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I haven't used Monzo, but I have now fully switched to Starling, which seems extremely similar - it's part of the new banking avant-garde in the UK and a signif
by rocgf 8y ago
I haven't used Monzo, but I have now fully switched to Starling, which seems extremely similar - it's part of the new banking avant-garde in the UK and a significant step forward compared to traditional banking.
After 5 years with a Natwest account, I would never go back. I find it incredible that it still takes traditional banks 2-3 days to update my statement with my latest transactions. I'd have scares regularly because I'd have 300 pounds disappear from my account and I wouldn't know why for a few days.
Another example is changing my address - it literally took less than a minute with Starling, all from my mobile app. With Natwest I had to physically walk to a branch, wait in a queue, talk to someone - in total, probably more than an hour lost.
Yet another example - it takes about a week to open a business bank account with Natwest. It took 5 minutes with Starling, all from home.
If anyone has any second thoughts about switching to something like Starling, then just open an account. It's about as painless as you can imagine - you download the app, apply for it with a 10 second video and then a card gets mailed to your address. I can't believe I didn't do it sooner.
- ForHackernews 8y ago> Another example is changing my address - it literally took less than a minute with Starling, all from my mobile app. Sounds like a feature ripe for abuse and identity theft.
- ubercow13 8y agoHow?
- ForHackernews 8y agoIf whatever API that mobile app uses were compromised, the attacker could easily update the address and then make changes to a user's account without the user receiving notifications to realize the problem.
- ubercow13 8y agoNot sure I understand - you don't receive notifications by post anyway? Why not just attack the 'transfer money' API instead of the address change one...
- deleted 8y ago[deleted]
- rocgf 8y agoIn theory, yes. I have thought about this as well. At the same time, you need (a) the device where the account has already been set up and (b) the master password. I'm not exactly sure what an attacker might be able to do by changing the address, since by having both (a) and (b), he would already have access to your full account.
- pjc50 8y agoDo any of the challenger banks do join accounts yet? Last time I looked Monzo didn't. If they did I'd jump on it immediately.
- matthewmacleod 8y agoMonzo recently launched joint accounts. I've set one up and got the cards, but we haven't made the switch quite yet (apparently automated switching isn't possible coming from existing joint accounts, so I need to spend an hour or so updating existing payments).
- tonyedgecombe 8y agoIt's a bit odd the way they handle it, from what I can see you both need your own account then you share a third joint account.
- sjwright 8y agoYes, Monzo and Starling both promote joint accounts on their home pages.
- rocgf 8y agoStarling definitely does, and I do have one with my partner. Same as my other comment, it is trivial to sign up and a pleasure to use. Before Starling, we did want to create a joint account with TSB, so we set up an appointment at a branch, but it got cancelled 2 hours before it was supposed to happen.
- toyg 8y agoStarling is great, I used them for my first business account. However, I've since moved elsewhere because 1) no webapp, and 2) no Xero integration. I need one or the other to operate properly, downloading and uploading CSVs gets tiring fast.
- dharma1 8y agoWhat are you using now for business banking? I would like 1) and 2) also.
- toyg 8y agoSantander. Absolutely painful to open the account (took a month and two in-person meetings just to get a business account with a credit card), but Xero integration works fine and the website and mobile app are tolerable (if very 2008-looking).
- rocgf 8y agoIf it's of any use to you, they did announce that they will integrate soon with Xero and FreeAgent. https://twitter.com/starlingbank/status/999915241843511297?lang=en https://twitter.com/starlingbank/status/999915241843511297?l... (you need to scroll down a bit for the Xero reference)
- toyg 8y agoYeah I know, which is why I kept the account open in standby.
- djhworld 8y agoAnother upvote for Starling here. I wasn't too impressed withthe other 'challenger' banks, but maybe I'm just too old for their target demographic.
- nmca 8y agoThe Monzo founding team all used to work for Starling. They all got fired on the same day, and now run a better bank.
- baby 8y agoI've been trying to close a french bank account for years. I haven't been able to do it because I need to do everything either by going to my specific attributed branch, or I need to send them expensive letters that are every time rejected because I'm missing something. So I keep paying a monthly fee of a dozen bucks...