Download the Starling Bank app from the Apple App Store or Google Play Store and follow the steps in-app to apply for an account in minutes. Report Save. Bitcoin value ‘increasingly understood’ by Millennials, Frugal Living Tips to Recession-Proof Your Money, Financial Independence Books You Should Read, Lockdown Hits Millennials and Gen Z ‘Hardest’, Marcus Savings Account Closed to New Customers. In this article, we compare the 3 platforms and talk about their pros, cons, and who they are best suited for. And for the most part, customers are used to making decisions on who their primary bank is going to be based on such criteria. Monzo and Starling Bank have overdraft protection, but Revolut doesn’t. However, they charge a 3% fee for everything withdrawn over £200 a month. Monzo also has a phone number that customers can call and an in-app chat. 3. share. And Monzo and Starling sailed ahead of the rest of the pack, with 78% and 70% of users respectively saying their apps … Starling users can issue a Debit Card in the name of a third person. You can see the product live in action and perform your own comparisons as well. , but focusing on the Features and UX one is able to find in Starling and Monzo. As with Starling Bank's app, you get an instant notification every time you use your card as payments clear much faster compared to traditional bank. Monzo, Revolut, and Starling are 3 popular mobile banking apps in the UK. Revolut vs Monzo: App features and reviews Both Revolut and Monzo offer very similar features within their apps. ✅ Immediately cancel your card if lost or stolen✅ Claim to be 4x at stopping card fraud vs other banks✅ Claim to be 3x at stopping identity theft vs other banks✅ Protected saving pots separate from daily spending account✅ Create ‘tabs’ to pay friends and split bills✅ Round-up change straight to a designated locked savings pot✅ Set budgets and track your progress each month✅ Instant notifications if your direct debits change in price. Challenger banking apps often look like the social media platforms, which younger generations are so used to interacting with on a daily basis. Alas, Starling Bank and Monzo. Instead of a personal IBAN for Monzo users, you can send international transfers via the Monzo app through a TransferWise integration. Revolut vs Monzo vs Starling: the verdict. I will start by benchmarking these both Challenger Banks in the Market. Accounts - Starling users are lucky because they can very easily close a savings account (with or without remaining balance). More than 5,000 MoneySavers took part in our poll, which asked respondents to rate their bank's app by the quality of its features and how easy it is to use. The most prominent Functionalities that they share for each category are: Money Transfers (Shared Functionalities 25): Now let’s focus on their UX. I am going to start this analysis as I mentioned above, from a higher level of information, and drill down to the lowest level of detail that I can reach, thanks to FinTech Insights. All in all, it’s a really, really close call and you’ll probably have an excellent banking experience with either of them – so you could always try both and get a feel for both apps! Features that they are missing (in comparison to Starling) - worth adding. For example, when it comes to Starling we can clearly see that they have focused heavily on Money Transfers (50 Functionalities), Accounts (39 Functionalities) and Cards(36 Functionalities). With cash deposits, Starling allows you to pay cash in for free at any Post Office branch. 6 1 year ago. Starling’s secret weapon is arguably the features available for customers travelling overseas. Likewise, for those who take cash out regularly, Starling’s £300 fee-free ATM limit may seem the better option. By Rich Martin. Monzo and Starling rose to fame and popularity with their new banking features – slick apps, free spending abroad and real-time transactions are just a few of the favourites. Consumers no longer want the inconvenience of going into a branch, queuing for a teller to deposit cash into their account. Your browser does not support the video tag. Since both are heavily focused on the mobile devices, it makes sense for me to focus on their iOS and Android applications and explore the UX offered in each of them. Setup by Anne Boden in 2014, the banking stalwart has had extensive experience working for Lloyds, Standard Chartered and RBS but she knew the industry needed revolutionising (she’s written a book on it, if you’re interested). Like most industries, banks are in the midst of a digital transformation and established veterans on the high-street are getting ousted by up-and-coming challengers solely operating online, utilising cloud-based technology. Overall Monzo provides a bit of a higher score for UX, when it comes to the mobile devices than the UX score of Starling. During their analysis of Starling Bank, the FinTech Insights team encountered this very nice feature Starling offers, which is innovative and very useful! level 2. Kind of how. All three companies provide in-app saving mechanisms and interest-bearing accounts. Revolut saw more app downloads than rivals Monzo and Starling Bank combined By James Cook 3 January 2021 • 8:00pm Revolut, the digital banking app, grew more quickly last year in … I have previously talked about how, using FinTech Insights, I was able to objectively compare the UX offered between several Banks - no matter their nature. You have the ability to see real-time spending notifications, categorise your spending, budget your money and more. Its retail banking app offers personal, business and joint current accounts on Android and iOS. The points below relate to their current account. Then we will give our verdict of which is the best mobile banking app. They have two phone numbers to choose from, one that you can call if you’re in the UK and one that you can call if you’re abroad. How Monzo, Revolut, Starling and N26 plan to topple legacy banks. Revolut’s relatively high number may be attributed to … Monzo said it had 3 million customers in September 2019 and Starling said it had 1 million customers in October 2019. By Sabrina Weiss. As we have seen, there are not very big differences between these 3 challengers. Overdraft. The world of fintech has brought about a revolution in banking, with digital challenger banks such as Monzo and Starling leading the way with their app-based current accounts, along with Revolut, Monese and the now defunct N26. Here is the information we can find by running this comparison: Of course these are actually quite a lot as you can see from the graph. Thus far, their service has been faultless. Monzo and Starling have also been able to take advantage of Apple Pay and Google Pay, so you can use an app and just your phone to manage your entire bank account and make purchases. 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