Starling Bank is among the most famed banks in the UK. It was launched in 2014; from there it never turned back. Due to its vast range of services, it has been nominated for the Best British Bank for three times in a row from 2018, 2019, and 2020. The bank is popular for many features that are given in the below section here:
- No monthly fees current account
- Mobile cheque deposits
- Use with mobile wallets
- Split the bill with friends
- 100% digital sign up
- Visual saving spaces
- Round up transactions to put saving on autopilot
- Send and receive international payments (for an additional charge)
- No fees for abroad transaction
- Mobile and online banking
With the coming digital banks, the Starling is best at maintaining the prestige of its services in the market. As we know the UK is probably among the most advanced nations, therefore, the services whether it’s about financial service or the services related to products should be at par to its level.
Starling is doing the same. They are providing every possible feature from Mobile cheque deposit to providing Mortgage, spilling bills with friends and many others.
By beating up all other competitors and being on top for 3 times in a row, the fame of Starling is worth mentioning.
Also, there were many ups and downs during the initial days of formation of Starling. People were leaving and joining other such digital banks, and blah blah…
However, the determination of its founder, Anne Boden, helped in achieving what it’s achieved.
Alright so now, we will be talking clearly about advantage as well as disadvantage of Starling, being your financial guide. The coming section will focus on the same.
Pros & Cons
- Accounts are free to be made.
- Full banking licence
- Comfort oriented
- Deposits insured up to £85,000 per account
- Offers recycled-plastic debit card
- No fees for spending in other countries
- Great security features
- No physical bank branches
- Lower interest rates to 0.05% AER
- Allowed for Up to six ATM withdrawals per day, with a daily limit of £300
Although you will find several stories of digital bank system that is put by the reviewers, because they have faced, but it is worth saying that Starling is different among those who leave users in rut for their own expansion or benefits.
Starling is not in hurry to explore its services outside of the UK and which is why their main focus is customer’s satisfaction. To make that successful, ‘Stellar’ is being set up for clearing the doubts of users, which they come across while using Starling.
How to open a Personal Starling Bank account?
There are basically two ways to do so: Either with application or on website. Using app is supposed to be easy than the website; because of its being on the mobile phone.
Once you are out of confusion between app and website, the next comes applying the process which is mentioned in the below section.
- Primarily, you need to enter the contact number on the application or the website of Starling.
- You will receive a verification code; enter it in the given section.
- Now is the time to put the details: Your full name, Date of Birth, current address, and the email address.
- Finally, you need to post a short video of yourself for the confirmation of your identity.
How to open a Business Starling Bank Account?
Nowadays, this has become a trend for the digital bank services that they provide easiness to open personal as well as business account. Due to this, many businesses became easy-going with their money management.
Similarly, Starling is no behind in this race as it too provides business account creation on their services. To set up business account is more like setting up personal one; however, you are required to follow a few more steps for that.
Before you add your business account on starling, we have listed an important list of things required for the process to be hassled free.
- All the participants need to be the UK residents, first criteria.
- To make your business account journey foul-less, it’s necessary to meet AML/KYC, fraud, and credit checks and processes.
- The sole trader account option will be visible to those who are up to the criteria.
Starling bank accounts
As we discussed about two bank account; Business and Personal, let us now see how many different accounts are there on the Starling along with their purposes as well. There are multiple banks needed for different purposes, and as we said, Starling leaves no stone unturned to help in managing your personal as well as other related accounts.
To make it quick, we have given the ‘bank offered by Starling’s list:
- Personal account
- Joint account
- Euro Account
- Business Account
- Starling Kite
- Teen Account
These are the list of banks that Starling provides. Among all, we have discussed about the two: Personal and Business, earlier. Now, we will be looking on the other remaining ones; their features, etc.
So without further ado, let’s get started.
Joint account, as the name appears, is for two people who could be friends, couples, partners, etc. Those wish to open their accounts with one of their partner, choosing Joint account is worth for them.
However, to open joint account, both the users need to have their personal account on Starling. If that’s found, the process of opening of Joint account is too much easy.
Also, you get all the perks of Starling bank with Joint account: Tracking of expenses, instant payment notifications, savings with goal-feature, etc.
Euro Account is another beneficial account basically used for the management of your foreign currency in a place. This account is being used by many who are living in the UK as well as by others who are outsiders or immigrants from other nations.
By using it, you’ll not require paying anything extra and also the transfer of foreign money is absolutely free and quick. Euro account provides a Euro card for making use of it for your abroad usage. Along with it, it has covered deposits up to £85,000.
Have you ever thought of a bank account which is made for kids aging 6-16? Well, Starling has made this possible by providing a separate account for those who are between 6-16 ages. This is for the prior knowledge for them to save, invest their money in a well strategic manner. Starling Kite provides several other perks: free ATM withdrawals, debit cards (made of plastic), and many alike features that we usually find on the personal accounts of the Starling.
Besides, Starling is preparing for the separate application for this particular purpose, which would boost the craze among young ones towards using their own bank account and the application.
Most likely Starling Kite, here the category is of 16-17 to apply for the account. Those who are less than 16 can go for Starling Kite.
This is particular for 16-17 years teenagers to help them in their doings: expenses, savings, loans, and other sorts of investments. Talking about benefits, almost all the benefits are obtained by teen account holder from 0.05% interest rates to debit cards and savings features.
Also, as soon as teenager turns 18, he/she can apply for the adult personal account, with easy steps.
Starling does provide a card facility for the users, while it can be used by either user of any other person on the behalf of owner. The other one can only use the card for making purchases and all; however, he/she is not allowed to make withdrawals with the help of card.
Also, Starling has some limit to spend on the card, and the limit is; you can spend up to £200. Apart from this, if we talk about the application process of Starling card, it’s not a complicated thing; but an easy to perform task.
To apply for Starling card, users need to first move to the Goals. Then, click on the New Space and Connected Card Space. Along with it, you need to choose the purpose of using your card. After you ordered the card, it will take 5-7 working days to deliver it at your door step. Finally, you need to activate the card which you can do by using CVV.
Currently, Starling is providing loan for the business purpose. The process of taking loan is absolutely simple and does not require anything in additional. Starling, being top digital banking service in the UK, provides several kinds of loans that are given here.
- A Coronavirus Job Retention Scheme
- Recovery Loan Scheme (RLS)
- A Statutory Sick Pay relief package for SMEs
- Deferring VAT and income tax payments
- A 12 months business rates holiday for certain businesses
- Small business grant funding
Is Starling Bank safe?
The banking facility of Starling is well known and it promises to safe up to £85,000 with the help of Financial Services Compensation Scheme (FSCS). Instead of it, there are other benefits like fingerprint, face lock, PIN security, etc., which ensures additional security for your account.
Also, users should be well aware of the fact that Starling does not ask to share PIN, password and also it doesn’t ask to authorize a payment from your account to a new account.
Who owns Starling Bank?
As discussed in the beginning, Starling is privately-owned bank which was started in 2014. It was Anne Boden who started it and became the CEO. The bank has done a massive growth in the past 8 years and also became the Best British Bank for 3 times.
Also, it is managed by other members of the bank with having a little share of Starling. Anne Boden who is the CEO of Starling Bank, possessing 24% of total share of Starling bank.
Other Competitors in the market
Starling Bank vs Monzo
Currently, both Starling and Monzo are doing great in their own arena. Both are the top banking service provider in the UK having like tools and opportunity to switch over other ones.
Starling vs Revolut
Revolut is a global name in the digital banking arena. It has more than15 million users in the world, as of now. Being at top, Revolut has no comparison with any other banks. The focus of Revolut is to expand globally, while the Starling is more focused on the UK coverage in banking terms.
Although the expansion is much more than Starling, but starling is in a fair profit situation. This shows how Starling has made their actual users base.
Starling Bank is one of the most rapid growing digital banks in the UK with having lots of reasons behind that. The bank provides application that can be accessed for many purposes by any user. It lets transfer money quickly and accurately. Also, it has 3D security layer, helping to protect the users’ data from unwanted access. Digital banks are easy to set up and provide facilities more than a traditional bank. It is therefore becoming users’ choice with rapid adoption rate.