Welcome to our comparison of Monzo and Starling Bank, two top digital banks in the UK. They don’t have branches, so you can manage your accounts online. This digital banks comparison will show you their features, fees, and what users say. It’s all about the services these app-only banks offer.
Monzo and Starling Bank offer many services like FSCS protection and no fees for ATM withdrawals. Monzo is known for its easy-to-use app and tools to help you budget. They also have personal loans and different paid accounts for everyone.
Starling Bank, on the other hand, lets you withdraw cash for free anywhere in the world. They have higher interest rates and more account types, like kids’ accounts. When choosing between these app-only banks, think about what you need from your bank.
Both Monzo and Starling have happy customers, as shown in their reviews. Your choice between Monzo and Starling depends on what you like and how you bank.
Bank Account Features Comparison
Challenger banks like Monzo and Starling have changed UK banking. They focus on features for today’s lifestyle. Both offer mobile apps with tools for tracking spending and setting budgets.
Monzo has “Pots” and Starling has “Spaces” for saving goals. Starling also offers interest on balances, giving users an extra benefit. Both support direct debits and international payments for easy financial management.
Starling Bank is unique with unlimited free UK ATM withdrawals. It also supports Samsung Pay, unlike Monzo. These features make a big difference in banking apps.
For those looking into digital banking, knowing the differences is key. You can learn more about these features in this ultimate guide to online banks.
| Feature | Monzo | Starling |
|---|---|---|
| Mobile App Tools | Real-time updates, budgeting tools | Real-time updates, budgeting tools |
| Savings Goals | Pots | Spaces |
| Interest on Balances | No | Yes, up to a limit |
| Payment Methods | Direct debits, international payments | Direct debits, international payments |
| UK ATM Withdrawals | Fee applies | Unlimited free |
| Samsung Pay Support | No | Yes |
Fees and Charges
It’s important to know the fees of Monzo and Starling Bank. Both have personal accounts with no monthly fees. They also let you spend abroad without extra charges, making them great in a UK bank fees comparison.
But, there are some fees to watch out for. Monzo charges for ATM withdrawals abroad after a certain limit. Starling Bank, on the other hand, lets you withdraw for free anywhere in the world. This shows how each bank handles costs for traveling.
Looking at overdraft fees, both banks have good rates. But Monzo’s rates are a bit higher than Starling’s. This small difference can matter a lot for people who use overdrafts to manage their money.
It’s also key to look at other banking fees. Here are some important ones to compare:
| Fee Type | Monzo Fees | Starling Bank Charges |
|---|---|---|
| International Transfers | Fee applicable | Fee applicable |
| Debit Card Replacements | £5 | No charge |
| ATM Withdrawals Abroad | Free up to £200/month | Unlimited free |
| Monthly Account Fees | None | None |
In summary, Monzo and Starling Bank both have good fee structures. But Starling Bank might be better for those who travel a lot or want to save on fees. Looking closely at each bank’s fees helps you choose the best one for your needs.
Guide to tide vs starling business banking
Choosing the best business bank account in the UK can be tough. You might prefer Starling for its established features or Tide for its flexibility. Each offers unique benefits for small businesses, but knowing the details helps you decide.
Starling Bank is great for businesses wanting digital accounts without monthly fees. It offers free invoicing templates and a virtual office address. Plus, it allows international payments and free electronic payments, making it good for businesses with varied needs.
Tide has different account plans like Cashback, Smart, and Pro, with fees from free to more. This comparison guide shows Tide’s strengths: cash flow projections, invoice tracking, and a 4.07% AER on savings. It also offers business loans, helping small businesses get finance without hurting their credit score.
Transaction charges are key when comparing business accounts. Starling charges £3 for cash deposits under £1,000 at the Post Office. Tide charges 20p per transfer, making it cheaper for frequent users. Both offer FSCS protection, keeping up to £85,000 safe. Both Tide and Starling cater to different business needs, so think about what’s best for your business before choosing.
