditions. Starling Vs. Monzo How do they fair, day to day? I am a self-confessed emotional spender turned savvy saver! Here’s everything you need to know to get started on this great savings technique to be smarter about your spending and savings. Starling bank also give you access to their Marketplace on both personal and business accounts where you can integrate several third party financial products. At just £2 per month, Kite is priced extremely competitively in comparison to other child accounts on the market. The two companies began as what we now define as UK challenger banks.UK challenger banks are exactly what it says on the tin: they’re challenging highstreet UK banks like dinosaur Natwest — the status quo of deposits, spending and savings — by offering a digital alternative. 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. Take a photo of some ID, and enter a name and address, and record a short verification video to prove your identity. Starling's overdraft feature will be offered automatically based on full credit checks and is charged at 15% EAR with no additional … However, you can only have a maximum overdraft of £3,000 with Monzo, whereas you can have an overdraft up to £5,000 with Starling … Monzo vs N26: The verdict. decisions. A holiday or Christmas present perhaps. Insurance Starling Bank is registered in England and Wales as Starling Bank Limited (No. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. The team originally met whilst working at Starling Bank, and then Tom Blomfield was fired from Starling bank.In February 2016, Monzo set the record for "quickest crowd-funding campaign in history" when it … Both let you connect your card with Apple Pay and Google Pay, for instance. I’ve opened an account with both banks and this has helped me decide what to do and when. Starling has arguably received less hype than Monzo but it offers many of the same features as the bank, and more. 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. and Monzo will not. While no bank is completely secure from criminals, challenger banks are normally as well protected as high street banks and building societies. 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. Starling vs Monzo: The Best Bank Account Ever? Dashboard changes from green to orange to red to indicate overspending. Existing customers can get help via the app. Tide vs Starling: Which is best for a small business? 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. Starling and Metro Bank offer this, but Tide does not. Monzo. Total funding: £404M Why Monzo and Starling are big winners in the bank switching merry-go-round. Monzo offers savings pots for free, whereas you have to pay to access these on Revolut; Monzo offers loans but revolut does not; As of May 2020, Revolut is available in the USA, whereas Monzo is not (though it should be soon). ZA227007. If Monzo or Starling (or any other bank or building society) goes bust, it means you won’t be left out of pocket. An investment account allows an individual to buy, hold, and sell financial securities, for example, stocks. You can also send a money request to another user. © 2021 The Money Panel |  UK COMPANY REGISTRATION NUMBER 10267198 | TERMS AND CONDITIONS | PRIVACY POLICY | COOKIES POLICY. Loans up to £15,000. For day-to-day banking, both of their apps offer similar features. Monzo originally started as a prepaid debit card and a mobile app. One of the advantages of Starling Bank over Monzo is that Starling Bank pays you interest on any balance up to £85,000. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Any information given on this site is not to be taken as Financial advice and is therefore not regulated by The Financial Conduct Authority (FCA). Article from smartmoneypeople.com. 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