Which VB is best/ has best perks?

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  1. #1

    Join Date
    Sep 2006
    Posts
    79

    Which VB is best/ has best perks?

    All

    I have been reading up on the various VB offerings on Geo and Google.

    Looks like there are a few out there now. I am looking to open 1 or 2 (depending on the sign-on perks).

    Any recommendations? Any specific USP of one over the other?

    I read on another thread that ZA has that 100k interest free loan if repaid within 3 months deal going on.


  2. #2

    WeLab offers a $50,000 3-month 4.5% deposit, while also giving you 8% cash back through spend on its debit card for the first $3000.

    Mox is giving 1% interest rate (paid out daily) on the first 1m put in its account, 1% cash back on all spend, and 5% cash back on spend on specific merchants such as McDonalds, Foodpanda, and OK.

    WeLab and Mox are the best (in my opinion) as they are the closest thing to an actual bank, with the long term goal of actually being a better banking alternative. It also provides a debit card for spend and ATM withdrawals.

    The other ones, like ZA and Airstar, are more like Marcus by Goldman in the US / UK. Occasionally giving out decent rates to raise some cheap funding, but it doesn't feel like a full banking alternative. They are definitely not developing in the same way as WeLab and Mox, which I often compare to Monzo and Starling.

    Suggest you start out with those 2. No point opening too many - these are bank accounts after all!


  3. #3

    Join Date
    Mar 2007
    Posts
    383

    Curious if any of these virtual banks plan to offer stock investment at a later date. Would be another selling point for me!

    Can't find anything from their websites.


  4. #4
    Quote Originally Posted by mlclau:
    Curious if any of these virtual banks plan to offer stock investment at a later date. Would be another selling point for me!

    Can't find anything from their websites.
    No virtual bank has announced this feature yet (or that they are even thinking of it). They are probably just trying to get the basics down - deposits, time deposits, loans, cards, etc.

    Only Revolut has managed to do it in the UK and even there their service attracts a lot of criticism. It's a lot of backend work to provide quotes and trading.

    Probably best to go with interactive brokers as your virtual platform.