In this episode of Lazy Wealth Creation, Carl delves into the world of challenger banks, providing an honest review of five notable options for setting up a business account. They discuss their experiences with Tide, Revolut, Zempla (formerly Cash Plus), Monzo, and Starling, highlighting the strengths and weaknesses of each bank. From user-friendly apps and invoicing features to customer service challenges and account restrictions, the hosts share valuable insights for entrepreneurs looking to navigate the banking landscape. The episode emphasizes the importance of diversifying banking options to mitigate risks and ensure smooth business operations. Tune in for a comprehensive overview that aims to educate listeners on making informed banking choices for their businesses.
KEY TAKEAWAYS
Challenger Banks Overview : The episode discusses five challenger banks in the UK—Tide, Revolut, Zempla (formerly Cash Plus), Monzo, and Starling—providing insights based on personal experiences with each.
Tide 's Strengths and Weaknesses: Tide is praised for its user-friendly app, invoicing capabilities, and the ability to set up a limited company for free. However, it has significant drawbacks, including poor customer service and account restrictions due to anti-fraud checks.
Revolut 's Reliability: Revolut is considered a solid option for property-related transactions, offering helpful customer service and weekly transaction summaries. However, it has been noted that accounts can be closed without notice, so diversifying banking options is advisable.
Zempla 's Unique Features: Zempla (Cash Plus) is highlighted for its ease of use, especially for businesses dealing with cash payments, as it allows cash deposits through the post office. However, customer service response times can be slow.
Monzo and Starling Limitations : Monzo is criticized for its slow account opening process and poor customer service, making it less favorable. Starling is recommended for small businesses but may not be suitable for those with multiple businesses or in the property sector due to account restrictions and a lack of understanding of the property market.
BEST MOMENTS
"The actual app, when you're using Tide, is quite user-friendly. The features on the app that you will be able to get hold of, they're actually quite useful, too."
"One of the disadvantages of Revolut, I would say though, is the time it takes to open the account and the time it takes to go through security verification."
"The drawback on Cash Plus Zempla is you have to log out of everything and then go back and start the whole process again. You can't just switch between accounts."
"Monzo has been one of the longest times to open a challenger bank account out of all of the accounts that we're going to review."
"Starling is very good if you have an account. But if you are a multiple business operator, they can be an absolute nightmare to deal with."
VALUABLE RESOURCESHOST BIO
Meet Carl Mannion, the warts-and-all host of the "Lazy Wealth Creation Podcast." From a council estate to self-made millionaire, Carl's journey is both humorous and inspiring. Despite describing himself early on as "autistic, poor, and hungry," he now proudly identifies as "autistic, doing-well, dadbod."
Through candid interviews, Carl shares the highs and lows of his journey, offering invaluable insights into overcoming adversity and seizing opportunities in the world of wealth creation. Despite facing challenges like a marriage breakdown and single parenthood, Carl persevered, achieving millionaire status in his 40s.
Join Carl on the "Lazy Wealth Creation Podcast" for practical advice and entrepreneurial wisdom. Whether you're starting from scratch or aiming for greater heights, Carl's relatable story and guidance will inspire you on your journey to financial freedom.