Monzo / Mondo / Revolut banking

It's REALLY good in my experience. You just flick between accounts.

Plus the instant notifications mean I can see what's being spent with or without my consent in real time ;)

In seriousness though...very easy to set up. Very easy to set up DDs and standing orders. I'd recommend.

Monzo:
It does have apple pay
Does not offer crypto currency's, and the CEO (Tom Blomfield) has said he does not want to incorporate it, even tho he has an overwhelming amount of people ask for it.

Revolut:
does not offer apple pay yet, but they have said it is coming in the next few weeks.
Does offer crypto currency's, but you cant take ownership of your Private Keys. You cant send it to your own personal wallet. only buy and sell.

WireX: Does not offer apple pay.
Does offer crypto currency's, and you can send it to your on Personal wallet.

I like all 3 for different reasons.
I use Revolut the most.

Viola are just the beginnings of another start up trying to create a buzz around their potential offering. Essentially they are offering the same as revolut in a prepaid cash card with the same bells and whistles in the app as revolut and monzo but the key difference I can see so far is that Viola charge a monthly account fee of £4 for the privilege. Yes revolut do charge you if you decide to go premium but...you can choose not to but with Viola you dont have that choice.

Yeah essentially you just switch between accounts and its super simple to pay funds into it from your main monzo account or from elsewhere as it has a regular sort code and account number.

It really is simple to set up too. one of you creates the 'association' a notification goes to them to confirm and theres some confirmation stuff to click through but its all simple.

Viola Black looks like a pisstake.

Monthly fees.
Fees for using the card to withdraw at an ATM abroad.
Fees for using the card to withdraw at an ATM in the UK.
Fees for not using the card (after 120 days).
Fees for a declined transaction.
Fees to replace a virtual card (huh?)

£3 for every UK ATM withdrawal and £4 a month....

It's a minimal thought, arrogant and cyncial product spin up from the e-wallet group.
Existing tech, existing, contract and service modelling - New UI ripped from Monzo

Cheeky fuckers. I did wonder about them using their budget for marketing. Obviously that's the only thing they can exploit.

Just looking at wirex, looks interesting.

I use YNAB (You Need A Budget) and just keep track of all my spends on all cards.

The idea is 'Every Dollar needs a job' (US site obviously) but its meant that I'm now a month ahead of my bills and have £5K in savings. There is a monthly charge but its 5 bucks or less if you sign up for a annual charge.

App for the phone and a website that you can copy bank and card statements into.

Revolutionary for me who used to dread opening a CC statement...

I signed up for Starling a few days before going on holiday to the states for the no fee forrun transactions and the no fee cash withdrawal.

Now I use it as my everyday card and I love it. Really good for keeping track of your spending with all the notifications and the way it categorises everything. Also it allows you to stash money in different "pots" so you can save for different things without moving money out of the actual account.

The only thing that is a bit shit which i think would be the same with all these apps is that if you lose your phone (or drop it in the sea) then you have no access until you get it back which is obviously a PITA.

Would be great if they had a web version or at least an app you could download onto a laptop

Agree, I now use it as my main account not fully switched over but will do in the next few weeks. I agree about the losing phone issue, Monzo have a very simple web interface for such issues hope Starling do the same.

One that's worth looking at is Metro Bank. Not quite as hipster as the other suggestions as it actually has banks (although they are open late and at weekends) and a website but it does have free cash withdrawals for Europe and an app that seems pretty decent.

Any Money dashboard users? They are issuing shares (privately), can get 10 by signing up:
Referral link: https://share.moneydashboard.com/K48SLWPT

Got to say that I'm finding Wirex pretty shit so far.

Set up an account, did the KYC verification (which it claimed would verify in five minutes but hadn't a few days later). Got multiple emails/notifications suggesting I should do the verification process, seeming not realising it was processing.

Then about a day later got a spammy looking email saying that I needed to reset my password because:
● Our internal security system has deemed your password or memorable word insufficiently secure
● Your account has been inactive for the last 90 days
● You have not updated your password in the last 90 days

Given I'd only set the account up recently and the password was a lengthy, randomly generated string I ignored that as I wasn't overly keen on clicking on the link in the unsolicited email to reset my password.

Going on the app it didn't give me any message about resetting my password but locked me out when I tried to log in (it claimed the password was wrong).

Contacting support there are 84 people ahead of me.

Think I'll give up on trialling this one ...

One that's worth looking at is Metro Bank.

Maybe not...

https://www.wired.co.uk/article/revolut-trade-unions-labour-fintech-politics-storonsky

I know it’s late but don’t any of the traditional banks have a fully web account opening process for joint accounts? I opened my Barclays account completely online, and then my joint account also completely online (we were each individually customers, but the process wasn’t logged in for either, the check is down at the back end to tie it to existing accounts)

We signed up to our joint Nationwide account completely online, still looks like it's available that way too.

Metro bank do (not sure if that's traditional enough, they have real branches though).

Monzo do, if you are both monzo users

We actually used to be with metro for our joint account, but the app was terrible. Couldn’t add a new payee in the app.

I don't tend to use the app for doing stuff so hadn't really noticed. Seems like you can now looking at the current app.

Starling Banking app is currently broken for anyone using a Xiaomi phone and has updated to the latest security patch. Starling are currently talking to the Xiaomi UK dev team...(best of luck)

I’ve moved savings into Revolut due to a decent exchange rate and having a wedding next year in Italy so needed money in euros. I can’t see what guarantees there are around the money and wondering given recent news if it’s best to take it out and just accept poorer fx etc

Any thoughts?

I seem to remember that the Revolut money is actually stored by Barclay's and it's covered by the FCA or similar.

Not 100% but I don't think I was concerned when I looked at it previously.

Transferwise borderless account lets you store euros and is protected.