What brand offers better ease of use, accessibility, transparency & security? How likely would you be to recommend finder to a friend or colleague? Monzo has a range of options. Copyright 2023 CompareBanks. Meanwhile, Starling doesnt have fees for making ATM withdrawals anywhere overseas, as many times as you need to. Monzo, on the other hand, has integrated its service with Wise (formerly TransferWise) to send money overseas at transparent and industry-low rates. Youre probably all too familiar with the often outrageous cost of sending money abroad. For Starling, that is the only personal current account it operates, but Monzo has expanded its current account range with two paid-for accounts, Monzo Plus and Monzo Premium. Monzo offers a more rounded banking experience with exposure to a range of savings and borrowing options, whereas Starling is the better choice for frugal users, and is more versatile in the features it offers. Monzo was initially designed to be a full-fledged marketplace for financial products. Overall which bank is better Starling or Monzo? Monese vs Monzo: Which offers the safest online banking? Who's the Monzos fee schedule was more direct and accessible than Moneses schedule, which also impacted our scores. Compare Monese vs. Monzo Business vs. Starling Bank vs. Which Business Account is better Monzo or Starling? 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. Both Starling and Monzo have budgeting tools allowing you to categorise your spending. Starling vs Monzo | Which is better for fees, features and more? If you are looking for greater saving and borrowing options then Monzo may be better as it has a greater choice between savings accounts that allow you to earn interest with partner banks and the option to borrow up to 25,000 with a personal loan. Best Performing Drawdown Pension Providers. The best & cheapest stocks and shares ISA fund platforms. Both services have options including notifications, direct debits, budgeting, financial planning, and multi-currency summaries. At a Glance About Monzo and Starling Bank Which brand has lower fees? Best 0% balance transfer credit card deals, Section 75 of the Consumer Credit Act explained - plus how to claim. Starling vs Monzo - which is the better app-only bank? Trading cryptocurrencies is not supervised by any EU regulatory framework. Both Starling and Monzo are UK-registered banks which means that your deposits are protected by the Financial Services Compensation Scheme (FSCS) up to the value of 85,000 or 170,000 for a joint account. Finder.com Comparison UK Limited (company number: 10482489) is Starling Bank vs Revolut: Best Fees, Card, and Exchange Rate? You can send and receive money to and from nearby Starling users via Bluetooth, and send out links to settle IOUs (I owe you), as the bank calls it. Real-time notifications when your spending trends too high. View more in-depth data on: Competitors; Products; Customer References and more; . All in all, its a really close call, and based on our customer satisfaction survey youre likely to have an excellent banking experience with either of them plus you could always try both for free, if youre still undecided. Starling no longer allows purchasing cryptocurrencies using its cards, while Monzo still does. You will get a free virtual card with Moneses free plan. Online Banks Like Monzo: The Best Monzo Alternatives in the UK. Necessary cookies are absolutely essential for the website to function properly. Your capital is at risk. Moneses mobile app supports international money transfers in many currencies, but charges a very high 2.50% per transfer, regardless of the currencies. 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. To us, including some of the basic features that other online banks offer free of charge into paid accounts hurts Monzos appeal to many. Starling says after 3 months it can consider an increase to your overdraft limit above 5,000 but this will be based on what you can afford to pay back depending on your monthly income. This is subject to our. 5 things we learnt from Monzo's 2023 Annual Report There are no credit checks, although a photo of your ID and a short selfie video is required. If you want to deposit cash or cheques you can do so with both Monzo and Starling. In reality, each could be more suited to some users than others. Conclusion - Monese vs Monzo. Monzo vs Revolut vs N26 vs Starling: Who's the Baddest Challenger on Starling vs Monzo We take a closer look at two challenger banks making waves in digital finance, to help you decide between using Starling or Monzo. So is there anything to choose between these rivals? You can choose to save your money in an easy-access or fixed savings account and earn up to 3.90% interest depending on the account that you choose. Instead, you can integrate your Monese account with a savings service provider called Raisin to help you access interest on your savings. Monzo's overdraft comes with a 50p charge . Both have spending categories, where your transactions are automatically placed into pre-set categories like groceries or eating out. Im afraid that were unable to provide feedback on your query as being better between the two of them depends on what youre looking for a digital bank. The cards offered by Monese and Monzo come with identical features. Although the differences are minimal, Monzo does offer better interest rates than Starling, along with more account options and creative solutions that encourage users to grow their savings. Foreign transfers are charged at 1.5% of the amount and also include a 2 fee. On the other hand, Monzo provides a seamless account setup . If you are choosing the best app-only bank for spending abroad, both Monzo and Starling* offer fee-free spending abroad, however, Monzo has limits on ATM withdrawals which may end up costing you more if you regularly require access to cash. Monzo is also quite creative in its campaigns for saving. If you are not a resident of the UK or US, then Monese will be your default option here due to Monzos unavailability outside of those countries. Both have the challenger-bank flagship feature round-up, which rounds up each purchase you make to the nearest pound and deposits the difference into your savings. Compare the fees and features of these three digital bank accounts. Both providers have financial services, including notifications, financial analysis and budgeting. Read our reviews for a more in-depth analysis of each of the challenger banks. All these features are a great help for you to be on top of your spending and know how much is in your account. And if so which one is best? If you dont feel like youre getting much from your bank account, switching has never been easier! Banks and building societies offer up cash and vouchers when you switch, and will handle the boring bits for you. 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. But if youre not a heavy cash user, either at home or abroad, then that might not be the most important factor to you. Both offer various options for topping up your account, including bank transfers, direct deposits, and even old-fashioned cash deposits at partner locations across the UK, so you'll never be caught short. Here we take a side by side look at what they can offer you. The viral challenge starts with putting 1p on the first day of January. 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. N26 and Monzo offer fee-free ATM withdrawals for UK customers taking out pounds, so if you often find yourself at the ATM, these could be for you. Starling gives an amount based on your current situation. Monese accounts accept direct debits in GBP, EUR, and RON, which can also be managed as joint accounts. After that, it cost 50p per day overdrawn. Compare Monese vs. Monzo Business vs. MoonPay vs. Starling Bank These cookies do not store any personal information. However, the rates on offer arent quite as good as those offered by traditional banks: Its often useful to have a backup line of credit such as an overdraft. our site. Various fintechs and challenger banks have embraced the digital world, offering an alternative to traditional financial infrastructures. Monese is technically licensed in the United Kingdom as an Electronic Money Institution while Monzo has a full UK bank licence. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. There is and weve set it out below. With starling it will cost you 2 gbp/month! 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. There are many similarities, and each has its pros and cons. Both banks offer various ways to split bills with friends and family, but Starling takes it a step further. All customers are provided a free overdraft of up to 20. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Level 2, 20 St Thomas St, If you wish to jump to key section of the article you can do so via the following links: Starling* and Monzo are very similar and there are few differences between the two. Compare Knab vs. Monese vs. Monzo Business vs. Starling Bank According to the latest government data, Brits used cash in only 15% of all payments. Best Mobile Bank App UK by April 13, 2023 It partnered with other UK banks, including OakNorth and Charter Savings Bank, to offer numerous (and better) rates. They may also require your proof of address. Winner: Starling. Additionally, youll need to pass a soft credit check to be eligible. Both offer email and call-in customer support, although Monzos phone support is more readily accessible. By Lauren Burrows 11 min Read Published: 01 Dec 2022 What is Monese? In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. Many noted that customer service is fairly hard to reach, and disputes simply take too long to be resolved. KashFlow. On the flip side, Starling has better incentives for travellers. Many users find fee structures easy to understand and fair, and there are plenty of positive remarks about using the cards while travelling. Notifies if you have insufficient funds. For each bank, you will need one of the following documents: UK photo card driving licence (full or provisional). If you're interested in cashback deals then you may wish to look at Revolut as it offers cashback for Revolut customers including those on the free Standard plan. Well-rated and slick user interface with many interesting features, including instant spending notifications and easy budgeting. While Monzos withdrawal limits are technically more flexible, albeit at a cost, they also have a point. 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.