Best and worst banks for 2019

Just to be fair, why there is no Starling Bank on that list, I wonder :smile:

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The article states “Not all banks appear in our table. That’s because we need a minimum of 30 people to respond to our survey to generate meaningful ratings. We’re always trying to increase our coverage.”

I guess 29 or less forwarded information about Starling if that statement is true.

The result of them getting rid of their community site, i would guess :joy:

I think this might be a few months old.

But as soon as you see the participation numbers, the whole exercise becomes meaningless


Sample sizes for our survey as follows: Monzo Bank 40, First Direct 299, Nationwide Building Society 397, Metro Bank 50, Marks and Spencer (M&S Bank) 93, Tesco Bank 188, Santander 393, Halifax 398, Co-operative Bank 97, Barclays 348, NatWest 388, Lloyds Bank 390, Danske Bank 34, Virgin Money 37, Clydesdale Bank 98, Bank of Scotland 236, Citibank 30, Yorkshire Bank 149, HSBC 390, Ulster Bank 39, Royal Bank of Scotland 288, TSB 347, Bank of Ireland 31

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Yeh, looks that way :confused:

Very unlikely I’d suggest. I’m sure that , just like here, the customer base and the community membership were vastly different things.

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Dunno. I am a customer and I seek for updates/news/etc here. I would do the same on Starling Bank community if there was one.

Anyways
I am thinking they closed the community because they didn’t want to hassle with the “i got my account blocked, i have 6 kids to feed, need this money asap” type of users/abusers/“launderers”.

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When I was looking to move from my legacy bank it was between Monzo and Starling. Apart form preferring the Monzo app, the fact Starling closed their community forum was actually a big factor for me - it showed a bit less transparency and willingness to engage.

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Same here. I was pretty much full Starling for the month or so beforehand with a Monzo for experimentation and comparison and I moved to Monzo immediately after the forum closed

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Monzo got 65 on product score
What does that mean

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Newest figures released here:

:thinking:

This really feels like something Monzo should be signing up for now or at least explain the delay

I remember reading somewhere on here where they’ve said they comply with the spirit but why wouldn’t they just agree to follow the code?

Does anyone know the reason why?

I think that banks which sign up have to pay a transaction fee into the scheme to cover the losses. Monzo believe that it is unfair as it doesn’t incentivise banks to be proactive in detecting fraud.

This is from memory, so happy to be corrected.

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This thread explains it well

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Monzo publically stated they would join the scheme and would abide by it ‘in spirit’ until they had done so.

However, their new T&C (v1.8) seen to directly go against this and no-one from Monzo addressed this when I pointed it out.

The delay is because Monzo thinks that banks who let more fraud happen should pay more into the system, instead of banks who are better at blocking fraud having to subsidise them.

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I don’t think that’s true. Monzo might not like the way the code is funded and want it changed but they knew what it was before they announced they would be signing up.

are there any stats on how any of the new banks are better at preventing fraud that the existing banks?

There are some old claims from Monzo such as https://monzo.com/blog/2017/02/03/fighting-fraud-with-machine-learning but that’s quite out of date and from when they had prepaid cards