While Starling offers some brilliant banking features, it can’t be denied that Monzo has released some corkers over the past few months. I’m aware that Starling is ahead of Monzo in terms of the comprehensive current account experience (smoother scheduled payments etc.), but as a pay-as-you-earn, single mingle of the banking sphere, features such as Coin Jar and the all-new summary data are a lot more compelling to me than business and joint accounts.
I’ll be a real geek and post my findings as I go.
This is what I have so far…
Being able to assign a category at the point of scheduled payment setup.
Able to set custom month (25th - 24th)
Able to set budgets
Able to exclude transactions from spending analytics
Search facility is extremely powerful
Predicted spending for standing orders, direct debits, and subscriptions.
Can’t edit a scheduled payment. Can only delete!
No pot image customization available
Can’t set up a new payee unless you are paying them
Can’t have multiple accounts for one payee
Can’t natively schedule payments to pots
No interest on pot balance
Obscene daily overdraft fees
Unable to offset debit balance with funds saved in pots before overdraft charges are applied
Limited spending categories
Does anyone have any other pros and cons for Monzo? Sorry if this is a duplicate post, but it’s pretty enlightening to see the major differences between what are meant to be such similar developments.