Sorry I don’t have a Starling account so I’m just curious, are you just able to see these accounts or are you able to interact with them too?
If it’s just being able to see them I’d compare them more to Monzo’s new credit card intergration, where they don’t take a cut to allow you to view balances.
Where there is more interaction (like a savings pot linked to a 3rd party) where Monzo are adding and removing money on your intructions, I can understand them taking a cut. If you don’t want them acting on your behalf, you simply open an account direct with the 3rd party.
Just out of curiosity what happens if someone accidentally exceeds the £20k limit across all ISAs accounts? Can ISAs accounts immediately/automatically detect the combined remaining allowance and reject any money beyond the limit?
Also, can Monzo/OakNorth automatically detect at the time of application if one has another cash ISA account? Or it needs time and will eventually close the account/return money if it detects another cash ISA account?
I think HMRC will catch wind once all the providers submit the totals and will probably come a knocking.
Not that I am aware of but the providers will send all the information to HMRC who will then be able to detect that you have gone above/over the limit.
Again, I don’t believe there is anything that will tell Monzo/OakNorth - but they will tell HMRC who will then find out. I found an interesting article on it here (from 2015 mind you):
I’ve never had an ISA before, partly because I’ve not had much in the way of savings and partly because I’ve never had the spare time to get my head around the process
It was so easy, slick and clear for me with Monzo that I now have
I guess I’m in one of the sections of the Venn diagram discussed above
