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!
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.
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.
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.
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 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
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 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.
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 :)
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!
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. 🤩💷
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.
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.
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.
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
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
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…
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.
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.
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.
"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
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.
*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
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
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?
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?
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
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.
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?
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 😊
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 🤞
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.
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
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
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.
