I’ve just jumped on the Curve bandwagon and my head is being turned towards these new cards/banks, but I’m not entirely sure why. What are you lot using?

Using Monzo and loving it. In the process of trying to move all banking away from the established players, and looking to take all investments (such as they are) to Nutmeg.

Why? I like the emphasis on customer experience (just have a look at TrustPilot for any of the startups compared with the incumbents) and the fact that I don’t like dead-eyed corporates that are all about themselves, exploitation and tax avoidance. I hate the big banks. They are evil and corrupt.

In honesty, I know Monzo et al are actually not that much better in the evil stakes, but an act of impotent rage makes me feel better than no gesture at all.

Just opened a Starling business account  and its free. Time to give RBS the boot!

I have Revolut, got it for a go with cryptocurrencies (I got an invite, I don’t pay for an account). I have one of their cards that I used in the states because it meant no fees on purchases. Until they can offer me cashback on household bills I won’t be transferring my Natwest account though.

Have been using Revolut for overseas trips and happy with it so far.  We now also use it as a joint spending account, both have a DD into the Revolut account.  Only minor faff was some issues using it in rural parts of Patagonia but I’d researched that before going so had a backup plan.

Using Starling for business. Great UX and set up process but it’s still missing a couple of things that they’re offering personal users, like Flux digital receipts, which would be extremely useful for expense management.

Also no cash deposit service yet – I guess they need to get arrangements in place with the P.O.

Are these just online banks? Figures they are all backed by the FSCS. Think I’ll have a look.

You can’t escape Monzo in hipster Clerkenwell, but I’ve not signed up just yet as I’m not that irresponsible with my spending that I need an app to tell me how much I’ve spent on Pret A Manger avacado toasties.

In all honestly – Monzo don’t create significant revenue so far. I am always wary of companies that don’t generate revenue and are not upfront with their plans to do so.

I’m not worried about them running out of cash runway, but I’m always wary of what the future business model may be – it might end up costing you a lot more down the line, especially if they’re desperate to please investors with some return.

I’lll keep my money in a bank where they’re upfront with their evil practices.

Been using Monzo for a year or so. Seems OK. I only use it overseas to save fees. Also have a Halifax Clarity card for the same reason so a foot in each camp. Both are fine but the Monzo is easier to keep an eye on with the phone app. All my main banking is still traditional and I can’t see that changing anytime soon.

I got a Revolut card last year. I tested it in Ireland, put some money on it a couple of time, withdrew cash, paid for a few things. It all went tits up a couple of months later in the US when the bank (RBS) flagged loading money on it a fraudulent transaction.

The remainder of the story is about just how crap RBS are. £80 of calls later the plank in the RBS call centre told me I’d need to visit an RBS branch, I was in Montana at the time and he knew this. This is the one and only time I’ve ever abused a call centre operator, if he was standing in front of me I would have used anything to hand to club the idiot to death.

I had other cards but Revolut was by far the cheapest one to use. Luckily the RBS account is joint with my wife and she was able to put money on the card from the UK.

I’m using Monzo as well, I just liked the idea of it really. No reason why a bank NEEDS to be slow and awkward these days, they’re just too big and old fashioned. From a software developer perspective, I also admired the Go architecture on which it was built! 🙂

Genuine question, what do these new banks do that the old ones can’t?

I’ve been with Barclays for 30+ years and their phone app does pretty much everything I need, I can pay bills, transfer money, see all debits the minute they occur, get text alerts etc…

@footflaps the main things are the app is THE interface, and not a cobbled on addition. Transactions show immediately so you balance is bang up to date and they do handy things like putting the cash you need for DD’s and regular payment aside automatically so you know how much disposable you have. Cheap or free access to foreign cash machines is a dead useful hook they use to get people onboard in the first place, with a reasonably good exchange rate.

Only drawback with some is that there is no physical branch which is often useful, I must find out if Monzo do that through the PO now. I really should use mine more.

I looked at Monzo and still have an invite but I couldn’t see the real benefit yet.  I’ve been with Co-Op for 20+ years.  Their website was good early on  – the recent update actually made it worse – but the phone app is good enough.  Not really interested in tracking and classifying what I spend.

Curve looked intresting as a way of reducing the 3 cards in my wallet to one.  However, not sure how it works with my Halifax Clarity.  Curve gives you 1% on commercial rates, Halifax commercial mid rate but a bit of interest for a month….   I’ve not done any comparative sums to see if its cheaper

It’s lot of things, they just seem very sensible. Take for example Monzo’s new overdraft, 50p a day charge, that’s it, no secret admin fee, no surprises. I can freeze my card in literally about 5 seconds, all purchases send notifications immediately, you can even split the cost of things via the app. I can click a purchase, select another user and they get a prompt to pay half the bill. Sending money to other users is very slick and fast as well. The app is clearly written by professionals and it doesn’t require a completely ridiculous 5 stage authentication, unless I want it to.

It’s just very modern and well thought out. Why would I want to pay extra fees to the big banks, so they can run a big high street branch I rarely use? Old banks just don’t seem sustainable anymore.

curve works for me simply as a middleman to mean I only carry one card instead of three.

So the answer, as I suspected, is not that different, a few extra minor features on the phone App, but nothing I’d actually use..

Transactions show immediately so you balance is bang up to date

Barclays App does this…

Only drawback with some is that there is no physical branch

I’ve not visited a bank for more than 10 years….

Take for example Monzo’s new overdraft, 50p a day charge, that’s it, no secret admin fee, no surprises.

I ‘ve had a £2k pre-arranged overdraft for the last 20 years, no fees, just interest on the overdraft. Never used it (that I recall).

Why would I want to pay extra fees to the big banks,

I don’t pay anything for my current account?

I can click a purchase, select another user and they get a prompt to pay half the bill.

Only if they also use the same App…

and it doesn’t require a completely ridiculous 5 stage authentication

Mine just uses my finger print to open and let me transfer money etc

Monzo for bits and pieces of spending but mostly for avoiding foreign currency & ATM fees. I like their app and general approach – they’ve got Apple Pay sorted now, waiting to see what their approach to joint accounts will be. Think I’m slowly winding down my personal current account (pay goes in joint) and Monzo is becoming my monthly non-joint spending account.

As Footflaps – people rave about this but I’m still struggling.  Splitting bills does sound good but paypal is easy /free for person to person and doesn’t need you to be on the same bank

Now sorting out shared bills, concert tickets etc is a problem that needs solving.  Splitwise was an attempt but there is no payment mechanism integrated so relies on you making hte payment and manually updating the app to say you have.

Well, to be fair, one bonus for me was that you can just sign up, get a card, transfer a few hundred to it and see how you get on. If you find it’s working out, keep using it, if not just cancel. Since it’s a current account there’s no fees. It does everything my HSBC current account does, just a bit better. I still get paid into my HSBC account, then just transfer a load over. Sounds like I’m doing the same as simon, above.

The one thing that would stop me fully swapping would be cashing cheques or paying money in directly. I just like how speedy and clean everything is, my HSBC app is an awkward black/white list of transactions, even paying off my HSBC own credit card involves blindly transferring money to a random sort/account number, with a specific reference number and hoping it works. It’s just all a bit rubbish.

The one thing that would stop me fully swapping would be cashing cheques or paying money in directly.

Sure I read that Barclays was going to let you just submit a photo via their app and deposit it that way. Not seen a cheque for years though, so never bothered to try…

Edit can’t find it on their app, only has a button to stop a cheque…

Do they allow the same service with cash notes? 🙂

Edit: Also – https://monzo.me – pretty much Paypal, but straight to your bank.

Revolut here. Excellent for holiday spending and no issues loading it up abroad. Love the fact you can put a stop on the card instantaneously and then take it off again for all the times I lose the card around the house. Also useful for giving to teenage children whilst abroad with a finite amount of cash loaded up…

Do not use it as a bank account – am perfectly happy with First Direct on that front. Nor do I use it for crypto trading.

I wonder if the business model will work long term in its current form though – Revolut has still not made money but seems to be able to raise equity at will.

but I’ve not signed up just yet as I’m not that irresponsible with my spending that I need an app to tell me how much I’ve spent on Pret A Manger avacado toasties.

I take a head-in-the-sand approach to my spending on Pret / Itsu / Costa / etc etc.  Can’t imagine anything worse than a sanctimonious message from my phone telling me that my monthly spending on coffee could have lifted a small third world country out of debt.

Revolut card used when I’m working, seems good value to me.

I was going to get a Monzo account but chose Starling instead because IIRC the foreign exchange fees are less. I also have a TransferWise card, but despite the hype it is more expensive than Starling or Clarity. I like the app – evidently I am more disorganised than some people because I like to see a breakdown of what I’ve spent money on.

The killer bank app for me would be one with a proper search facility that let me find transactions meeting my criteria for the whole of my banking history. Can’t be that hard, surely?

I’d quite like integration of receipts with BACs, so the whole receipt is available. You see £8.28 Coop on your bank account, and can then click through and see it was two Avocados, a loaf of bread and a smashing implement….

Interesting to see the visa issues today. Creaking legacy platforms of the established banks can’t be helping.

It’s why contactless is the way forward, and smaller shops will have discovered that today as the authorisation on smaller terminals is carried out offline.

Had never heard of these till now. Look interesting. Especially Curve. Off to read some more.

It’s why contactless is the way forward, and smaller shops will have discovered that today as the authorisation on smaller terminals is carried out offline.

Not my experience yesterday, chip and pin worked and contactless failed. I know it’s mean to be preauthorised up to 30quid but it didn’t work. My wife’s iZettle couldn’t process Visa in any way for a few hours yesterday, luckily there was a cash machine next to the market.