📰 Battle of the smartphone banks: Are app-only accounts worth having? - This Is Money


(Alex Sherwood) #1

These app-only banks are like Marmite, most either love them or can’t think of anything worse.

Bit harsh :flushed:

They don’t actually give a verdict for some reason but this is a pretty good summary of the different challengers (+ B’s :wink:) offerings.

Kind of crazy to see how much attention they give cheques..


(Jack Donovan) #2

Written by a true lover of Legacy Banking, clearly. :joy:


(Simon B) #3

That Marmite analogy is pretty terrible.

Do people actively hate the idea of app only banks and recoil in disgust? In my experience, it’s only ever been a moderate “well, it sounds like an exciting idea but I’m not sure it’s for me because X” with a couple of people.


#4

Not really.

I took B up on their £250 bribe. Whilst with them I recieved a cheque (grrr) and used their cheque imaging to pay it in. It worked really well.

I’ve since moved to NatWest (because £125 bribe) and following the sale of my car have received two cheque refunds for pro-rats unused parking permit and vehicle excise licence. (Grrr). I had to find a bank branch to pay them in.

Overall it’s a fair article. Whether the marmite comment is accurate or not is irrelevant. Personally, I think it’s a silly comment. I neither love nor hate Monzo or Starling. They’re both interesting banks but they need to do better to challenge legacy banks.


(Alex Sherwood) #5

Right so either their audience regard cheques as a key service - which as someone who hasn’t used a cheque in years, blows my mind - or they’ve got the focus wrong & are putting people off the challengers for no real reason. I’m guessing that they know they audience & it’s the former. So it’s a good thing that Monzo can process cheques :nauseated_face:


#6

No. As you’ll know from my posts in this community, I don’t like cheques either. They’re an antiquated mechanism for moving money. In fact, I think largely the same of cash.

Unfortunately, cheques are still a thing. B handles this well, Monzo and Starling don’t ‘challenge’ this aspect for [reasons].

(I’ve been unlucky enough to receive three cheques in three months. It was not frictionless. For many people, cheques are more prevalent.)

Just because the article doesn’t trumpet Monzo as the best thing since sliced bread doesn’t make it unreasonable. Well, apart from the marmite comment which was a little silly and inaccurate.


(Alex Sherwood) #7

Please don’t - I didn’t say that. I wasn’t trying to imply it either.


#8

And nor did I say you said that.

Aside from that, I thought it was a fair article, useful for someone unfamiliar but not telling you, I or many in this community anything that we didn’t already know.


(Graham - Mental health professional) #9

Let’s develop this thread a bit more shall we? :smirk:


(Jack Donovan) #10

I haven’t ever had a cheque book, and I’m 27 :joy:


( related to Monzo CEO, Investor in Monzo ) #11

whilst not denying some users still do receive cheques in payment - as an important way of receiving funds, and without a legacy current account have a certain degree of friction depositing them in “challenger” banks, looking over my legacy bank statements, I have deposited two cheques in the last 3 years but was given the option before receiving the cheques from the issuers of an electronic bank transfer , and Ive sent one cheque out in the last 3 years - my cheque book is in the house somewhere :slight_smile:


(Michael) #12

I still have the same cheque book form when I first opened my bank, the address on it is still for a branch that closed over 10 years ago. I’ve written less than 10 in my life, but I receive many cheques each year. I’m due another £40+ one next month.

I get that they’re legacy and annoying, but for existing older systems, it’s really easy to just leave that computer automatically printing cheques on the bottom of letters than pay thousands of £ for a system overhaul to manage it all digitally.