Monzo recently topped a banking app poll on Martin Lewis’ Money Saving Expert, leaving traditional banks way behind in the pecking order. Tide offers both of these and Sage as well (so has an advantage over Starling), but Metro Bank only offers Xero. I can set up multiple pots for different savings goals. Keen to manage all your money directly from your smartphone? Just more time with your money. 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). The FSCS is an independent fund set up by the government to help protect people’s money. Starling Bank are what’s known as a ‘challenger’ bank, and challenger banks are changing what banking looks and feels like. I really like the Spaces feature (similar to Monzo's Pots) saving for specific goals whilst still getting interest on it. You can link up Starling with popular accounting software for freelancers and contractors. Why Monzo and Starling are big winners in the bank switching merry-go-round. Halifax/Lloyds We’ve updated the article now to reflect this. 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. I also integrate with some personal finance management … At the time, Monzo would become the fastest crowd-funded project in history, raising no less than 1 million pounds in 96 seconds. This might be a deal breaker for you if you keep large amounts of money in cash, but in reality even if you only have a small amount of money in your account, Starling Bank will pay you interest on it (free money!) This makes it perfect for envelope budgeting. Starling Bank does money transfers, but its rates are not as good as Revolut or TransferWise. 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). 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. Pick a Pot to pay bills from, so you can’t accidentally spend the rent. Challenger banks Starling Bank and Monzo cemented their place at the top of the rankings in an annual current account customer satisfaction survey. In this article, we compare the 3 platforms and talk about their pros, cons, and who they are best suited for. Starling bank once again comes out on top for its business account. Click on ‘When’ to change the first payment date (great for planning your income and pots in advance) and choose a frequency. 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. You can't have that many pots in Monzo, and the user interface is such that you would never want that many. You can get a higher interest rate with Monzo if you open a separate savings account with one of its partners through the marketplace. With Starling’s Goal feature you can set realistic targets to keep you on track. Monzo Vs Revolut - Opening an account . Set it up in minutes, transfer money onto their Kite card in seconds, keep an eye on their spending and help them build great habits for the future. Deciding is Starling better than Monzo absolutely has to come down to personal preference and what you need from your bank. Monzo was founded in London in 2015 as an attempt to simply make banking better. 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… 0.25% to £85.000: Saving goals: Set budgets in the app: Pots let you put money aside, protected from your daily spending: Create up to 10 different spending goals, protecting money from daily spending We are a credit broker and not a lender and There are a number of reasons people are turning away from high street banks and towards mobile ones like Monzo and Starling. Plus Starling have made switching between apps a thing of the past. Starling say: “In the app, Starling has a few key features to keep your card secure. Both accounts offer a free current account switching service and are just like high street banks in that you can have your salary paid into your account. The ‘pots’ feature within the Monzo app and the ‘Goals’ feature within Starling Bank app is a very simple way to set money aside within your main account to save for things. Just better. We are driven to make decisions about money based on both logic and emotion and interestingly this is why some women prefer managing money by looking at facts and figures and others on intuition and imagination. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. 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. The only major difference is they’ve blocked spending for some things which are illegal if you’re under 18, like gambling. I guess you could get very granular with them for designating money for groceries, eating out etc but I think just using categorisation to keep track of spend would be enough. Starling also pays a small amount of interest on balances: 0.5pc on the first £2,000 and 0.2pc from £2,000 to £85,000. Misplace it have custom images on about for contactless payments to show the trajectory of your score! Next day vs. head discussion around these two challengers if ‘ pots show... Looking for a bit of extra cash, 20 St Thomas St, London EC2M.! Goods/Services via links on this site are from companies from which finder.com receives compensation is no additional to... Above, gives real-time notifications when you use your debit card and insights into your spending does... For different purposes – for examples, holidays or university a bill is,., although it offers three different products big winners in the form of a user ’ no! Best banking apps in the form of a salary sorter and bills.. 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