111–120 of 120 posts
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People who have no choice or don't know any better.
I hope @mojuba is now aware of this. This is not a good "bank if you have other options. Going back to Monzo would be a better choice.
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Don't all UK banks require a UK address?
But that's not something you'd expect a non-resident to know. Making account opening criteria transparent wouldn't hurt anything and would save everyone time.
I was one of the early adopters. Monzo felt fresh and exciting back when it started, kind of like Google in its early days. But I later switched to Revolut and never looked back. I was driven purely by intuition and no particular reason. While trying to understand why, I thought it was probably because there was too much PR and fuzz around Monzo as an "ethical business" and little action. You don't just talk about be…
I would try Monzo, but all I get from them is > Unfortunately we can't offer you a Monzo account > We're afraid we can't go into more detail about why we can't offer you an account. > We assess every application using details you've given us, and any information we get from the credit reference agencies we use (Experian and TrnsUnion) or from anti-fraud services like Cifas. Starling is the same. As a debt-free UK res…
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The short answer is that they don't really. UK retail banking is notoriously low margin, and all of the major banks struggle to make anything from their consumer businesses. Charging for bank accounts is not something the UK market accepts. They'll likely cover costs in the long term, and their business banking will probably do fine, but I suspect the valuations aren't justified. The main way that the major players m…
I see plenty of people with blue Monzo+ cards. I think since app dominated baking became a thing a lot more people are paying for premium accounts. Imho they all offer poor value for money though
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I hope @mojuba is now aware of this. This is not a good "bank if you have other options. Going back to Monzo would be a better choice.
They have recently become a real bank and converted the customers' accounts to real current ones. They are a UK bank though due to Brexit for EU-based customers they are a Latvian one (I think).
> Money at risk
> Reason why
> Revolut Ltd is an e-money institution. FSCS can't provide protection if an e-money institution fails.
Money in Revolut savings accounts ("vaults"?) is apparently protected as that money is held with real banks, not Revolut Ltd.
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The problem of lacking credit history has been around for a long time, I remember getting a credit card, which I paid off in full every month, just to increase my credit score ~ 20 years ago. For people without a good credit history in the UK there is meant to be "basic bank accounts" which don't require credit checking as they don't offer overdrafts ( https://www.moneyhelper.org.uk/en/everyday-money/banking/bas... )…
As far as I know the aforementioned banks merely check for a credit bureau record (and absence of any fraud markers) to use for KYC as opposed to for credit eligibility, so if he's being rejected for those his problem is not creditworthiness but the complete lack of CRA record. It's unlikely he'll qualify for any credit card with absolutely zero records. His best bet is to open an account at a brick & mortar bank whi…
The page also lists the banks which provide the "basic bank account" service, which scanning down them appear to be primarily traditional ones (although with branch closures in the UK that's getting less like bricks and mortar by the year.)
I was one of the early adopters. Monzo felt fresh and exciting back when it started, kind of like Google in its early days. But I later switched to Revolut and never looked back. I was driven purely by intuition and no particular reason. While trying to understand why, I thought it was probably because there was too much PR and fuzz around Monzo as an "ethical business" and little action. You don't just talk about be…
I would try Monzo, but all I get from them is > Unfortunately we can't offer you a Monzo account > We're afraid we can't go into more detail about why we can't offer you an account. > We assess every application using details you've given us, and any information we get from the credit reference agencies we use (Experian and TrnsUnion) or from anti-fraud services like Cifas. Starling is the same. As a debt-free UK res…
Agreed. My husband and I are against debt on principle and it really irritates me that credit history is being used for identity checks. I accept the trade off that a lack of credit history would make it more difficult for me to get credit in the future, but it should not affect my access to non-debt-related services.
We’ve already encountered this problem once [0] and I’m concerned that it will become even more of an issue going forward.
[0] My husband was not able to create an online account with the social security administration because their identity system didn’t have enough info on him to even attempt to verify his identity. He couldn’t even go in person to set it up because the local office was closed due to COVID.
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Steven Bartlett has a really insightful with Tom Blomfield about this [1], and then also with Starling CEO Anne Boden [2]. While I'm generally not a great fan of his podcast, these two I found to be fascinating. [1] https://podcasts.apple.com/dk/podcast/e86-monzo-ceo-on-death... [2] https://podcasts.apple.com/us/podcast/e107-starling-bank-bui...
I found Anne Boden a tad disingenuous, mentioning 'the book' at every opportunity. Tom sounded more genuine, to me.
Good old Monzo times. Sadly, in my opinion the company took on too much investment and was now bound to deliver tech-company returns with a product that fundamentally isn't compatible with them. This led them to become yet another bullshit "growth & engagement" operation and ultimately killed the appeal of the product, all while competitors such as Starling Bank stepped up their game and delivered a very similar prod…
What defines a "growth & engagement operation"? Is it when the goal is to grow as much as possible, while engaging users without actually meeting users needs or retaining them?
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> It's telling that I've never felt comfortable trusting Monzo with my salary, because it always feels like it'll fold any moment In which case you will be protected up to £85,000 by the FSCS.
as long as you've got another account to pay it into? and don't mind being without your money for some time (personally I wouldn't have my salary paid into a bank that's losing ever increasing sums of money)
I'm guessing you would just open up another account.
But I understand if you wouldn't want to be without your current account to pay bills etc.