Monzo rival: Loot

Monzo Chat
15

If hasn’t 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 you’ll pay £1 per withdrawal).

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16

That is because they are not banks or trying to be actual banks. They are “cash handling organisations” 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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17

Hi all,

Just looking around and I’ve 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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18

quite a few posts on it in this topic here - found by putting ‘loot’ into the search frying pan at the top of the page right hand side

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19

Er, frying pan?!!? Magnifying glass, surely? :open_mouth:

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20

Im using the old Mondo term of frying pan :slight_smile:

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21

Fair enough. I went through the forum pages looking first but neglected the search button. That’s my fault.

I’ll give it a go now, seems there’s some changes since the earlier posts here and I’ll do a roundup of what it’s like.

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22

So I’ve grabbed a loot card because it has goals active which i really want to try

The app crashed loads and needed force closing to show that my account had in fact been created. Truly a frustrating experience so far.

Now ive been on with their customer service as…

I tried a small topup from my Monzo debit card but had it frozen so it declined twice (which showed in Monzo app)

Then i defrosted card but it shows an error on Loot which their customer service say they normally see only on foreign cards.

So I guess maybe Loot dont recognise 535522? Does anyone else hane this or are your cards working ok?

23

I meant to post an update on this a couple of weeks ago.

I got a Loot card, tried it out for a couple of days and closed it. Here’s a quick roundup:

  • App doesn’t feel very fluid to me
  • Another Starling-esque circular home screen that’s just useless
  • Goals are good, it’s nice to see what it’ll be like when we get it here
  • The few merchants I used it with had logos etc.
  • Having a web interface is pretty useful
  • Couldn’t find a forum or community
  • Old Mastercard logo on the card (small gripe but still)
  • It doesn’t look as though FSCS support will ever be added, which isn’t ideal. I understand Monzo doesn’t currently have this but it’s listed as :soon:

All in all, not bad. I’d recommend over Starling and if you’re dying to try out the goals/pots feature, then it works well here.

24

Last time I tried it, felt like their app was one of those hybrid Apache Cordova/PhoneGap apps which is really just a wrapper around a web app (though available offline), definitely doesn’t feel as fluid as a native app like Monzo’s.

25

Monzo do have it?

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26

Yeah I’ve had loot for a while. I think they’ve got some nice ideas but my god is their execution terrible. The app is just so buggy. I still have it, and try it out every now and then but it hasn’t got any better. I much prefer Starling to it, but each to their own.

I do really like the card though, and having a web interface nearly makes me use it despite the terrible app.

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27

Monzo have it for the current account, not for the prepaid

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28

Ah, that’s interesting. I found that info on the ‘About’ page. Is that out of date?

29

And Geoff, that’s why I should read all the messages before replying! :stuck_out_tongue_winking_eye:

30

I have a Loot card… such a cool card design with the translucency. The app can be quite buggy and having to log in every time on Android is a real pain. But the daily budget (money remaining divided by days remaining) is pretty cool and the goals (basically ‘pots’) feature is awesome.

Not sure what their long game is and how they look to make a profit in the long term, but I can see why they might be popular with students.

31

pre-paid are not eligible for FSCS protection

https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-deposits/#question12

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32

Now that’s an interesting model, wished we had that as one of the Monzo choices on the vote.

33

You did - option 4 :wink:

34

The blog post said that, the actual vote thread didnt. It said along the lines of: comments section seemed to only be relevant if there wasn’t a clear winner it stated.