According to their official blog post it is 0.3%, yes
Strangely, the top FAQ in the Starling app is Can I deposit cash?, but the text hasnāt been updated with the new PO arrangements. I would have thought this would be pushed out at the same time as the blog post.
Itās 0.3% per transaction with a minimum fee of Ā£3.
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Same as the interchange fee cap for credit cards! Wonder if thatās relevant
For business account cash deposits up to Ā£1,000, thereās a Ā£3 charge and for anything over Ā£1,000, thereās a 0.3% charge on the deposit value.
Which is exactly what I said above: itās 0.3% per transaction with a minimum fee of Ā£3.
Up to and including Ā£1,000 - Ā£3 fee
Above Ā£1,000 - 0.3%
So Ā£1,500 would attract a fee of Ā£4.50. It isnāt Ā£3 plus 0.3% of the total deposit.
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Ah, I wasnāt thinking about Ā£1,000 at 3% would be Ā£3!
Probably why I donāt run my own business.
Either way though, my comments about the Business Pay-in probably subsidising the personal Deposits still makes sense I think.
Yeah, you could be right, sustaining rather than subsidising but either way itās definitely a good excellent proposition from Starling. The process looks smooth and the in-app bits look well thought out.
With it explicitly saying Post Office Banking Services and having the logo, I wonder if thereās the possibility of other methods of paying-in coming up. Did the NatWest paying in have something similar? I wonder if theyāll ditch the agreement with NatWest now that this is in place?
I think theyāve probably learned their lesson with regards to teasing things maybe a little prematurely, especially when it involves third parties! It would be nice to see a little bit of inbetween going forward, like a sneak peak a few weeks before they know theyāre going to launch but I guess that might not work without a forum anymore because the feedback loop isnāt there. Iām not sure Twitter is necessarily the best platform for that?
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Already have this feature with my First Direct account.
Nice to have a second option though.
No, 3% of Ā£1,000 is Ā£30! Itās 0.3% of Ā£1k that is Ā£3. Another way of writing Starlingās fee for business account deposits is ā0.3% of the deposit amount, with a minimum of Ā£3.ā
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Haha my maths is clearly fried!
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I asked CS for new cards to use PO deposits, and was told they would send one for my personal account, but one wasnāt needed for my joint account, since that already works.
I donāt have any vertical cards, but my joint account card is much newer. Iād imagine, therefore, that all joint account cards, and personal vertical cards, have chips that are compatible with PO deposits.
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How many people open a new fintech account, close it, and then want to re open it all in the same year?
No problem with the 12 month ban personally.
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I hope you donāt mind me asking, but what brings you to the Monzo forum if youāve no skin in the game, so to speak?
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Maybe. But Iād probably put money on most of Monzo and Starling account holders having another account elsewhere - and thatās quite a sizable number these days.
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I still have my Nationwide account, purely for the FlexPlus benefits (specifically the mobile phone insurance).
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Thanks, Iāll check it out :).
Honestly i think its down to word of mouth.
Ive spread monzo amongst my friends because up until recently it was trending upwards and making really positive steps, great customer service, great product and features.
Now perhaps the role is reversed. If i hadnt already flogged monzo to my mates then id be pushing starling.
Monzo done well with the whatsapp kind of game plan ( works best when all your friends use the same one) nobody wants to be stuck on fb messenger lol
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