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Ultimate Guide to Starling Bank

Ultimate Guide to Starling Bank

The 21st century is changing the way we access, manage and spend our money. A couple of decades back, you had to visit the bank to know how much balance was in your account or open an account. Today, you have access to your bank account and credit cards on the go thanks to online banking and mobile apps.

One of the best brands that changed banking for good is Starling Bank.

What Is Starling Bank?

Starling Bank is a fully UK licensed bank that offers alternative financial services in a smarter way than traditional banks. Founded in 2014, Starling Bank uses world-class tech, putting the tools people need to manage their finances in their hands.

Anne Boden founded Starling Bank as a challenger to traditional banks. She is a banking executive with years of experience. Before starting Starling Bank, she was a COO at Allied Irish Bank.

Since its founding, the bank has grown steadily. Today, it has more than 1.8 million customers. Of these, 155,000 are business accounts. The total amount of deposits is more than £3.6 billion. In 2020, the bank raised more than £100 million, raising its total to £363 million.

As a privately-owned company, it’s headquartered in London but has teams working in Cardiff, Southampton and Dublin.

Products and Services Offered by Starling Bank

Starling Bank follows a different approach to banking, unlike traditional banks. To ensure customers have access to their money on the go, the bank offers the following products and services:

  • Personal Account
  • Joint Account
  • Euro Account
  • Kite Account
  • Teen Account

Starling Bank Personal Account

The Starling Bank Personal Account is like no other. Traditional banks may charge you a fee for making domestic transfers and ATM withdrawals. With Starling Bank Personal Account, you don’t have to worry about monthly fees.

The account is completely free. Starling Bank is a fully registered bank and a member of the FSCS or Financial Services Compensation Scheme. As such, your money is fully protected. In fact, the bank protects up to £85,000.

Besides no monthly fees, Starling Bank Personal account allows you to deposit your cheques from your mobile. You can make cheque deposits up to £500 on the go. All you need to do is download Starling Bank’s mobile app, and take a photo of your cheque. Once accepted, you should receive your funds within two working days.

Starling Bank Joint Bank

Getting married to the love of your life? Why not simplify your finances with Starling Bank Joint Account. Perfect for friends too, the joint account enables you to manage household expenses such as rent and bills collectively.

It’s also designed to simplify shared spending and tracking. As an account holder, you’re eligible for the Connected Card. This is an extra card offered by Starling Bank that you can give to your partner you trust to shop on your behalf. It comes in handy, especially if you travel a lot for business.

Starling Bank Euro Account

If you have family or friends in Europe, you can send or receive money for free from the comfort of your sofa. The Starling Bank Euro account converts your pounds into Euros and vice versa. While doing so, you’ll get the current exchange rate.

To cover its costs, the bank will charge you 0.4% conversion fee. So, there are no hidden commissions or sneaky charges. Like it’s personal account, the Euro account is also free to hold, and there are no monthly fees.

Starling Kite Account

Want to teach your children about budgeting, and managing finances? Starling Bank offers Kite Account, a child bank account within your personal account. Designed for children and young people aged 6 to 16 years, this account is usually built into your account for better control and visibility.

Setting up the account takes a few minutes, and you can start transferring funds immediately. The bank charges you a flat fee of £2 every month per child. But it does not charge you for ATM withdrawals and transfers.

Starling Bank Teen Account

For older teens, you’ve got the Teen Account. This account comes with helpful tools that will aid you in tracking and managing your money. Once you open the account, you’ll receive a MasterCard debit card.

Every time you deposit money in the account, you’ll earn 0.05% AER on balances up to £85,000.

Starling Bank Business Accounts

Starling Bank also caters to businesses. Available business accounts include…

  • Business Account
  • Sole Trader Account
  • Multi-currency account

The Business Account is suitable for limited companies and other registered businesses. Free to apply, you can join over 270,000 UK businesses with a Business Account at Starling Bank. As an easy to use bank account, it comes with powerful money management tools and no monthly fees or UK payment charges.

Next is the Sole Trader Account. Best for the happy side hustling or the self-employed, this account saves you money and time. The app allows you to automate your expenses, capture receipts, make cash and cheque deposits.

Lastly, we have the multi-currency account. This is a bank account that allows businesses to make payments in US dollars, pesos, pounds, Euros and more. The account can convert your foreign currency back to pounds with a 0.4% conversion fee.

How to Open a Starling Bank Account

At Starling Bank, you don’t have to deal with fussy forms or visit a branch. Opening a bank account at Starling Bank is quick and transparent. No monthly fees or hidden charges. To open a bank account, you need the following…

  • a valid photo ID
  • Smartphone
  • About 5 minutes of your time

Once you have those follow these steps to open an account…

  • Download the Starling Bank account from Apple App Store or Google Play Store
  • Enter your Phone number
  • Enter the verification code sent to your phone
  • Fill in your details such as name, date of birth, email and current home address
  • Record a short video to verify who you’re
  • Take a photo of your ID

Once you sent the details above, Starling Bank will carry out quick checks with the UK Credit Reference Agency. Sole traders and businesses must undergo assessments such as looking at credit data. This helps the bank understand the nature of your business.

If approved, you can start transacting with Starling Bank mobile app from the convenience of your sofa. A few days after your successful application, you’ll receive a contactless Mastercard debit card.

What are the Pros and Cons of Starling Bank?

Pros

  • No Monthly fees
  • No hidden commission and charges
  • No fussy forms
  • Easy payments to family and friends
  • Compatible with Apple Pay, Google Pay and Samsung Pay

Cons

  • Eligible to UK residents only
  • The loan rate is high

Is Starling Bank Safe?

Starling Bank is regulated by the Financial Conduct Authority and Prudential Regulation Authority. All deposits in its customer’s personal accounts are fully protected by the Financial Compensation Scheme up to £85,000. In case of complaints, customers can contact the Financial Ombudsman Service.

To protect its customers when transacting on its app, Starling Bank uses facial and fingerprint recognition. They also use video identification, verification codes and passwords. This helps to protect your account and keep your transaction secure.

Final Verdict

Starling Bank has changed the way people transact and manage their bank accounts. With its handy features such as saving pots with roundups and instant alerts, the bank makes it easy to keep track of your transactions.

The bank has also eliminated monthly fees and ATM withdrawal fees. If you’re looking for a bank with no hidden commissions, no fussy forms and allows you to access your account on the go, Starling Bank is for you.

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