Especially at the rate my wife uses her current card I’d be bankrupt in weeks!
1 Like
Just come across this:
1 Like
but 499,999 are there only for commission free spending and ATM withdrawals abroad, I’m not so sure this is sustainable long term.I recall several years ago Nationwide tried and failed with commission free too, as it was so often used as a second account for this perk alone, which wasn’t profitable.
The co-op bank is for sale - http://www.bbc.com/news/business-38954115
I wonder if this will be absorbed into an incumbent, or a challenger bank, or result in new challenger bank. I expect it will likely be a incumbent, TSB are mentioned in article
1 Like
So Starling the “leading, digital-only mobile bank” (despite not having having launched current accounts yet either & having less Twitter followers so therefore less customers? 
) have just announced that they’re using Callcredit for their identity verification & credit assessments.
https://twitter.com/StarlingBank/status/831104543870091264
Unfortunately, the press release gives absolutely no details on how this will actually work but if you like the look of Callcredit’s approach to credit scoring, it’s worth mentioning it here…-
Ugh, I dislike companies that push these kinds of lines. Either bring out real numbers or let the product do the talking.
2 Likes
I just added a very short first impressions review on Monzo vs Loot as I’ve just tried Loot out: Monzo rival: Loot
But from the comments on this thread I get the impression that Andorid is perhaps a wee bit behind for Loot as well so my comparison may not work for iPhone users.
2 Likes
3 Likes
Revolut have updated both their personal and business website.
Looks like their business offering is pretty imminent.
$1.5bn spent on their cards too apparently…
I reckon at least 90% of revolut members are euro migrants using the free forex features (i know a couple of these people). Revolut has a low initial topup and the currency wallets allow migrants to deposit pounds and convert to euros at interbank rate which can be used by family back in their home country with one of the multiple/virtual cards.
I’ve got accounts with both but only use monzo as there isn’t much point for me changing money back and forth between currency pots, I just pay on monzo in local currency and get mastercard rate everywhere, i dont have anyone in another country depending on me to provide them with euros.
I reckon it will be more difficult for revolut to monitise their service than monzo because AFAIK their customers just want free forex with a speedy app, whereas monzo barely mention their forex (tom said he thinks market trend is towards zero margin forex so this wont be a future differentiator) and it is all about the UX.
Saying that, 10 yrs ago i didnt think facebook could monitise either so revolut could be on the right path with a big land grab and then thinking about monitisation later.
2 Likes
Anyone used the new Metro Bank care to give some insight? I hear it’s quite impressive.
1 Like
@muyiwa Yes, it’s pretty good. I like the apps interface and it has most of the core features that Monzo has.
Metro Bank cards can work offline so the pending transactions are not always correct. An example being Pizza Hut where the transaction simply showed as settled three days later in my feed and was never shown as a pending transaction.
I’ve been using my Metro account a lot more since the new app; and seeing how unwilling Monzo are to commit to a in house online banking solution where Metro has one. Metro’s app is not as full featured as Monzo but it’s close enough and having all my accounts under one app is nice.
Any other questions Muyiwa, fire away. 
1 Like
I think this is a key point raised by @thom_horne is that as much as we all love Monzo and pure app banking,their are some things that some people prefer to do in a web browser, or would rather do when abroad, or over a vpn for secuirty…
I think Monzo is missing a trick with not have an online web banking platform, and yes i know you can build one yourself, but how many non-geeks are going to do that…
1 Like
There’s been a lot of discussion on this subject starting here -
if there’s anything that’s been missed, please do comment there 
the short answer is you won’t have to… 
1 Like
Thanks, Tom.
I couldn’t really find any pictures of the new app, and I was wondering how the closest competition to Monzo – in terms of existing retail banks – were doing.
1 Like
You couldn’t make this up…
Atom Bank … has agreed terms with Will.i.am to act as a consultant and board adviser as it seeks to differentiate itself in an increasingly crowded sector.
Also
Sources said that Atom had received commitments from existing investors BBVA, Woodford Investment Management and Toscafund to inject a further £78.5m into the company, with discussions continuing with other institutions about raising roughly £20m more.
That investment is expected to mean that BBVA, one of Spain’s biggest lenders, would own more than 30% of the company - a level that would usually trigger a mandatory offer for the remaining shares under the UK’s takeover code.
1 Like
Atom have more investment than brain cells. First they bought out a gaming company instead of hiring good engineers, now they are paying millions for a musician to tweet about financial products.
If i recall correctly, Lily Allen tweeted her 5million followers that Monzo is a great new bank account… there was engagement from about 0.00001% of those followers who were mostly calling her a sellout. She had to reply defending herself and clarifying that she is not being paid. If will.i.am was investing in a funding round then great but it is Options ie. Free money if company does well.
Monzo is going for the Facebook angle, Atom looking more like Powa.
1 Like
Metro Bank have added a few interactive demo’s of their new app and have also just announced Android Pay support to match Apple Pay which has been a feature for a while. Now you can have a look at the new app yourself if you’d like.
https://www.metrobankonline.co.uk/ways-to-bank/products/mobile-banking/
Hope that helps you. 
4 Likes
Thanks for linking this!
Those demos were needlessly interactive and slow but providing the app works as advertised, it does show that it’s now to the top tier of legacy banking apps, about on-par with Barclays IMO.
1 Like
I got new Metro bank app, but I had to get it myself. I had old one installed and I even checked if I can update (and I couldn’t). So I did a search on google play, only to see Metro bank app with slightly different logo, opened it and had ‘Install’ button. Surprise!
In other words, metro bank removed old app from the store, or at least from being findable. Users have to move their eee, bum, and find new one themselves and install it.
I have 2 metro bank apps now. Both work.
Didn’t receive any comms that ‘hey, new app is here’ or anything, quite disappointing. 
App itself seems okay, but a bit hmm, too spaced out? Old app was really cringy, so maybe that’s just a temporary shock 
. I had barclay’s app up until few months ago, functionality wise they seem on par, but I don’t remember if Barclay’s app allowed to temporarily freeze the card.