Like N26 do…
Anyway it is not possible to get any logos for small corner shops or abroad spending.
Categorise spending and that’s it
Like N26 do…
I know last year Monzo really dropped the ball on merchant information updates but I’ve not seen any recent posts complaining about this. I did some last year that never got processed but this year the updates I’ve done have been processed very quick
I think they really need to crowdsource these from customers, who can check suggestions by other customers. Maybe set up a points system…
Would be better long term than doing it in house, which must be expensive and never ending.
I suggested this on the old Starling forum. By far the best solution
Ha! Maybe I’m half remembering your suggestion.
Or just great minds
Two years since Starling launched*!
*well, a bit more than that. A few days late to the Starling party
400% sounds impressive. However, not so much if you compare it to Monzo’s growth.
I became a Monzo customer in January 2016, and they’ve since grown by 380,200% - admittedly a longer period, but much steeper rate of growth!
Monzo have grown almost 200% over the same period Starling are reporting, but from a much higher base, so in pure customer numbers, that’s much stronger growth
It would be interesting to know what they class as customers.
I started the process to apply for an account. I got to the ID stage and decided not to continue. Starling still report on my credit report as having an active open account.
Yes, I wasn’t very happy about that. I started opening my Starling account day one of launch, then baulked at the idea of a video selfie. The account was technically open and unused until I got over myself (and they launched Fitbit Pay, which I proceeded to never use).
On one level this doesn’t practically matter. But on another, it’s absolutely the wrong thing to do, particularly if they’re providing this data to credit reference agencies before they’ve validated your identity. This sort of thing isn’t limited to Starling but is sloppy and just not good enough, in my view.
Just interested, why is this a problem for you? I had no such issues personally. But then I have no issues with credit reference agencies seeing my data. It might just be my age and I’ve got past the point of caring, perks I suppose of being a completely traceable individual being a former employee of the State for most of my adult working life.
I think the issue is that the bank had not confirmed his identity yet.
So if I signed up to load of banks as you but never confirmed my identity it would show up on your credit score as you having x numer of banks accounts that you had never heard of.
Ah, yup, got you, misunderstood the context.
That’s the whole point of a credit report, if you see someone is opening bank accounts in your name or applying to loans you know that your identity has been stolen, so you can promptly take the appropriate action. If they didn’t report unconfirmed identities then you would never know about it.
The account shouldn’t be open (and not reported on) until identity is confirmed.
That’s true. But what Starling did was report an account to the credit reference agency before they’d conducted their own identity checks.
Have you approached or challenged Starling Bank over this?
Listen, I’m not trying to make a ‘Starling is bad’ point. I still have an account (two accounts, actually) and think that on the whole they’re better than most banks out there.
I do think that this - if they still do it - is poor practice, though.
I need some advice. Thinking of moving over to Starling. I’m a huge fan of Monzo, and have had it for almost 1 year now, it’s changed the way I bank (without sounding clichè). I love the app, although on Android it looks less developed than iOS. Show some love to Android .
Anyway the reasons I’m thinking of changing are:
- Monzo overdraft fees are much more expensive than Starling, I’ve read comments around this and people always bring up the whole budgeting malarkey, the whole point of an overdraft is that it’s there to be used as a safety net. It doesn’t change the facts that Starling are more competitive in this regard.
- Starling seem to be ahead in terms of rolling out features more quickly (and it’s not like there’s major flaws in the features at time of rollout too)
- Starling overseas fees are greater than Monzo, in terms of ATM withdrawals abroad (Haven’t been on holiday in about 10 years so I’m not sure why this is a factor for me )
- Starling have already introduced loans intertwined with their overdraft. I know Monzo are slowly rolling this out, but I can imagine it being such a small amount (£) that it’s no point being called a Loan. Which brings me to the next point.
- Cash deposits on Starling up to £20k. Monzo is something like £1000 every 180 days. What happens when you sell your car for example? I want one current account as I don’t see the point of having more than one. Its too messy to think about.
- Customer service seems to be going downhill, agents do not understand the issue and are just replying for the sake of it - kind of reminds me of a Call Centre feel.
- This doesn’t mean much but an adding factor… Starling won best current account at an awards.
- Starling pay interest on your balance I believe, Monzo will introduce this in Monzo Plus (something you get for free in Starling, but not on Monzo). Seems like they’re now rushing to make money without extra thought of the consumers. Organisations tend to get complacent from customer growth.
It feels like Starling have more features but Monzo is nice on the eyes. Like Android has more flexibility in features, Apple is simple on the eye. I’ve chosen Android because features are more important, so with this not-so-good analogy, do i transition to Starling? I don’t even want to trial it either alongside with my Monzo, as I’ll be spending over a year trying to decide.
As mentioned, I’m a huge fan of Monzo and really am invested in observing the growth and supporting the brand. I’ve gotten a lot of my friends on Monzo and can’t stop speaking about it to others, even to this day (had a convo yesterday about it). Love the UI - although iPhones ones look better, splitting bills, easy to pay contacts on and off of Monzo which is also really important for me, I love it.
So in a nutshell that’s the main points. Monzo have their reasons to charge fees etc here and there, but again, doesn’t change the fact that Starling are simply better with this. Though Starling may change their fees as they’ll realise it’s not sustainable enough?? My thoughts.
What do you guys think? Do I just be patient and have faith that Monzo will eventually turn out to be the superior and more efficient? Or take the plunge with Starling, in hope that their fees don’t change too much. As let’s be honest, we’re invested into a bank/finances, not an app, although an app makes a hell of a difference in enjoyment, I actually enjoy banking and learning new things from this forum!
you should do what suits you, its only a bank account at the end of the day , you have listed all the things you personally feel is better about Starling , so you’ve answered your questions, go for it .
lol especially seeing as they won best current account at an awards
The only thing is I would keep more than one current account open, rather than solely relying on one current account.
I think your flaw is the thought you only need one account. Why not open a Starling account, leave Monzo open, and see which you actually prefer?
No one has to make a choice on a hypothetical.