Does anyone have any experience of this newbie upstart?
Nope
Looks better then Atom though
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From what Iāve seen and read, even the conventional banks out there are better than Atom ;-)!
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Iāve registered to Loot as well in order to do a bit of Monzo vs Loot comparison. I received my card a couple of days ago and used it for the first time today. I will probably write a proper blog post about this but here are a few things:
- The app looked more Android ready than Monzo but I canāt compare as I havenāt seen it on iPhone. After trying out a transaction today actually it looks to also be a bit ābareā on Android.
- The App logs out everytimeā¦ including when you switch off the screen which is really annoying - so +1 point for Monzo.
- Transactions appear just in a list like in a normal bank statement and are not yet spread in categories (I believe this is where they are heading thoughā¦)ā¦ +1 point for Monzo on this one too.
- After registering, it took 1 day for my card to arrive with Monzo once ready, and nearly 7 working days with Loot. +1 for Monzo.
- Top up with Monzo is instant. With Loot I had to do a bank transfer which took over one hour to appear in my account. +1 Monzo;
- Customer service support is hidden a wee bit and it takes a couple of taps to find, Monzo is a lot easier (+1 for Monzo).
- Loot offers setting a weekly budget which is then spread āper dayā: +1 for Loot.
- Loot also has āGoalsā which allows you to add something you want to save your Ā£Ā£Ā£ for and say when you want to buy it. I havenāt fully tested this out yet but I imagine the budgeting function works with the Goals function so whatever you donāt spend can go towards your Goalā¦ which is nice
+1 Loot. - Customer support was just as friendly and tiny bit quickerā¦ but they also have less customers to deal with I imagine.
- I have an account number and sort code which means I can do more operations with the card (+1 loot).
Overall, Monzo is a clear winner but there are some nice features to be noticed in Loot. 5pts vs 3 pts in my awesome scoring system 
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Iāve been using Loot for a few weeks. I like the fact you can send money back to another UK Bank account.
On iOS Notifications work straight away, Android wonāt show.
Also, iOS Provides Fingerprint support, while on Android you have to use the password everytime (No PIN support either).
Transaction feed is bit clunky and messy. Just basic info. No time or location.
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You might be aware of this but for anyone thatās new to Monzo - obviously you will be able to send money to other UK bank accounts, once the current accounts launch.
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Iām fully aware of that.
But itās interesting that other Cards, like Loot, and Revolut allow you to do this, without having a Bank License/Current account service.
I love Monzo, donāt get me wrong.
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Iāve just noticed another feature which is quite nice. Once you allocate your weekly budget, your daily budget will change day to day on the basis of what has been spent. As I spent less yesterday, my daily budget was slightly bigger today. Would love to see something like this at Monzo!
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Monzo kind of does this with the green/orange/red bars. Iād agree itās much easier having a figure you know you can budget to.
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I like that idea a lot. Would be interesting to see how it fluctuates across the month.
Personally I think the ātargetsā do something slightly different. While itās a great monthly budgeting tool it is not as useful on a day-to-day or weekly basis. But I know that monzonauts have mentioned this before in ideas so Iām sure we will see how things will develop
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Iāve been using Loot to debug some terrible e-money products.
Would be nice if I could see the sender account number as well as the sort code. Iām guessing Loot represses that information.
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Received my Loot card. Looks pretty.
However the web site and app are a nightmare, at least for me. Weird inconsistencies around logging in.
Comms is all Chat-based. However, although responsive, Iāve just been asked for passport ID, photo phone number etc so they can reset my account.
I pointed out that I hadnāt been asked for any of that previously. A tad unsettling. Iāve emptied my account pro-am.
LOOT https://www.loot.io/
Any of you used Loot as a prepaid card or emoney solution? If so what are your thoughts and experiences?
I know it has been mentioned here in the past but I am looking for up to date feedback by people who have seen/used their app.
If hasnāt changed much on the ios side however categories have been implemented so you can tag your spending in a quite similar fashion to monzo. There are targets of sorts but just for spending.
One of the features I do like about loot is the ability to generate statements in-app.
Other than that, I use loot as my backup fee-free travel card (the number of cash withdrawals both domestic and abroad that are free is 2 per month, above that and youāll pay Ā£1 per withdrawal).
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That is because they are not banks or trying to be actual banks. They are ācash handling organisationsā set up with virtual sort codes and account numbers. For example Revolut is actually a (single?) Lloyds bank account behind its wonderful facade. Monzo wants to be a real bank (like newcomer Starling is an actual bank) so it aiming for that without trying to be a fake bank in the meantime.
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Hi all,
Just looking around and Iāve seen Loot has some decent features - pots and a web interface. Wondering if anyone has used it and what they think compared to Monzo?
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quite a few posts on it in this topic here - found by putting ālootā into the search frying pan at the top of the page right hand side
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Er, frying pan?!!? Magnifying glass, surely? 
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Im using the old Mondo term of frying pan 
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