What's your bank of choice and why?

Like others have said, really difficult question. At the moment I have accounts at one fintech bank (for superior money management and spending awareness) and accounts at 4 traditional banks (for paying in cash/cheques, and for perks like cashback on bills, and high interest current accounts and regular savers).

I definitely wouldn’t ditch my fintech bank. In my case this is Monzo - I started using them before Starling was available, and they’ve never disappointed me so I’ve never bothered trying Starling. So I’m going to change the question slightly and think about which of the 4 traditional banks I would keep if I could only keep one alongside my Monzo account…

For me this would probably be Santander because it provides both cashback on bills (via their 1|2|3 Lite account) as well as a high interest regular saver. Disappointingly the interest rate on the regular saver has dropped from 5% to 2.5% over the last year or so, but the cashback on bills means I would be earning from them even if there were occasions I could not afford to save (unlike some other banks I use).

1 Like

I’m similar, I have two traditional banks and 1 fintech (monzo).

I have a santander account where I get cashback but not the 123 account. My friends said they had this account the other day and they save around £350 a year on bills. Do you think this account is a lot better than a standard current account with santander? Is there a monthly fee?

1 Like

Also I should have realised how difficult this would be for you to all answer!!

1 Like

There is a £1 monthly fee for the 123 Lite account so its just a case of working out if the amount of cash back you receive on eligible bills would exceed this fee and whether it is worth bothering. This will simply depend on how much your bills are.

There is a cashback calculator you can use to estimate how much cashback you could get: https://www.santander.co.uk/personal/current-accounts/123-lite-current-account (see Interest and cashback section)

I think my eligible bills come to around £400/month and I get about £60/year cashback after subtracting the £12/year account fee. People who have higher bills, and have a Santander mortgage and insurance products will get more (you get cashback on these too).

There is also another 123 account (non-lite version) which costs £5/month instead of £1/month but you don’t get extra cashback on this account. I think the only added benefit of the non-lite version is 1.5% interest on your current account balance, which isn’t worth it for anyone.


Interesting, I just did the calculator and it said I could get £4.49 a month which isn’t bad but then I have to take off the monthly fee.

I have a standard current account and credit card with Santander and I have to say it has been a good account to have. 0% interest for 30 months.

I think I’d probably go with Starling for the ability to use it anywhere, although I do need USD details too which leaves me out luck.

Guess I’ll forfeit like @BendikHa :joy:


Hey @Recchan

Welcome to the Emma community! Don’t forget to introduce yourself here: Introduce yourself 👋

I thought everyone would have a stand out favourite haha


Monzo. The in-app budgeting capabilities help me keep on track.


Hey @Mxchris

Welcome to the community!

Thanks for sharing your favourite bank with us :slight_smile:

1 Like

have 4 bank accounts and 1 credit card… all 4 have different uses.

1 Like

I am on Barclays.

1 Like

Hey @vekariya17

Can I ask what you use your different accounts for?

How have you been liking the recent updates?


It’s okay, I just open Emma. :sweat_smile:

1 Like

different savings account have capped rates on balances etc.
shift money from a > b > a to qualify for freebies etc :stuck_out_tongue:

1 Like

In the last month I have moved my main bill paying account from RBS to Starling. I moved my day to day spending account to Monzo a few months ago.

I am a bit disappointed with the Starling app, while it is better than the RBS app I am surprised that it is so far behind Monzo in functionality. The functionality i miss the most is setting a specific payday and the budget view being based on the custom payday, supporting the ‘left to spend’ display. I also miss the total of committed/scheduled spending value.

If I could only have one bank account it would be an easy choice, Monzo.

Why don’t you have just one bank account? :stuck_out_tongue:

2 main reasons to have more than one account:

  1. imho, I expect my (any) bank will have an IT meltdown that will take out service for a few day. Having 2 accounts lets me manage that risk. (I work in IT, in Financial Services).

  2. I like to keep bills away from everyday spending. Monzo have just launched a separate ‘bills pot’ which is a great start but is not fully formed yet.

The horror. :laughing:

:100: their customer service is fabulous