Starling Vs Monzo – Challenger Banks Compared

Starling Vs Monzo – Compared

Starling and Monzo are both challenger banks. They are newly formed banks that are competing with established banks.

People are now becoming more comfortable stepping away from the usual big brand banks and going with new banks that offer them alternatives.

Starling and Monzo both enable you to manage your money through an app, but there are differences.

Content

  • Overview of Features For Starling and Monzo
  • Starling Overview
  • Monzo Overview
  • Conclusion

Overview of Features For Starling and Monzo

FeaturesStarlingMonzo
FeesFree.Free and monthly fee accounts.
AppManage account with an app.Manage account with an app.
PotsSet aside Pots for saving.Set aside Pots for saving.
ATM UKDaily Limits of £300 and no charges for withdrawal from ATM.Daily Limits of £400 and no charges for withdrawals from ATM.
ATM AbroadNo charge. Free in the EEA. Outside the EEA, you pay 3% of withdrawal.
Manage accounts from different banks from the appNo.If you have any accounts with different banks, you can manage them all from Monzo Plus.
Cheque DepositCheques up to £500, deposit through the app. cheques over £500, you have to post. You have to post the cheque to Monzo
Metal CardNo. Yes.
Deposit CashDeposit cash at any Post Office. Free deposit to a set amount. PayPoint locations. £1 fee per deposit.
Get Starling Bank
Get Monzo Bank

Starling Overview

Starling has been voted Best Bank in the British Bank Awards for 4 years in a row.

With Starling, you can take care of all your banking needs in the app, including setting standing orders and putting aside money in Spaces for saving.

Starling Bank also has online banking, get the app features on your desktop or laptop.

Accounts

Starling Bank have the following accounts:

  • Personal Account.
  • Joint Account
  • Euro Account – A European Account in the UK.
  • Starling Kite – this is a debit account for a young child.
  • Teen Account – account for 16-17 year olds.
  • Business Account.

Overdraft

Starling Bank charges interest of 15%, 25% and 35% EAR (variable) in arranged overdraft.

If you go over your overdraft limit, there is no charge.

Spending abroad

When you spend abroad, Starling charges the market exchange rate and do hidden fees on top.

Starling Bank Features and Benefit – round-up

Features and benefits
* Easily manage all your banking transactions in an app.
* Round up transactions when spending and save the rounded amount in a virtual bank.
* You can apply for the Starling awarding winning account in minutes.
* There is also a joint bank account and business account available.
* You can also set your own contactless payment limit.
Get more information and open an account, here: Starling Bank Account.

Monzo Overview

Monzo is a full bank account that enables you to manage your money through an app. The Business Account, allows you to manage your money online as well.

You can get interest on your savings. You get interest on a 12 months fixed pot. The minimum amount you put away in the fixed pot is £500.

Accounts

Monzo Bank have the following accounts:

  • Monzo Current Accounts.
  • Monzo Plus Accounts.
  • Monzo Premium Accounts.
  • Monzo Business Accounts.
  • Monzo Joint Accounts – shared account.
  • Monzo 16-17 Accounts – account for 16-17 year olds.

Overdraft

Monzo Bank charges interests of 19%, 29% and 39% EAR (variable) on arranged overdraft.

If you go over your overdraft limit, they will not charge you extra.

Spending abroad

With Monzo, you can spend in shops or online anywhere in the world in any currency and they will not charge you a fee.

You only pay the Mastercard’s exchange rate, Monzo does not add any charge on top.

Monzo Bank Features and Benefit – round-up

Features and benefits
* Get a free, full UK bank account from an app on your mobile phone.
* Get interest paid on your money for up to £2000.
* If you already have a bank account or credit card, you can add it to Monzo and see all your balance and transactions.
* You can get interests paid on your savings.
* Set budget for spending and get notifications on spending.
Get more information and open an account, here: Monzo Bank Account.

Conclusion

Both Starling and Monzo are excellent charger banks that offer good features.

You have to read through what they each have to offer and choose the bank account that meets your need.

Go to Starling Bank, here: Starling Bank Account.

Go to Monzo Bank, here: Monzo Bank Account.

Additional Information

If you are interested, check out: Best Bank Accounts for Bad Credit.

If you are looking for the best SIM only deal, read out article: Best SIM Only Deals UK – best SIM only plans available

If you are looking for home insurance, read our article: Home Insurance – Compare Cheap Quotes.

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