While they are both large and popular digital banking services, Monzo takes the slight edge here. More information can be found, Send an international money transfer via Wise, fee information can be found, 1 per deposit (limited free cash deposits for Monzo Plus and Premium accounts), 2 free replacements then 5 thereafter in the UK, Earn cashback if you integrate with apps such as Tail located within the Starling Bank Marketplace, Access to rewards and offers with a Monzo Plus or Premium account, Access to home and life insurance providers via the Starling Bank marketplace*, Access to insurance benefits with Premium plans, Between 2.00% - 3.90% with savings providers partnered with Monzo. Starling users can easily locate relevant products via the app and integrate their accounts. We found that both employ industry-standard safety measures such as 2FA or biometric login. Winner: It's a tie. Monzo vs Revolut vs N26 vs Starling: Who's the Baddest Challenger on Which Business Account is better Monzo or Starling? 1. Both apps offer live chat support and both websites have help centres full of FAQs and resources. Monzo's budgeting features are slightly better than Starling's as you can set budgets for spending categories and there is also the option to get your salary paid a day early. Subscribers can get 10 bonus cashback at TopCashback. The best mobile bank: Monzo vs Starling vs Revolut vs Monese - Be Clever With Your Cash June 17, 2020 | Blog The best mobile bank: Monzo vs Starling vs Revolut vs Monese Should you move to a digital-only bank? 5.50 for SWIFT payments. Both digital banks offer FSCS protection and features that come with a UK-registered bank account such as direct debits and the ability to apply for an overdraft. There are no credit checks, although a photo of your ID and a short selfie video is required. Then, you should put in the equivalent amount of pennies on the day of the year. This category only includes cookies that ensures basic functionalities and security features of the website. 11% rated it as 'Bad' with customers commenting on problems with approving payments and account reviews. Starling takes it one step further with a children's account, which is integrated within the parent's personal account but it does come with a 2 monthly fee. At times, challenger banks seem too good to be true: less-than-a-day account opening, very low fees, and attractive applications these are very un-banklike. Signing up takes less than a day for each bank, and you will see your debit card in the mail within a few days. Lucky for us, it means there are plenty of great sign-up offers to choose from. When shes not writing, she can be found climbing or watching a movie. Best Performing Drawdown Pension Providers. Both Starling and Monzo users appreciate the slick interface, innovative features, and easy account-opening processes. It does not offer loans, but the app can help you get connected with a loan provider. Starling will not charge you any interest on the amount overdrawn. Starling Bank vs Revolut: Best Fees, Card, and Exchange Rate? In this section we have put together a range of financial guides. Our recommendations are always unbiased and independent. Revolut vs Monzo Which One Should You Use? Plus, you can use both cards with Apple Pay and Google Pay, making payments a breeze. Both banks offer fee-free spending abroad although Monzo does enforce limits on cash withdrawals depending on where you are travelling. Monzo is currently available in the UK and only offers accounts in pounds. Bonus: N26 Get Europe's best online bank as an EEA citizen 07. Monzos red coral MasterCard is free upon sign up while Monese charges a one-time 4.95 delivery fee for its debit MasterCard. The same systems and official bodies, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), protect and regulate the likes of NatWest and Lloyds and do so with Starling and Monzo. Then we will give our verdict of which is the best mobile banking app. They can save you a significant amount when compared to traditional banks. If you wish to earn interest on your money then Monzo may be more appealing as it has connections with providers that offer interest-earning savings accounts. Note that Monzo will charge 1 per cash deposit for standard accounts, while Starling allows 1,000 deposits for free per year. Its a lot more flexible too, with options for different kinds of savers. Winner: Starling. While Samsung Pay may not be as popular (yet still, it accounts for 9% of all digital transactions within the UK), it's worth noting that Starling is the only option if you're a fan. Below, you can find out how Starling vs Monzo looks: As you can see, its quite a close matchup, with both banks providing a strong offering. may also receive compensation if you click on certain links posted on 75% of customers have rated Starling as 'Excellent' citing it as an easy-to-use bank and great when spending abroad. Both companies offer them, however on quite different terms. These apps directly integrate with Starling you can, for example, round up your payments to send every extra penny to your ISA account with Wealthify. VAT number: 259751759. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. If done correctly, you'll end up with 667.95 by the end of the year. We compare both brands regarding features, banking experience, safety, costs, and more. Monese and Monzo compare very well to each other for their basic, free plans. No fees for spending abroad, although Mastercard's exchange rate can apply to foreign currency transactions. can open an account in less than 10 minutes. This gives you the chance to not only put money aside but to accrue some interest on it. Starling offers unlimited free ATM withdrawals in the UK, while with Monzo you can withdraw up to 250 for free every 30 days in either the UK or EEA (its a combined limit), then theres a 3% charge. 5 things we learnt from Monzo's 2023 Annual Report Banking and finance is a fast-growing industry thats in constant change. You can mix and match with other features: With Starling, you can create designated Spaces for various types of spending, like entertainment, groceries, rent, etc. If you are sending money abroad with Monzo, this is done via Wise which charges a low-cost transfer fee that varies depending on the amount you are transferring and the currency you are using. Monzo vs Starling Which is Best For You? They are essentially disposable and allow you to shop online without using your actual card details to provide you with an extra layer of security. Monese vs. Monzo Business vs. Starling Bank vs. Wise Comparison 80% of customers have rated Monzo as 'Excellent' and have commented on a great app design, good customer service and ease of use abroad. Compare Knab vs. Monese vs. Monzo Business vs. Starling Bank in 2023 by cost, reviews, features, integrations, deployment, target market, support options, trial offers, training options, years in business, region, and more using the chart below. If we had to choose just one, it would probably be Starling, for its free Post Office cash deposits and fee-free ATM withdrawals wherever you are in the world. Monzo Vs Starling (+ Pros & Cons) - Which Is Better In 2023? - CompareBanks >>> Jump to Comparison Table <<<< Yes, they can be very safe if you pick the right one. Global Impact Finance LtdRue du Pont 221003 LausanneSwitzerland. Monese offers banking services in British pounds, euros, and Romanian leu for their current accounts. You can apply for overdrafts with both Starling and Monzo the interest rate youre offered will depend on your personal circumstances and credit score, although Starlings overdraft interest rate scale starts at 15% EAR, compared to Monzos starting point of 19% EAR. Monzos Pots and Starlings Goals let you stash money away for particular things, like a holiday or a savings target. While we are independent, we may receive compensation from There is little difference between the fees with a Starling* and Monzo account as both banks are free to open and maintain a personal account. Monzo protects your deposits up to 85,000, provides overdrafts, and pays interest on savings. Accounts are fully secured using segregated user accounts and HTTPS and cards are 3-D Secure. Although that doesn't beat Starling's limit which is effectively 9,000. As such, it makes it difficult to declare one better than the other. Meanwhile, Monzo, as with many other things, reserves it for its paid users. Monzo only pays interest on Premium and Pro accounts for balances up to 2,000, ranging from 1% to 1.5% AER, while Starling pays 0.5% AER on balances up to 85,000. ","anchorName":"#verdict"}]}, We show offers we can track - that's not every product on the marketyet. Starling gives an amount based on your current situation. Overall winner: Is Starling better than Monzo? A GBP to USD transfer, for example, would cost around 0.38% with Wise. Monzo was initially designed to be a full-fledged marketplace for financial products. Starling and Monzo are the same when it comes to using their respective cards to make purchases abroad neither charges a fee. Moneses mobile app supports international money transfers in many currencies, but charges a very high 2.50% per transfer, regardless of the currencies. Starling vs Monzo Which One Should You Use? Monzo vs Starling | Fees, Exchange Rates & Speed Compared It is mandatory to procure user consent prior to running these cookies on your website. If you are unsure, seek independent financial, legal, tax and/or accounting advice. You can lock up any amount between 2,000 and 1,000,000 and earn interest at an AER rate of 3.25%. The accounts are then usually opened on the same day and both the cards are sent through the post for free, taking about the same time to arrive. Winner: Starling. Free up to 200/month outside EEA Free up to 250/month in UK/EEA, Free up to 200/month outside EEA (3% thereafter), 0.4% plus local transfer fees. Revolut vs Starling Bank: How do they compare? It is the newest kid on the block having only just arrived at the start of 2019 but differs considerably from Monzo. The digital banks typically support a fashionable, versatile app that can do anything a bank clerk does generating bank statements, freezing and unfreezing cards, and depositing cheques. Monito's experts spend hours researching and testing services so that you don't have to. If youre looking for updates, advice or just straightforward opinions and what you should be looking for from UK banks, look no further. Monzo offers a tiered membership model and most of the features that you can get for free with Starling, like virtual cards, are reserved for paid users only. However, it has limited integrations and varying monthly fees. If you dont feel like youre getting much from your bank account, switching has never been easier! But Starling also offers a kids card called Starling Kite (managed through the parents Starling account). 1 February 2022. Monzo charges for ATM withdrawals abroad and in the UK once you've reached a set limit whereas Starling Bank has fee-free ATM withdrawals worldwide. build up a credit score without having to use a credit card, choose the most competitive interest rates on the market, send money overseas at transparent and industry-low rates, transition from high-street banking to a modern, digital bank, no proof of residency is required to open an account. In the age of reckless spending and digital miscreants, it's more important than ever to have some control over our financial tools. Starling Bank customers receive 0.5% interest on current account balances up to 2,000 (0.25% thereafter up to 85,000) which is more than most banks. That means that if Monese goes out of business, your money will be unaffected and be refunded to you in full. Multiple top-up methods and three foreign currencies are supported, but overdraft and interest on the standard account are not. Monese vs Monzo: Which offers the safest online banking? Who's the Both banks excel in effective card management. On the other hand, Monzo provides a seamless account setup . Overall, there is little difference between these two digital bank accounts. Starling vs Monzo - which is the better app-only bank? He brings his background in international affairs and his experiences living in Japan to provide readers with comprehensive information that also acknowledges the local context. Its Credit Builder feature allows you to build up a credit score without having to use a credit card, which is an interesting and innovative product. They both offer savings pots and even let you earn interest on your savings. Monzo provides GBP balances only, while Starling allows you to open EUR personal account and a USD business account for 5/month. Many noted that customer service is fairly hard to reach, and disputes simply take too long to be resolved. Sign up for our email updates on the best bank deals, money savings tips and more. Starling vs Monzo Which one should you use in 2023? - Moneyzine Monzo has yet to announce any interest rate incentive for current account customers. Monzo is also quite creative in its campaigns for saving. To illustrate the overdraft charges, lets look into the interest cost of borrowing 500 at different rates. Various fixed rate and flexible options from 1% - 1.7%. Monzo has a Trustpilot rating of 4.4 out of 5 stars from over 24,000 reviews. Despite being rich in its innovations, Starling has room for improvement in terms of advanced banking features. Damien helps to put you in control. Monzo vs Starling Bank: Best for Fees, Multi-Currency & Saving - Monito We are in the midst of a banking transformation, and the likes of Monzo, Starling, and Revolut are leading the charge. monese.com. Youll pay 15%. NUMBERS Starling no longer allows purchasing cryptocurrencies using its cards, while Monzo still does. Duly authorised and regulated by the FCA in the United Kingdom, as well as by the relevant authorities in all the countries in which it operates. The likes of HSBC and Nationwide also banned cryptocurrency purchases using their cards; while we find that limiting, its a matter of preference. Starling Bank review: The best place to put your money? Both banks offer ways of splitting bills, but Starling takes it a step further. Gmail. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. Spending tracker. This includes Germany, Spain, Poland, Italy, France, Norway, and several others. Before you make your choice, you can read through our in-depth Monese bank review and Monzo bank review. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. These two bodies work together to maintain a stable and trustworthy banking environment in the country. The UKs main regulatory bodies, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) authorise banking institutions, regardless of their business model, to ensure fairness and transparency of their services. Paid accounts come with a host of additional perks like phone and travel insurance or higher interest on savings accounts. Plus, you dont get a multi-currency account even for a fee with Monzo, whereas Starling offers USD and EUR add-ons for 2 and 5 per month, respectively. The best mobile bank: Monzo vs Starling vs Revolut vs Monese Both Monzo and Starling offer budgeting features within the app and the ability to track and categorise your payments however, Monzo does take it one step further by offering the ability to set budgets, and spending targets as well as track trends within your spending. Idil is a writer with interests ranging from arts and politics to history and finance. Winner: Starling. Level 2, 20 St Thomas St, As the race for expansion begins to hot up, these new providers are scrambling for customers. Monzo has partnered with other British banks to get you interest on your money, although withdrawal and deposit limits may apply. She has a journalism degree from the University of Sheffield and has been a journalist for more than 10 years, writing on topics including fintech, payment systems and retail. You can also earn 0.05% interest on the entire balance in your Starling Bank personal account. We live in a time when were spoilt for choice when it comes to digital banks. Winner: Monzo. Below, you can find out how Starling vs Monzo looks: As you can see, it's quite a close matchup, with both banks providing a strong offering. With both, you can apply in around five minutes and get your physical card within a few days (although Monzo is slightly quicker). What Are the Pros & Cons of Each? Monese does not pay interest on savings, but does have an in-app integration that gives you access to an interest-bearing savings account. Monzo provides fee-free ATM withdrawals up to a certain limit before it starts charging a 3% fee and this varies depending on whether you are travelling within the European Economic Area (EEA). You can also add your Starling card or Monzo card to Apply Pay and Google Pay, but only Starling supports Samsung Pay.