Why Starling Bank Has Beaten Monzo In The UK (5 Reasons)
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- Опубліковано 8 сер 2024
- Starling Bank has beaten Monzo over the last 2 years in the UK.
Starling Bank is now profitable while Monzo is losing more money every year.
Starling Bank is growing and considering making acquisitions while Monzo is collecting funding rounds to make ends meet.
In this video I will share my view on why Starling Bank has beaten Monzo by explaining the 5 big reasons why the two biggest challenger banks in the UK are so different.
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Leave a comment if you agree OR disagree! Would be great to hear some opinions!
Bro you are offering golden nugget of investment informations, better than any UK finance youtubers. It is a crying shame you are not as big as Graham Stephens. I guess Britons don't search for investment related contents.
Spot on! I was surprised that you didn't even go into the overseas benefits that Starling has over Monzo, got Starling for when I went travelling and it has virtually no charges!
100% agree
Don't want to mention Revolut, but it's been good, especially the crypto side of things. And you can send to wallets now.
I'll be honest. All I care about is how good a bank's pot function is and Monzo kicks ass so I'm not leaving.
A lot of people will agree with you - that feature is pretty kick ass. 👍
I've had a Starling account for 4 years. It's been great, especially when outside the UK. We have a joint account for our family 'day to day' expenses which is excellent for tracking spending.
I went for Starling… because i won a Nintendo Mini through one of their early competitions. They were talking my language :). NFA
BRIBERY! 😂
Spot on as always Sasha! I think Monzo's sheer popularity with the younger generation will be its saving grace. At least 7/10 people I know have a Monzo account as a 'cash card' alongside their high street bank. I don't know very many people with a Starling (besides myself and a few friends), but seeing people who use Starling often have it as their main bank, and are much smarter/ financially aware than the younger generation, which admittedly I am apart of 😂
Thanks Niall and completely agree - the numbers of users are very different, but I actually think it's not necessarily an advantage unless Monzo quickly figure out how to change that behavioural trajectory.
@@SashaYanshin Very true - most people will stick with it out of convenience, but some will jump ship if they're given a reason to do so.
I myself have started putting my Starling cash spend onto my Chase card, mainly for the 1% cashback and 5% round ups, which went live today on my account.
You're right that Starling choosing to focus on B2B and business loans was a huge game-changer. Monzo was trying to iterate- but had no focus.
Made a huge difference to their fortunes over the last 2 years and that shows how important diversifying products is for banks. You never know how things can turn.
I made the switch completely from Santander to Starling for 3 years ago now. I've had no issues and zero regrets. At the time the main choice was Monzo or Starling. I am not sure what drew me to Starling, but after watching this video I am glad I chose Starling. I love the modern features of Starling, at the same time, it is not trying to be "cool", it feels like a professional and legitimate bank with clear goals that is becoming profitable and focusing on features that are useful to customers. All these new features are nice, but if it doesn't do the basics of being a bank and being trustworthy and professional, then it is a no go for me.
Exactly in the same boat having switched from a high street bank to Starling. Absolutely flawless so far - not something I can say of any high street bank.
I've been a Starling customer for one month now and it is Brill-i-ant! I was accepted immediately. Monzo took days, then rejected me!🤨
Starling us great for budgeting and money management, so easy to use. 🤩💷
I think Monzo offering their new Monzo Flex feature could be a real game changer!
It’s going to draw in even more modern and young users, who will be impressed with their usability and pot features and could end up switching fully. Cutting into the Klarna style market.
I absolutely love starling.
The only time I used Monzo was when travelling with my friends
Why was that? Starling is even better for travelling than monzo
Monzo Flex is the game changer for me. Along with all the other budgeting features, salary sorter etc, it’s just a better option now. Starling feels better for some people just because of their more “serious” branding. I am not saying that they don’t have some advantages like travel or depositing money but for me at least, these are not something I look after. Buying something for 600£ and splitting it to 200£ per month with no interest? That’s a convenient for sure.
I've been waiting for a Starling vs Monzo comparison!
I have actual comparisons (although they are a little old) where I go through the features etc - check those out!
Is Starling's future brighter than Monzo's coral pink card though?! Sounds like it might just be! Great video Sasha.
I really like Monzo for user friendly budgeting, and did actually invest a (very small) amount in their crowdfunding. I might check out Starling too :)
and starling's bright turquoise card is pretty dazzlingly bright too
My wife and I both have starling as our main accounts and we also have a joint account. Really like them
Yup - in the same boat 👍
This was so interesting and useful, thank you so much!
With both Starling and Monzo, but have recently opened an account with Chase, when Chase allow direct debits etc, I think I’ll be moving over to them, but I’ll more than likely keep Starling and Monzo accounts open as backups. Both are relatively new compared to Chase who already have a presence in the US.
Will be looking at Chase in more depth - lack of DDs and a few other things are an obvious issue for adoption as a bank of choice but I need to read up on what they have said/announced/are planning.
I use the chase account for its rewards. It's a spending card basically. It's better than my amex platinum credit card. Only for a year though
agree on everything there, ive just opened an account with Chase too and cant wait to see what they have in store
Great video, thanks! Having been a Monzo user since beta, I’ve found myself wondering… what the hell are they doing? No features or innovation for a long time. But tbh, they work fine for mine and my wife’s joint account, with post for bills and short term savings, while I have moved back to using HSBC as my “proper” bank. This way I spend less time worrying about the implementation details of the FSCS…
I am all in Starling now - a big fan and a lot better than HSBC in my books
@@SashaYanshin HSBC works well for me at the moment. Only complaints are a lack of pots and uncompetitive forex fees!
Tide also has the concept of "pots", but these pots actually have an account number. Very useful for small business, freelancers etc. Now FCA approved should open a sensible alternative
Love your videos Sasha keep up the good work 😊💪
Thanks Jack!
Looking forward to your Chase Bank review. I got mine yesterday. For sure this new comer will take the shine off Starling. Especially with the 1% Cashback and FX free spend.
I ditched Monzo for a bank switch offer to Santander.
I have no idea what to expect!
i think starling is going to end up being the number 1 bank in the next 20 years. all the high street banks can’t match the service that starling gives
I like the instant notification when you spend on it went to aldi earlier today and got the notification that I had spent at aldi even before the reciept had been printed from the till
For me a bank is good if their customer service is very good. Without that the rest doesn’t matter (app,card colour:) etc).
I'm a student here in the UK and i applied for Monzo, which bank do you recommend for a student who's looking to open a saving's account?
Do you think Starling Bank are gonna come out with a credit card of their own soon? If they're doing this well without one, I can imagine the credit card doing very well for them too
What about Revolut compering to monzo and sterling
I wish Starling would implement the budgeting feature similar to Monzo’s
Is the “spaces” feature similar to Monzo’s “pots”?
@@sharonmc5192 yeah its the exact same, you can also organise your direct debits and standing orders in a savings space which is very handy :D
Great video! Can you op a Starling account if you don't live the UK? If so, how? Thank you!
Will you say something about Revolut please? I like their services but I have the impression that their economic situation isn't too sound, there are audit/reporting concerns etc. And no banking licence in UK. Yikes! I use them a lot for travelling but don't leave a large balance there.
Fantastic video! 👍🏻
Thanks!
Do you think Wise will ever go into consumer banking?
Maybe - the name change certainly suggests they are moving that way. Now that they have floated and have the card products, I'd be surprised if they didn't.
Agree Sasha, I want Monzo to work so well but their financial accounts are scary. I just hope that Starling are the Microsoft of the banking industry and Monzo are the Apple of the market and will show some recovery at their darkest hour. Both platforms have some great features. I’ll continue us to watch the space 🤞
Let's hope! Maybe the new competition from Chase will help them along!
@@SashaYanshin absolutely, exciting times though 👌
I have had a starling account from the beginning of the year after much consideration and watching some of your videos. I use it alongside my high street bank account and it’s been great so far! Like you pointed out, monzo just doesn’t have that same consistency.
Glad you like it! 👍
Fully agree with you here.
I joined Monzo back in 2016 and I consider it my “cool” bank. I use it for all my expendable income stuff like eating out etc. however, I’ve never felt comfortable trusting them with more than that because they don’t feel mature or consistent (the double-edge of being trendy I suppose).
In 2018 I joined Starling because I wanted Apple Pay and They were the only bank to offer it at the time (I think). Soon after joining, I felt they could take over my high-street bank as my main bank for income, direct debits, overdrafts and so on. Starling feels more grounded and focused than Monzo, while being more convenient and technologically ahead of high street banks
I have a feeling there are a lot of people who share your sentiment there...
Please can you make a video about the etorro money card account that they offer would like to hear your opinions 👍
Will you do review of the new Chase account?
Will do - need to apply for it, get it, use it, etc etc so give me a few weeks :)
Plus I only just got back from my break so only just getting into the swing of things!
@@SashaYanshin Cool..look forward to your review :)
Great video,, I've just "signed up" for Starling on the strength of this information,,
I really like starling. Especially on holiday. The card is great. And the euro account muy bien
For people who do use Euros, that account is pretty neat 👍
How do you open a euro account
@@Marco_Saitama You need to have a regular pound account first, but then you can just open it in the app
I went from monzo to starling and I'm now going back. Starling used to have a decent app until the upgrade a year or so ago, I really dislike how it's set up now.
Have you managed to get your hands on a chase account yet? What are your thoughts atm?
Not yet - only got back from my road trip this week!
Starling’s business kit is brilliant. They focus on banking.
Monzo has a lot of good features in place (instant life transactions and the saving pots being two big pluses for me), however I mainly use Monzo as a pre-paid card.
I still think the traditional banks have far more reliable day to day features in place, so for that reason, I’m sticking with my current high street bank.
I also love the user experience it’s so much better
And that it’s one of few Crypto friendly banks.
I use both. Both are great. I prefer starling + they also provide you with a free euro account. Monzo's flex is amazing though. Flex's BNPL through a virtual card that works everywhere + option to use monzo's physical debit card and then flex it + section 75 protection. I also had my flex credit increased to 5k. Hence, I stopped using my actual credit card.
Can you do a video on how Santander is literally the worst bank ever
I've not heard dazzling reports, but what makes them the very worst of the worst?
Good stuff glad im with starling
Thank you Kevin!
I still have a 'normal' bank account, but use Monzo as a secondary account just for the pots. I have lots of pots that I add to every month as soon as I get paid.
Just opened Chase for this same reason !
Just set up starling today going to keep my santander for every day bills and large saving pot, i also have a Halifax for my mortgage payments along with my pension pot which I will also keep
I will set up a weekly direct debit to my starling with the free cash I have left over looks promising
May switch fully the only problem I see is no direct debits for Netflix any others?
Netflix doesn't offer payments by direct debit, you just pay as a recurring card payment
I love Starling but I closed it. Waiting till July before I can reopen an account. Monzo is a bank where I just don’t trust it at all with all the account closures etc. I have joined Chase Bank tho so hopefully once it’s out of beta mode it will become a great bank 😊
Why did you close it if you love it?
@@SashaYanshin I thought HSBC had more features and better at the time and got a switch bonus lol
Judging from the negative comments on the Google play store, the feeling I have is that everything is fine until you need support.
Then anything could happen, from frozen accounts to transactions in limbo to the inability to use the account altogether, which is especially troublesome when abroad.
Also it looks like starling is obsessed with kyc and extra verifications which could be required at any time during the life cycle of the account. On a side note they also botched one of the last android updates, which forced users to go through video verification once again (although some users reported they needed to go through this multiple times).
Haven't heard about some of those issues - thanks for bringing them up.
I do, however, get A LOT of complaints from people through my channel and other places and I can see a huge difference between the likes of Monzo & Monese (very high complaints) and Starling.
I guess none of them are perfect but some may be better on average.
@@SashaYanshin there is a significant comment about someone who lost £500 as a transaction was supposed to be returned to his starling account, and starling in the meantime closed the account and has no record of the transaction even happening.
That's banking 101 to me.
Another significant issue seems to be that refunded transactions simply disappear once the transaction is successfully refunded. Again... Banking 101.
@@bufordmaddogtannen You'd have thought that payment would have ended up in an internal suspense account somewhere to be traced... more than a bit sus if not. t. former W^HBank employee who doesn't get the Starling love-in, they were complete morons to me in rejecting my business account application and I've vowed never to use them, ever.
I have banked with Santander (current account) for over 30 years & want to switch to Starling, a little scared!!!
I switched after many years with First Direct. Of course it's a personal thing, but I could not be happier 👍
What sort of thing are you scared about?
Agree Sasha that Starling has the potential to become a big player in the banking world. I use Starling as my main current account and find the product and customer service to be exceptional.
👍
I think wise is the best
Hi Sasha, can you please make an update on AMD?
What about it? I did one not all that long ago!
True, but the stock has dropped I think 13% since it's peak at the time of your video, quite rapidly, and has kept the new value since. You don't think that means anything long term?
@@idak7950 Nope - market is down and nothing has changed for me on long-term optics. If anything, I think my target price has crept up.
Interesting :D Ok, tnx for your reply and all the videos you do :)
*Update* I rejoined Starling after 6 months (not 12 months as told by starling) here is how I did it.
My partner has an account with Starling and they sent me a link to join the bank and also got a tree planted! The process is the same as first time joining but the referral link opens an account sooner than 12 months if you previously closed your account. If you don’t use the link and apply as normal online it will decline you. I’m so happy this happened for me as I love Starling. I definitely won’t be changing banks now. I’ve tried all the others and Starling is more trusting and reliable and consistent
"Instead of trying to figure out how to scale up customer support Monzo was busy trying to figure out how to cut out a debit card from a piece of metal" 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣 this is the best thing I have heard in ages. Never used Monzo and probably never will due to gimmicks such as metal cards. I need a bank to be a bank
Starling supports Garmin Pay but Monzo doesn't. Very niche but I use it.
Dunno why, Starling on the app store went from 4.7 (Same as Monzo), straight to 4.2 in a day. That's quite a hit. Would probably use this bank full time if they went Visa, and gave a better looking card. Then again, a lot of banks are moving the mastercard for some reason
Next Monzo should be like "sort us out Sasha!"
ha! Not in this lifetime!
Hopefully starling will bring the paid early feature like monzo
why did starling and i think monzo end their real cheap overdrafts rates. was it just a gimmick to lure people in or was it a change in the law
To be honest I would say I been with most uk current account provides at some point and I stayed with nationwide I think thay are best high street bank along with barleys Mozo is ok but would never trust it as mine bank account I like the card with mozo but I don’t think the 5 pounds charge for replacement of a debit card for Monzo is fair as no high street banks do it. I think starling is good but I like Monzo card colour more lol
but would really choose a bank based on the colour of its card?
Starling has online banking...
Monzo only has a cellphone app.
I opened a Monzo account to start dabbling with crypto. Now Monzo won't even deal with Binance. WTF was the point! Is Starling the answer for me or Revolut?
Revolut
i like monzo better i like there new virtual cards for pots
Monzo is way better user experience
Definitely a matter of personal preference - a lot of people do like it which is why I mentioned it in the video 👍
Best place to get a loan from Sasha?
Down the back alley from this guy in a grey tracksuit called Kev. Perfect customer service!
@@SashaYanshin ha ha - 25k wanna put it all on ethereum
@@fitnessandfreedom7131 hope you didn't.
monzo flex out soon
I wouldn’t recommend Starling, I’ve had problems with them charging me out the blue.
Monzo had absolutely no issues
Did they charge you for an overdraft? or is the charge literally for no reason?
And then Chase will beat them all...
Will be taking a look!
@@Black-Circle I've heard those stories about pretty much any bank
@@Black-Circle I have my ISA with Nutmeg (aka Chase) so I hope they can be trusted!
TSB spend and save account is a laughable attempt to take on the Challenger banks
Monzo is the best
Both were great for fraud
Come again?
Monzo has been my rock and starling never offered me the right product
You're in an unarranged overdraft. Please add money to your account before midnight to avoid charges.
Surely they would make their money back on the Monzo premium £5.00 a month
I'm not so sure, I don't really think the features are things many people are prepared to spend a fiver a month, I think most people are unwilling to pay for their bank account unless it includes things like travel insurance or breakdown cover and the like
One day I will work at Starling Bank.
An interesting goal!
Yeah, Im Team Starling, that Team Coral is falling. People still hasnt makes their mind what colour is the card
Haha. I hope they figure it out - they seem to be trying but I am not sure that the Buy Now, Pay Later move is going to be it.