I need some ‘advanced’ features such as payment approvals, which rules out Starling. A high street bank like NatWest is therefore looking like only option, how does NatWest’s (or other’s) tech compare, who is the next best after Monzo?
Imagine most users here moved to monzo from elsewhere so will have a good perspective… thanks!
Thanks for the suggestions, hadn’t heard of them all.
It turns that Monzo (since the recent offering update) has by far the most features of all. So really if you need anything else beyond that it does seem to be a high street bank in required.
Key things for me were:
Several users
Payment approvals
Bulk payments
Not limited to sole director companies
I have two businesses, and thought that both weren’t accepted, but actually the one I need the features most on is ok. The other business can have Tide’s more limited feature set.
Generally speaking their (NatWest) tech is pretty decent, I’d argue one of the more advanced of the ‘high street banks’
But in business banking it’s little strange in that some have acquired specific companies for some of their business banking.
For example, NatWest offer Mettle which is very modern and similar to Monzo but likely has limitations, they also have NatWest Businessline which is more like the mainstream bank.
The same for HSBC with Kinetic and their mainstream app. Which again while no where near as good as Monzo for budgeting etc is progressing nicely along.
Depending on the size of your business - if you’re relatively small with only a few employees, I would say there are quite a few options - Starling, Revolut, Tide, etc etc
If you’re bigger and require a dedicated relationship manager - Allica is the only choice, in my opinion
for future, been a personal customer for a while).