Starling Bank

Banking group: Starling Bank Ltd

Major news:

  • July 2016 – Starling receives its banking licence.
  • November 2017 – Starling integrates with Yoyo wallet, enabling customers to enjoy their loyalty points without accessing or paying via a different app.
  • September 2017 – Starling introduces ‘Marketplace’, partnering with Flux to offer paperless receipts and cashback information with further partnerships in the pipeline.
  • March 2018 – Starling launches business accounts, the first digital-only business accounts in the UK.
  • August 2018 – Starling launches first personal loan products.
  • August 2018 – Starling launches current account for 16 and 17-year-olds.
  • October 2019 – Starling launches euro debit card so business and personal customers can spend in two currencies with one card.
  • March 2020 – Starling wins ‘Best British Bank’ for the third year in a row.
  • April 2020 – Starling launches mobile cheque deposits to make banking from home easier.
  • April 2020 – Starling launches the Connected card, a second card that customers can connect to their existing account and give to anyone they trust to pay for essential items on their behalf.
  • September 2020 – Starling launches Starling Kite, a debit card linked to a child’s parent’s or guardian’s account.
  • October 2020 – Starling launches online banking for its personal and joint bank account customers, allowing them to manage their money from their desktop and laptop as well as their smartphone.

Unique features:

  • Earn interest on in-credit balances up to £85,000
  • Set and personalise savings targets
  • Categorise spending to help manage your finances
  • Deposit cheques up to £500 from your mobile
  • No fees to make purchases abroad, or to take money out of a foreign ATM
  • Facility to lock your card if you lose it, then unlock it if you find it – or just block the card from online payments or ATM withdrawals
  • ‘Settle Up’ feature, making IOUs to family and friends easier to remember and repay
  • Send money overseas to over 38 countries
  • Starling marketplace – where customers can access different services within the Starling app (including pension information, purchase travel insurance, obtain paperless receipts of their spending etc.). This is constantly being updated to include new features
  • 24/7 in-app support

Starling current accounts:

Starling Bank offers a range of different current accounts, including:

  • Starling Bank business account
  • Starling Bank offers a business bank account for limited companies with no monthly fees. It will automatically connect your accounts to software such as Quickbooks, Xero and FreeAgent and offers an overdraft which you can adjust up to £150,000.
  • Sole trader Starling business bank account
  • Alternatively, you can choose a sole trader business bank account which will automate your expenses and offer a flexible overdraft.
  • Multi-currency business accounts
  • US dollar and euro bank accounts are also available for UK businesses.
  • Personal current account
  • Everyday bank account with no monthly fees.
  • Euro account
  • This account allows you to hold, send and receive euros for free.
  • Starling Kite
  • Similar to a child’s bank account, but lets you transfer money on to your child’s Kite card and link it to your own Starling account. £2 per month per card.
  • Teen account
  • A bank account for 16 and 17-year-olds.

Does Starling Bank offer a joint bank account?

Yes, you can take out a joint bank account with Starling Bank to help you manage household expenses. As long as you both have a Starling personal account, you can set it up together in-app.

7-day account switch guarantee Starling Bank is part of the 7-day Current Account Switch Guarantee service which means it will take care of transferring over your payments and existing balance when you switch accounts, while your old bank will take care of closing down your old account. This should be completed within 7 working days.

Credit cards:

No

Savings accounts:

No

Mortgages:

No

Digital banking:

A Starling account can only be set up via the mobile app (iOS/Android), but you can then access online banking

Business banking:

Yes

FSCS deposit protection:

Yes, up to £85,000 per account holder

Regulatory Information:

  • Authorised by the Prudential Regulation Authority (PRA).
  • Regulated by the Financial Conduct Authority (FCA) and PRA. Registration number 730166.
  • Subscribes to the Lending Standards Board’s Standards of Lending Practice.

1 December 2020