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Find out more on the Fully qualified CISI Investment adviser for 5 year. Also, it is worth stating Monzo and Starling (the only two neo banks in data) have a different number of customers to each other. The points below relate to their Recently (April 2020) Monzo have announced a new feature that allows existing customers to sign up and get their salary paid at 4pm the day before it’s due to land in the account. This table represents features directly available via each specific bank or organisation. Whether you need an app for saving, for travel, or for managing and budgeting finances, mobile banking apps can be the solution to your problems.Lumio is registered as a Payment Services Directive Agent of Moneyhub Financial Technology Ltd,

Fintech in the age of uncertainty: Rewiring the financial system Managed UK private client portfolios.Starling Bank Review (Pros, Cons & Is It Right For You? Starling has also won the 2020 British Banking Awards for “Best British Bank.”At the end of the day, the best platform depends on your needs. Monzo offer similar functionality to Starling for people using their card abroad. Another cool feature is the ‘travel report’ which welcomes you home and summarises how much you spent on your trip.Looking ahead, Monzo have their sights on cracking the US, with offices already set up in the city of sin, Las Vegas. With both banks, sign-up typically takes less than five minutes. Monzo is registered with the FCA and all deposits have a maximum £85,000 FSCS protection limit. Let us look at the main characteristics of the Monzo and Starling Bank business account.To sign up with an account, you actually have to create a personal current account before adding a business account.In Starling’s case, you then have a choice between setting up a ‘Business’ account for registered companies or ‘Sole trader’ account for the self-employed. Instead, Monzo sends “magic links” to your email which lets you access your account. Both offer desktop access too, but account features are more limited there.The banks have the following app features in common.Starling lets you auto-save money from the main balance to allocated spaces from rounding up transaction amounts automatically. Revolut might not be as useful for someone who does not travel very much though. Several important Monzo features are only available on the pay-monthly Pro subscription, including accounting integration, invoicing and multi-user access.That being said, a few of the Monzo-only features are genuinely useful for some businesses, such as the additional settings for savings pots and budgetting features. Delivered Monday at midday. Monzo pays no interest on current accounts, while Starling pays 0.5 per cent AER on accounts holding less than £2,000 and 0.25 per cent on those holding more. Monzo vs Starling – Features These two companies both have a tonne of features that come with their apps. Monzo, Revolut, and Starling are all good services that people can find benefit in. Sending a SWIFT payment costs 0.4% of the transfer amount on top of the real exchange rate + £5.50 delivery fee + 30p if using a local partner for the transfer method.Since these are online banks, you should expect a decent range of app features to manage your business account entirely from the mobile app.

Monzo said it had 3 million customers in September 2019 and Starling said it had 1 million customers in October 2019. Monzo and Starling provide round-the-clock customer support through in-app messaging, email and over the phone. You can even add a ‘Euro’ account containing EUR currency (the others are for GBP currency only). It’s as simple as taking a photo of some ID, entering a name and address, and recording a quick verification video to prove your iden… Some banks or organisations offer these features through a third-party e.g.

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