Yes I don’t think the figures are totally representative of current account customers. Everyone talks of Starling as having customers in 10,000’s, whilst Monzo I’m 100,000’s. Give it a year to even out and look again see how many people swap from prepaid to current accounts.
There was (and still is) a failure to understand that the prepaid is going to end. Lots that got annoyed with the £200 monthly ATM limit. So I wouldn’t want to bet that all the prepaid customers convert to a current account. At least Starling customers know what they have signed up for.
I think that features will even out, each will have their own exclusives which people will choose. There’s loads of business for everyone, so it shouldn’t be seen as a straight fight between the two. Tandem and N26 have yet to show their hands yet, plus the big banks won’t want to give up customers easily and they might put on a bit of a show.
I’ve got both accounts and see merits in each. None have really sparked my interest to wish to switch from FD.
Starling were winning for me, their piece on the difference between them and the big banks was superb, but cancelled out by the rather slap dash, fatally flawed ‘Black Friday cashback’ fiasco, which is still causing confusion now. The two surprised me that they came from the same people. One visionary, the other legacy. Shame really.
Anything Starling can do on an international stage to make some more money and improve their product should be applauded I guess. Time will tell if they just morph into another modern day legacy bank, or can remain fresh and a challenger, but just with a bit more cash in their back pocket to implement ideas they’d not been able to do before.
As said, interesting times ahead!!