Monzo vs Starling vs Chase: The best digital banks compared
HTML-код
- Опубликовано: 20 июл 2024
- Chase, Starling and Monzo all offer some of the best current accounts and apps in the UK - but how do you pick between these three leading digital banks?
This video breaks down features such as card controls, budgeting, spending, transfers, saving, stability, ethics and security.
Basically everything you need to know to help you pick the one that's best for you.
*See the full comparison tables from the video at becleverwithyourcash.com/monz...
*Get £20 for joining Chase becleverwithyourcash.com/chas...
W A T C H N E X T
Monzo review • Monzo bank review (2022)
Starling review • Starling Bank Review
Chase review • Chase Bank UK review:...
The best UK Bank accounts • The Best UK Bank Accou...
R E A D N E X T
The best bank switching and reward offers becleverwithyourcash.com/the-...
#Bankaccounts #DigitalBanks #ChallengerBanks
00:00 Monzo vs Starling vs Chase
02:00 What current accounts do they offer
04:07 Minimum operating systems (OS)
05:00 Welcome offers
05:33 Card controls & features
09:46 Spending
12:44 Transfers
14:39 Budgeting & tracking
17:16 Saving features & interest
20:28 Cash & cheques
22:23 Overdrafts & borrowing
23:30 Design, experience & support
27:17 Company stability
31:05 Ethics
32:23 Summary and my pick
MORE
S U B S C R I B E / @becleverwithyourcash
N E W S L E T T E R - becleverwithyourcash.com/news...
(You'll also get a free Quidco bonus for signing up)
T W I T T E R - / andyclevercash
I N S T A G R A M - / andyclevercash
F A C E B O O K C O M M U N I T Y - / 2661970707423383
B L O G - becleverwithyourcash.com
A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.
Which bank do you prefer? Plus see the tables in detail via this link becleverwithyourcash.com/monzo-vs-starling-vs-chase-the-best-digital-bank/
I've got Starling and Chase and I like them both
chase due 1.5
Thank you so much Andy, its taken a few videos but since going through yours I know now what I need to do
Firstly great video, very informative especially with the excel sheets.
Just wanted to add a few things. Monzo does allow you to see the CVC. Maybe it was changed since the video was made.
I have Starling and Monzo Plus and want to say that Monzo Plus has made a huge difference. The Salary Sorter, Virtual Card and Pots are amazing.
Salary sorter makes sorting the money into pots so easy that it increases you chance to do it every month (I used to put it off as it was time consuming doing it manually before). The Virtual cards allows you to use the money from pots directly so you dont have to remember to move the money from the pots after you spend it e.g withdraw from grocery pot after grocery shopping. I have even registered a virtual card to my wife’s phone so we can both access the same pot (guess like connected card).
The pots automatically updating using virtual card makes it easy to keep track of my current remaining allowance for each pot so I don’t over spend. This has saved me more than 100 each month on average as I am pretty bad at impulse buying so that £5 has definitely been worth it (at least in my case). Saving on useless impulse buy is way better than earning cash-back as you need to spend £10,000 to earn just £100 with 1%. So I dont even pay attention to it.
Anyways I just wanted to throw that in incase it helps anyone. Great work on the video again, learned a lot I didn’t know before.
Hello Andy, thank you for the video! I have all three accounts
I am waiting for my chase card to arrive in the post. I love that the card details are in the app so I can start earning 1% cash back immediately. As far as I see - Chase is by far the winner here purely for the cash back and interest rate! Definitely a bit of an ethical dilemma but that’s most banking really.
Enjoyed the video. Only use the card for spending abroad. Have a Starling and have no complaints.
HI, one of the best features that Starling has is that you can use the app on many devices at the same time. i use it on 4 different devices:) i hope Starling will stay independent and not to be bough by Chase(i heard some news in the past ) anyway Starling is #1 and Chase #2. Monzo is ok but is more like a students bank and the app is complicated. thank you
Hi Andy, I still use my old school Main Steet bank as my 1st account, been with them for over 50 years, Chase is now my every-day choice and Monzo as a second back up, and Revolute Premium Account for travel.
I've been using Monzo has my main bank for a few years. But for the past year I've not been a fan of them pushing the paid plans so much. Then got Chase in January and I am really impressed with it, plus it's very rewarding!
Yes, they’re desperate to make money, hence the paid plans and now Buy Now Pay Later! I’m not convinced any are worth it
@@BeCleverWithYourCash Nor am I, I don't think they are going the right way about it. I guess the premium has some use, but not the plus.
Monzo is an amazing bank would
Love Chase but you have to live in the UK
No mention of ISAs. Do they fit into these digital banks and what happens to my NatWest ISA if I move? Very interesting talk.
Great video, love the spread sheet for easy read and comparison. Haven't quite made a decision yet, but what about adding in Kroo as another comparison??
Great video. It's so informative and I found the comparison sheet so useful
Thanks!
Hi Andy, thanks for the great video. Very informative!
Hi Andy. Really great breakdown. I'm looking to get a card for my everyday spending, so i can stick to my budget. I had a Monzo card before and the app had some great features. What do you think would be the best card for everyday spending?
I have been with Nationwide forever and year by year have been getting more frustrated with their lack of facilities and innovations in their app. The last straw was when I was given a cheque and could not cash it in for over a month and then had to drive to another town to do so, not to mention I cannot set up payments without the card reader, very frustrating!! Their app is very poor and behind the times and sadly the customer service has gone the same way. After a bit of research, I have changed to Starling Bank and by accident found your posts and videos, which have proven to me I have done the right thing. The Starling app feels like a breath of fresh air and its innovations are lightyears away from the Nationwide app. Also, thanks for your videos, which are informative and helpful, keep up the good work, thanks.
I am in exactly the same position as you. Had nationwide as my only account for over £20 and got annoyed the app didn't have features I wanted, like as many pots/spaces as I needed, and the ability to add notes to transactions to remind myself.
I've opened a few of these online accounts recently for switching and I'm blown away! Talk about a breath of fresh air. The nationwide app is absolutely in the dark ages in comparison.
I didn't actually intend to ditch nationwide and switch over but funnily enough the banks that are not paying me the switch bribes are the ones I'm ultimately going to be switching to
I use Monzo and Chase. I use Monzo for the 52 £1 and £0.01 weekly challange and the flex option able to pay anything in 3 installments interest free. Chase for the round up 5% interest and 1.5% for the savings on all the entire balance.
Andy great review! Starling is great but does not have a running balance of you main account. This would be a good addition. Think they want u to use the spaces feature!
You'll probably never see this, Andy, but you can freeze a row... you type Monzo, Starling and Chase, and then right click the row and freeze it.
I have all three and at this moment in time (18.51) Chase is my favourite. I like the 1.5% AER interest on the savings account and generous cashback. (waiting to see what happens after a year) Monzo I love for its famous (or infamous) ring when money hits your account.
From what I’ve heard it will end after 12 months, hence the 1.5% rate on savings
It would have been great to have Revolut next to them cause it supports bunch of features you mentioned
With Lloyds as my main as have an account open with them for 17 years and they offer loans, credit cards, overdrafts, finance - everything.
Starling is my backup and it’s much easier to use and where I generally keep my spending money
I like Revolut’s disposable and virtual cards, I use quite frequently when buying small purchases online. I feel less hesitant to give my card details knowing that it can only be used once.
Bit late, but I always found revolut to be a little dodgy. Not sure who runs it and it isnt protected by UK regulations. Just not as safe to use as Starling, Monzo and Chase in my opinion
Very informative, thanks!
great breakdown of fintech banks in the UK thank you
Great information thanks for sharing much appreciated 👋
can you do an updated version of this vid please?
Which is the better app for everyday spends and bills, but also for tracking your spending trends, breaking them down so you know where your money goes each month, starling or chase
Great advice, thank you!
Monzo seems to be my favourite for app use for sure. The only thing I would change with Monzo is the cheque process even though I only use 1-2 x a year its not the best experience. Also Monzo plus/Premium are not worth it even though the cards do look cool!
I think plus is worth it for the virtual cards and overseeing other bank accounts you got.
A few things to point out. Freezing accounts isn’t just about fraud, it’s more generally around financial crime, including fraud but also money laundering, sanctions, terror financing etc. As regulated banks, they all have obligations and can’t explain why they close an account - it’s literally against the law.
Additionally, Chase is part of JPMC but due to ring fencing your UK deposits aren’t used for JPM investment banking - that is against UK banking regulations. You are supporting those activities tangentially but not directly funding those activities. Worth clarifying this.
I appreciate you’re speaking to a wide audience but nuance and precision matter, especially when it comes to baking regs
What account is best to accept payments from a side hustle/ startup
I was waiting for this
Hope it delivers!
Maybe Monzo have changed recently but you can view your cvc by putting in you PIN. You need your PIN to view CVC and your CVC to view your PIN.
Are there cards that offer something like paypal credit? 0% interest spread over 4 months from date of purchase instead of 0% for all purchases for 12 months ( just example)?
Monzo really annoyed me a few months back, I received a new card for my joint account and after a few weeks the chip stopped working and they refused to replace it for free, wanted me to pay the £5 card replacement fee
Have all three accounts. Starling is the best account, imo, it is where my salary goes to, but I use Chase as my daily spending account because of the cashback.
Same here!
Hi Andy, love Starling purely because of the features and ease but main problem I've had is since Samsung upgraded my phone to android 12 on The Samsung galaxy s21 or above, I do not recieve an instant notification to say I sent some money to my other bank account, I tried all the tech fixes Starling gave me and Samsung with no joy and also Samsung were blaming Starling on the issue and Starling were blaming Samsung so the issue hasn't been resolved lol however I can recieve ALL other payment (push) notifications, not sure what phone you have or if its an android 12, would be great to know if you have the same issue?
I actually have 3 of them. Chase salary, starling for rewards, kids, and bills and monzo for every day spending.
If all 3 were to merge into 1, would be ideal. Chase with the higher interest rate, easier to use app. Monzo working with IFTTT, Starling working with more devices to pay
My interest rate on Monzo is 4.7 I think that’s higher than most banks and average of 3% on each savings pot
Hi @Andy, do I get cashback on my Chase debit card on tfl taps?
I have Starling for everyday banking and Chase for spending and savings reserves. In our particular set up the lack of availability of a joint account at Chase is a MAJOR turn off. As an older married couple we like joint accounts so that the other partner has ready access to cash if the other becomes ill or dies (no probate worries)
Also the app on one device only with Chase is causing us problems
Paul you and your wife will live a long life do not worry.
Check the T&Cs for joint accounts as I’m sure Starling had a clause that their joint account closes as soon as they are informed of a death…
@@waggermama I’m sure that is right. The main aim we have is that the money is not frozen on death. Since it is similar to a “joint tenancy” on a house, the whole value should revert to the surviving spouse, even if they then have to hold it in an account in their sole name.
Hi Andy,
Loved the video! I was just wondering, do you think it’s just as safe as any other bank for me to put large sums of money into my Chase saving accounts because of the 1.5% interest? It’s a great interest rate so I’m really tempted but I’m just a bit sceptical with them being such a new bank in the UK. Many thanks, Ben.
It’s not a great interest rate.
@@Chris_7796 well can you think of another bank that offers an even higher interest rate which also lets you take your money out at any time?
This video is 2+ yrs old now - how about an update? We've had personal Starling accounts for 2+ years & wanted to close our Barclays joint account (20+ yrs old) and move to Starling - however - they refused the request - without explanation (which is normal as I understand it) - we both have 999 credit ratings, no bankruptcies, unpaid loans, missed payments - and mortgage paid off 10 years ago - I get the "open joint" option in the app but my wife - with a monthly income of £3k does not; we've had joint accounts since 1986. The only way Starling deal with any questions is via an 8 week complaint process - the customer service are completely impotent - know nothing, can't resolve anything. We use Chase for everyday spending, Atom for 1yr savings, Tesco CC so just opened a Monzo account with a view to a joint acc there.
I have all 3 accounts plus a 4th high street bank account called Virgin Money. All very useful.
Which is the best just for an everyday spends account?
Can you confirm that Revolute charge a fee when making FX on Saturdays and Sundays? Do Starling do the same? Would be interested in your reply. I've seen somewhere that Revolute do but cannot find anywhere if Starling do the same? Also as an added point. I applied for a Starling account and when chasing up why my application had not been completed after a week CS told me it takes up to 11 days, which I was mad about as it takes additional days to receive a card. This is not advertised anywhere, only when I called CS did this information come to light.
Can I use klarna with a debit card from starling or chase?
ive been using chase since it first launched, its getting better and better, the best debit bank in my opinion, hopefuly they will add credit cards also
Have you moved over all your banking?
@@BeCleverWithYourCash use the red card 2% cash back in CRO and free spotify
@@BeCleverWithYourCash pretty much, although I use HSBC’s credit cards still
@@hybrid7592how’s chase currently?
I'm hoping that Chase in the US will also get the same benefits as UK account holders!
Does some Chase branch in Portugal?? I couldn't find online
Does chase 1% cash back apply to monthly outlay like rent?
Which of these banks atm card is best to use in Philippines?
My phone fits in with the specifications you said are required. It was confusing as there are multiple chase apps in the store. I downloaded it off their website and it was not available on my device.
It needs to be the Chase UK app. It’s ridiculous they offer the American app here when it won’t work!
@@BeCleverWithYourCash I downloaded the american one fine, then uninstalled it once i realised it was not the same as the one on their UK website. But the one direct from the UK website says it is unavailable on my phone which is quite new with Android 10. I'll call them about it, but I already have opened an alternative now anyway.
Hi Andy, you've stated that Starling has 'Automatic Transfer to Pots'. I'm struggling to find this anywhere online and just want to verify it as it would be one of the main features I'd like to use. Particularly for business as I'd like a percentage of all income to automatically go to a taxes pot/space. Can you confirm please?
Great video by the way!
Hi Clive if you go to spaces once you log in, you will be able to create different pots and set up automatic transfers. You will find this feature at the bottom of the home page screen. Hope this helps if not, my apologies.
Monzo does show the 3 numbers on the app btw also interest rate can be around 3% in pots and on main account it goes up every month starts around 2% and goes up so I’m over 4% now
I just checked as well and yes, I could see my card details at the click of a button as well
monzo plus saving pot is 4.6 % AER and chase is 4.1% AER
Do you get cashback on your rent?
Hi all, do you get 1,5% interest rate on your money in Chase Regular account or in saver account? Just opened the Chase account, so not sure. Thanks
Monzo’s direct debits that pay directly out if Pots and along with the plus option to have subscriptions paid out of pots is a deal breaker for me. So I keep Monzo as my main account for all things bills and budget pots. Using Chase for my monthly spending “allowance” with the 1% cash back and round-ups as a rainy day reserve.
I've had more issues with the Chase app in the last month than I have had with Monzo in 5 years... Liked the idea of 1% CB for 12 months, but the app is total garbage and I've given up on it. Opened a First direct account instead. Will switch from Monzo to get the £175 and then just revert back to Monzo.
Great video👍
I ditched Starling when Chase launched, as I was sick of how Starling worked and their poor customer support, 3 week wait to get a replacement card etc. Been using Chase since launch and now use it as my everyday spend card, the main reason is the 1% cashback, 5% roundups and 1.5% savings accounts, their app is easy to use and I have I ever needed to contact customer support, it has been very quick and a real person on the end. Plan on sticking with Chase, so long as there's benefits for me to do so.
They dont even have chaps
What account you must open to getb1,5% on savings? Is it the regular chase account or the saver account?
Andy could you do more videos related to investing like etfs or brookage accounts etc
Hey, afraid it’s not my specialty but check out the @conversation of money channel for investing content
I've been with HSBC for about 10 years. The app really frustrates me. Got Monzo and it was incredible all the features they offered. Only bonus from HSBC was cancelling direct debits from their end since I have had subscriptions that I can't access the account for and customer services wasn't very useful
I'm looking at cancelling my HSBC one for this reason.
Their customer service is shit!
I can’t even transfer £20 on hsbc without them fraud checking me and suspending my online banking it’s happened 4-5 times in the past 2 months that’s why I’m ok this video now😂
Not going with Chase coz the whole point is to support challenger banks and not the biggest bank in the world trying to piggyback on Monzo and Starling's hard work to shake up the UK banking industry! Curious to see if Kroo comes up as well?
What about overall security and fraud. How safe are these from scammers?
I've used pretty much all fintech banks at this point and have starling and chase left. The MONZO business model became off-putting. Starling is used as a shared account for bills with the connected card set up for shopping to budget effectively. Chase is a winner for personal spend but they have had periods of sporadic down time and delays with payments and transactions which is worrying. I am a believer in chase over the long term but it certainly has issues at present with efficacy which I can only presume is down to rapid growth and being relatively new to the fold.
Does Chase instantly update your available balance when making a payment?
Or does it take a few days to clear, making it look like you have more money in your account than you actually do?
Updates instantly
Dear Andy
I am a big fun of your and watch all your Videos but I'm the only one that has Notice that Chase bank give you a Different card number on your bank app from your Physical card I think you should know this and your Fans and that watch your video's and support you as I have lost on a lot of cashback from AirTime Rewards as I put the card details from the app and when I was using my card to pay for things its not the same I called up Chase and they told me the card details on the app it's a Digital card and nothing to do with your Physical card please can you let everyone know ow this on a new update video thank you
cannot access your blog
I just tried to open a Monzo account and they rejected me 😅
Monzo is the better bank but have starling too. Euro account is handy with good conversion rate. Creating up to 5 virtual spaces and 5 cards with Starling for free that Monzo requires a minimum of £5 account upgrade. Monzo resolution handling to problems is far superior too.
I have all three Banks, I have chosen to use Chase coz of the cashback and saving interests. From July 2022 am using Monese coz the cashback
You can get cashback with Monzo?
@@stuarcari I mean Monese, NOT Monzo
@@mascness_gaming oh lol sorry. I just thought it was a typo as Monzo was one of the accounts being discussed. Think I've missed out on Monese as it looks like the offer has ended.
@@stuarcari no worry i just edited my typo XD
@@stuarcari i think the Monese cashback is back on now til end of July 2022, should check it out, i have a referral code if u need :)
I’ve got £350 in a Monzo account and I get like 50p a month interest paid monthly, yea it’s like 2.5% but not bad, better than the 2P a year I used to get from ANY high street bank lol 😂
It goes up every year, I’ve had it over 2 years and get paid £10-15 or more a month in interest
You know if e.g. the Chase UK rate goes down after 12 months are there any implications of e.g. transferring money and closing the account? thanks
No, you’ll be fine to stop using it or close it. Sadly right now you won’t be able to switch away
@@BeCleverWithYourCash thank you very much appreciate it
I like Monzo and I use it for my daily spending, but don’t think I would use it as my main account.
Is that because you don’t trust it, or because you prefer another bank?
Recently opened a Starling Account and Chase shortly afterwards for the rewards and to trial them both. I tried to open a Starling Business account and after weeks of outrageous demands of info from them I got completely turned off of Starling. Chase offers cash back and superior interest rates on savings so I’ve made Chase my main day to day bank now. In terms of the app, there’s not that much between them for me and I think Chase has the backing to be the winner here over the long term.
Really, what stuff were they demanding off you? I had gotten approved for a business card like 20 mins after applying. This is coming from a college student in my final year of btec, who hasn't started even the business yet but explained the idea of it and provided proof of payments received from work at least 3 months ago. (They did that to clarify how I would fund the business for the time being)
@@detweiler Well that explains how silly their process is. I’ve been in business over 10 years. They could’ve looked up all my accounts at companies house. I also already have a business account with Santander that I’ve had for over 10 years. They wanted links to my website, recent invoices as well as recent contracts relating to each invoice. They didn’t seem to understand that in my business contracts aren’t exchanged in a per project business and it just went on and on. Even if I did have contracts, I’m not even sure that would be appropriate as contracts are supposed to be confidential. Anyways, I’m over it. I literally just wanted to try it but will keep my business account with Santander and use Chase for spending/saving.
@@kojosamuel3198 It would be a different process yah considering you already had one😅 sorry about all that. But I didn't think it'd be that tedious...
Though you said you're over it so it cool word
Is monzo and starling uk based? Be I had 8k stolen from me by revolut and it was impossible to get in contact with them
I chose chase, yeah it's not all quite there right now but they're improving and with all the cashback has much more value.
Which is better for using abroad,? My fella has a new job working abroad a lot.
I'd say Chase
I like Starling and Chase, the only problem with Chase the delay when you transfer money, it takes some time 2-4 hours , however i still like to use it with the 1% cashback.
Does it? Faster Payment is pretty much instant for me. I’ve never had any issues.
It may be the receiving/sending bank (depending on what transfers you are doing).
At 16:50 Chase does not provide CSV files is a massive bummer, whoever decided this at Chase needs to have their brain 🧠 inspected. You can't add custom categories in the app and you can't do it yourself using CSV as well. Totally bonkers!
Chase is incredibly fickle. My phone is on Android 11 and works with Chase, my wife's phone is also on Android 11 same manufacturer but a different model will not work. Chase support is hopeless and I discovered their call centre is in the Philippines. In view of this, my feeling at the moment is that I will continue to use Chase for 1% cashback and 1.5% savings until either these end or something better comes along. Long term Starling is the winner for me.
Frustrating that it’s different on different phones!
I only got chase for spending. Now chase AER is 2.1%
At 6:55, Chase also offers those same restrictions as Starling.
I have tried to apply 3 times now with starling bank and it won't work. Even called them on what they Need. But they won't tell me.
Same. On Reddit loads of people with great credit scores get refused, including myself! But my fiancé applied no problem.
Went with Chase and it seems so much better
@@Big_Boss92
They seem to refuse more Men than women...
@@amk8411 My friends a corporate accountant, on top of his own and clients finances - refused
I called chase they say they don't have this card. What an I missing? I'm calling from Florida. Which card should I ask for?
This is UK only
Although Monzo offer a joint account it feels like a bit of an afterthought and not something they are keen to promote.
Could you do a monzo flex breakdown?
I’ll def look at this soon
What about Chase for intl transfers? Monzo partnered with Wise. Starling has its own fees. I have heard that Chase is extremely difficult to transfer money out internationally - obviously banks are good at accepting money. This can be added to your research as for me, the ability to send money overseas is important so I will look at Chase for its savings and everyday use (first year perks) and monzo/starling for transferring money
I use starling to withdraw money abroad as they don’t charge any fees there is a daily limit withdraw can’t remember how much but I want to start using revolut for international transfers. You can check it out see if you like it.
If the digital banks go bust what happens then or technology crashes for days or weeks then what
That’s why need to have a high street bank and keep good amount of cash at home
What if you are old l.ike 82 and have n o mobile?
Then your a Giza get a flip phone
I’m with starling & chase
Revolut?
Chase - so far i have made money on the cash back. I will get 5% on my round ups plus 1.5% on my savings. The app is good and I have had zero problems. In terms of a digital bank it's a no brainer. I was with stirling but closed it to get a bank switching offer, Though it was a great bank. I closed Monzo due to having no faith. This was based on their closing accounts saga.
Agree, the rewards are hard to beat and it’s a good app, I’m just uncomfortable with the ethics…
I have all 3. Monzo is the best!
what is a virtual card?
It's an additional card number that has no physical card attached to it. It's used for online purchases and shields your main card from possible frauds.
You can use a virtual card to buy goods from an online shop you don't trust and delete the card once the goods have arrived, preventing any other charges to your account.
It's incorrect to say that overseas spending on all three accounts is "free". It isn't. They use the MasterCard exchange rate which is typically spot + 0.38%, pretty well identical to the Wise exchange rate. So very good but not free.
I’d say
Revolut and Monzo are elite
Monzo for your safe bank and revolut for other stuff extra
Starling is crap it’s not the same
Hasn't Chase had issues with closing accounts of people in the USA they disagree with politically?
Thanks for talking speed
Switched from Monzo to Chase🙋🏾♀️
I’m a Monzo baby until they go bust 😂😂
As a £250 withdrawal per month rather than day you definitely a baby as an adult use lots more than that !
@@mimiyogini barely anyone uses cash anymore in the uk, only the elderly
Cash is the king, always remember that!!!
@@pavelkovar2369 no it's not, if you had £100 in cash in 1990, you would only be able to buy £41.71 worth of goods with it in 2024. cash is terrible
How about wise
Wise has a fee for transferring money to another bank in the same currency. I did not like it.