Although Starling Bank was only launched in 2016, the neobank has already made an impact winning several awards from the banking industry including Best British Bank (2019), Best Business Banking Provider (2019) and Best Current Account (2019). Starling Bank belongs to a revolutionary new generation of Fintech bank that offers customers the convenience of a smartphone mobile bank that is designed for online banking. It is operated by either Android or iOS systems. As a challenger bank, Starling has a range of services that enables it to compete with the mainstream traditional banks.
A Brief History of Starling Bank
Starling Bank’s development has been spectacularly rapid. Former Allied Irish Bank executive, Anne Boden, began working on the Starling Bank project in 2014. Just two years later the bank was licenced by the Financial Conduct Authority and Prudential Regulation Authority. As a new Fintech bank, Starling Bank began operating with funding of £48 million, one of the largest investments ever to be awarded to a Fintech company. TransferWise, one of the world’s leading mobile bank companies, began a partnership with Starling Bank in 2017. The following year saw both the launch of the Starling Bank Business Account and a partnership with the Post Office to implement convenient cash transactions. Early in 2019 the Euro Account was created to provide instant streamlined transactions with the Continent.
Convenient Online Banking for your Business
Starling Bank is quickly gaining recognition as a challenger bank providing convenient mobile banking for a variety of small businesses. The award-winning Business Account is simple and straightforward to use. There are no monthly charges to account for enabling small businesses from sole traders to those with up to ten employees to make the best use of their limited funds and turnovers. Applying for a business account can take place wherever you happen to be bringing you instant results that allow trading to commence without delay.
Types of Business Accounts Available from Starling Bank
Many online retail opportunities selling downloadable e-products from books to art prints are a popular business choice for many self-employed people. The Starling Bank Business Account is perfect for such companies as it is free to use with no additional charges for trading in e-products. Typical fees for sending money to other countries are either free or as low as 30p per transaction although transfers to Hong Kong can cost £3.50. There is also a 0.4% fee for every transaction. With invaluable accountancy software such as FreeAgent and Integrate Xero, every small business owner can easily keep track of invoices, receipts and expenditure leaving more time to concentrate on growing his or her business. Convenient cash deposits and withdrawals at the UK’s extensive Post Office network are tailored for integrated convenience particularly when despatching goods by post. Your account can easily be connected to a digital money wallet such as Google Pay or Apple Pay and whenever you travel abroad no other app is required for you to use your account in at least 35 countries.
The Starling Bank Euro Account is perfect for a self-employed sole trader or small business owner who earns an income from the Eurozone. Some UK residents earn money renting out a holiday home in Europe. Free to use with no monthly fees, Euros can be sent or received free of charge but there is a 0.4% charge for completed transactions. The convenient mobile app displays exactly what the current exchange rate is in real-time. Real-time banking provides instant accurate information helping small business owners to make wise decisions to increase trade and cash-flow.
When supplementing a main income through a hobby or simply earning winnings from online gaming sites, a Personal Account offers the advantage of being free to use. Money transfers abroad are the same as those charged for the Business Account. Accessible through a simple smartphone app, every incoming or outgoing transaction is accompanied by an instant notification. The account helps with saving towards items such as a car or holiday. Transactions can be “rounded-up” to the nearest whole number with the surplus being added to the saving facility. The Personal Account earns interest at competitive rates. Overdraft facilities can be arranged using the app’s built-in slider. Interest on borrowed sums is charged at 15%. Share the costs of drinks or taxi fares with friends who also have Starling Bank accounts when paying for a night out.
The Starling Bank mobile banking app is perfectly suited for shared finances with no monthly fees. Transferring money abroad incurs the same fees as the Business Account. The Joint Account provides effective management of monthly expenditure complete with instant notifications of each other’s spending. Each applicant must first open a personal account.
How to Open an Account
Opening a Starling Bank account is quick and easy and can be done from wherever you happen to be at the time. Simply choose an appropriate account, fill in your details and upload your ID from a current UK driving licence or passport that includes an up-to-date photograph. Once your application is processed your account is instantly operational.
What to Keep in Mind
As a challenger bank, Starling Bank is revolutionising online banking in the UK by providing a trustworthy, viable alternative to traditional banks. A wide choice of accounts offers flexibility and convenience at home and abroad for sole traders and small businesses. Extra benefits from the neobank include reliable security and friendly customer services operating 24/7. An instant card lock protects a lost or stolen card and the same Financial Compensation Services limit used by traditional banks keeps your money safe. With the added convenience of instantly accessible mobile banking that’s with you wherever you go, your business has the best opportunity for growth.