In the world of digital banking, Monzo and Starling Bank lead the way in the UK. They offer new and helpful services that traditional banks don’t. Features like free accounts, easy-to-use apps, and high customer satisfaction have won them many fans.
Our digital bank comparison video guide explores Monzo and Starling’s benefits. Monzo’s app is known for being easy and fun to use. Starling, on the other hand, lets you withdraw cash for free and earns interest on your balance.
Starling is great because you can deposit cash at Post Offices in the UK. They also offer up to 3.25% interest on balances up to £5,000 until February 2025. Plus, they don’t charge for international transactions, making them a top choice for many.
Our guide also talks about setting up accounts, customer feedback, and extra benefits. For example, Monzo charges a 3% fee for withdrawals over £250 a month. Starling, though, lets you withdraw cash for free anywhere in the world. Both banks keep your money safe up to £85,000 under the FSCS.
More and more people are interested in these UK challenger banks. That’s why a digital banking video guide is so important. It helps you decide based on what matters most to you, whether it’s a great app or a wide range of financial tools.
App Features and User Experience
Monzo and Starling are top picks for mobile banking apps. They cater to tech lovers with great digital banking UX. These banks have gained thousands of customers, showing their appeal.
Monzo is known for its cool design, attracting young users. It has savings pots for earning interest, with rates up to 4.35% AER. It also has budgeting tools and alerts for transactions.
Starling offers features like categorizing expenses and timely spending alerts. It has unique features like round-up spending and Samsung Pay. Starling also has higher interest rates than Monzo, making it a great choice for saving.
Both Monzo and Starling aim for a smooth mobile banking experience. They cut out many fees and offer good exchange rates for international use. The apps help users track their spending, ensuring they stay financially healthy.
The Monzo user interface is easy to use and looks good. It can send new cards abroad, even with shipping costs. Starling impresses with remote card locking and no fees for foreign ATM withdrawals.
Here’s how their features compare:
| Feature | Monzo | Starling |
|---|---|---|
| Savings Account AER | 3.85% – 4.35% | 3.25% on balances up to £5,000, 4.05% on Fixed Save accounts |
| Round-Up Spending | Yes | Yes |
| Digital Wallets | Apple Pay, Google Pay | Apple Pay, Google Pay, Samsung Pay |
| Notifications/Insights | Yes, budget-setting features | Yes, categorized spending overview |
| International Withdrawals | 3% fee after £200/month | No fees, unlimited withdrawals |
| Remote Card Freeze | Yes | Yes |
Fee Structures and International Transactions
When looking at Monzo vs Starling fees, we see big differences. Starling Bank doesn’t charge for using your card abroad or for ATM withdrawals. It has the same rules as at home for how much you can take out each day. This makes it great for people who travel a lot.
Monzo lets you shop and eat out for free around the world. But, it limits free cash withdrawals abroad. After you withdraw £200 in a month, Monzo charges a 3% fee. This might be a problem for those who use cash a lot, showing how key it is to know about digital bank fees before picking a bank.
Both Monzo and Starling use the Mastercard exchange rate for international deals. This means you get fair rates without extra fees, unlike old banks or travel cards. Companies like Wise (formerly Transferwise) and N26 also offer no hidden fees and good rates. They are strong choices alongside Monzo and Starling.
| Feature | Monzo | Starling Bank |
|---|---|---|
| International Card Use | No-fee transactions, 3% fee post £200 | No fees |
| ATM Withdrawals Abroad | 3% fee after £200/month | No fees |
| Exchange Rate | Mastercard exchange rate | Mastercard exchange rate |
Starling Bank is perfect for those who travel a lot because it doesn’t charge for ATM withdrawals. Monzo is better for those who don’t use cash much abroad. These points show why it’s important to compare Monzo vs Starling fees when choosing a bank.
App-based banks like Starling and Monzo offer free spending and withdrawals abroad. But, it’s important to think about each bank’s rules and fees. Knowing about different banks, like Wise and N26, helps you make the best choice for international banking and no-fee transactions.
Account Types and Availability
Monzo and Starling Bank offer a variety of digital bank accounts. They meet different needs, from personal to business banking. This makes them appealing to many people.
Monzo has several premium account tiers. The basic Monzo account offers essential services. The Monzo Plus and Monzo Premium add more benefits for a fee.
Monzo also has Business Lite and Business Pro accounts for businesses. The Business Pro account has multi-user access and works with popular accounting tools. It even lets you create virtual cards.
Monzo also supports joint accounts. This makes it easier for couples or business partners to manage their money together.
Starling Bank offers great options too. They have personal and joint accounts, plus business banking options. Starling is known for its “Kite” card for kids, letting parents manage their finances.
Both Monzo and Starling Bank provide easy digital banking. They offer 24/7 customer service through their apps or phone calls. But, they are only available to UK residents for now.
Guide to video Monzo vs Starling Bank
In this video guide, we compare Monzo and Starling Bank in detail. We look at their standout features, from fees to user experience. This review is both engaging and informative, helping users understand the differences.
Monzo and Starling Bank both offer free cash withdrawals worldwide. But, Monzo charges a 3% fee for withdrawals over £200 a month. Starling Bank, on the other hand, has no extra fees for withdrawals, great for travelers. Both banks use live Mastercard exchange rates for international transactions.
The guide also talks about the banks’ security features. Monzo and Starling both have strong security, including the ability to freeze accounts and lock app functions in case of loss or fraud.
The video shows how Monzo’s app is easy to use, with great budgeting tools. Starling’s app is great for savers, with a feature that rounds up transactions to save money. It also covers customer service, account opening, and card replacement policies.
Monzo’s account opening takes about 10 minutes, similar to Starling’s 5-minute setup. This guide helps viewers choose the best digital bank for their needs.
For a deeper comparison, check out this article from Wired. It compares Monzo, Starling, Revolut, and N26 in detail. This guide aims to help you make a well-informed decision based on your banking needs and lifestyle.
