Starling Bank Review

Company information

Starling Bank is a fully-licensed bank that offers a more personal and smarter approach to banking. The bank was voted as the “Best Current Account Provider” and “Best British Bank” at the British Bank Awards for three consecutive years. It was founded in 2014 by leading banker, Anne Boden. Today, it has over one million customer accounts and over £1 billion in deposits.

Starling bank gives its customers the power to own and control their money by providing them with money management tools, contactless debit card access and 24/7 support. In 2017, the bank unveiled the UK’s first mobile-only current account.

The idea behind Starling Bank is to provide its customers with all the benefits of a full UK bank account through its mobile app. In addition to being able to conduct transactions, manage direct debits, standing orders, and all payments, the app also allows its customers to connect to their digital wallets (like Apple Pay). It also provides a goal section and insights into spending habits to help customers better manage their budgets.

Apart from various accounts, Starling Bank also offers two types of loans. The Starling Bank Marketplace gives customers access to insurance products and financial services.

Pros and Cons

Pros:

• Open a personal or joint account in minutes.
• Open a business account in minutes.
• State-of-the-art and multi-functional mobile app.
• Switch easily between your personal and your business account within the app.
• Your Money is protected up to £85,000 by the Financial Services Compensation Scheme
• 24/7 customer support via phone, email or chat
• Close an account quickly with no fees.
• Deposit money in over 11,500 post office branches.
• Keep an eye on your money via the app – anytime, anywhere.
• No monthly fees or fees for ATM withdrawals.

Cons:

• No physical branches.
• Businesses pay £3 for a deposit of up to £1,000, and 0.3% for anything over £1,000 at the Post Office.
• Businesses pay £0.50 if you withdraw money at the Post Office.

Who is it for?

• If you are over the age of 18 and are a UK resident, you are eligible for a Starling Bank joint account and personal account.
• There is a different account for 16- and 17-year-olds who want to manage their money.
• If you are a small or large business owner, you can open a business account.

Onboarding process

To open an account with Starling Bank, download the app on your smartphone and provide a valid photo ID (a UK passport or driving license).

To open a business account, download the app and enter your personal and business details. Verify your identity by uploading ID documents and by sending a video.

According to the bank, it can take minutes to set up a personal, joint or business account.

No matter what type of account you choose, you are eligible for a contactless Mastercard debit card.

Plans

Starling Bank offers both personal and joint accounts, as well as business accounts that can be easily opened via the mobile app.

Starling Bank Euro account for personal/business account holders allows customers to hold, send, and receive money in euros and pounds.

Key features

• Easy-to-use mobile app with quick access to multiple banking functions.
• Open an account without any hassles in minutes.

Bottom line

Starling Bank is a superb option for UK citizens who want to open an account quickly and always be in control of their money. It’s the perfect choice for anyone who wants to be free from the hassles of traditional banking and yet has all the facilities and security that conventional banking offers.

Starling Bank is safe, regulated and a quick banking solution for the busy individual.

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