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Starling bank is a London-based mobile-only digital bank that was founded in 2014. Though it is a digital bank, it has a lot of features that impress its customers more. But, before using Starling Bank We recommend you to read our tradingcritique.com review to know how starling bank works, starling bank features and its fees.
In 2014, Starling launched a digital bank with a complete banking license. It’s currently concentrating on the UK. In both GBP and EUR, it offers Personal and Business accounts. Starling Bank came in top position as a new entrant in the annual poll conducted on the behalf of Competition and Markets Authority, which included 17,280 small enterprises.
Image 1: Home page of the Starling bank website
Image Copyrights reserved to Starling bank website
Starling bank is a licensed financial institution. The bank is situated in London and was founded in 2014 by Anne Boden, the pioneer of the Same Day Bank Transfer Service, which revolutionized the way people managed their accounts.
The Prudential Regulation Authority and the Financial Conduct Authority (FCA) supervise and monitor Starling Bank.
It acquired its banking license in 2016 and launched the UK’s first mobile-only current account in 2017. As part of the Financial Services Compensation Scheme, customers are insured for up to £85,000 per customer (FSCS).
Table 1: Starling bank Regulation details
| Entities name | Registration number | Regulation | Headquarters | Physical address |
|---|---|---|---|---|
|
England and Wales |
09092149 |
The Financial |
London |
3rd floor, 2 Fins bury |
Starling bank won many awards which are as follows:
Table 2: Starling bank Awards details
 Awards won by Starling Bank |
Awarded by |
|---|---|
|
Best British Bank (2018-2021) Best Business Banking Provider 2021 |
British Bank Awards 2021 ceremony |
Personal, Joint, and Business accounts are available at Starling Bank, with eligible deposits of up to £85,000 insured by the Financial Services Compensation Scheme (FSCS). Clients who want to create a Joint account should first open a Personal account, however, corporate customers do not need to do so.
Starling Bank Knowledge bites
It is a digital bank that can only be accessed through its website or mobile app. The Starling Bank mobile app can be downloaded from Google Play and Apple App Store. Starling is a 'challenger bank,' a small business founded to compete with the long-established and bigger national banks. There are still no physical branches or an online page; all banking is done through the Starling mobile app, which is accessible for both Android and iOS smartphones. Starling was just announced (August 2018) to supply payment services for a new RBS/NatWest digital business.
Starling Bank’s Personal account can be controlled using the app, your laptop, or your PC. The account has no monthly costs and it is free to use. You can even get regular interest for you account balance. Mastercard debit cards are available for Starling Personal accounts.
Image 2: An intro of Starling Current account given on their website
Image Copyrights reserved to Starling bank website
The Starling Joint account has all the features of the Starling Personal account but has to be used jointly with family or close friends.
Image 3: An Intro to Joint account on Starling bank website
Image Copyrights reserved to Starling bank website
Limited companies as well as other legal businesses can open a Business Current account with Starling bank, while single traders can open a Sole Trader business account.
There are no monthly fees for the accounts, but if you want to access the bank’s Business Toolkit function, it will cost you £7 a month. The Toolkit is designed to assist you in streamlining your bookkeeping, creating invoices fast, and managing debts.
Image 4: An intro of Business account given on the Starling bank website
Image Copyrights reserved to Starling bank website
There is no maximum deposit amount limit. Starling bank serves as a usual current account, which means you may fund it in many ways and use many of the Current account features, including direct debits, salary deposits, post office cash deposits, and inbound wire transfers.
Starling Bank has many features for all of its accounts. There is no monthly average balance that has to be maintained in Starling bank for any account. You can even maintain a zero balance but then there are some fees you need to pay.
Starling Kite is a prepaid debit card for children aged 6 to 16. It was announced in September 2020 and is aimed at children aged 6 to 16. It is tied to the parent’s personal (or joint) Starling account and costs £2 per month. There are no costs associated with using the card outside of the United Kingdom, which is a significant benefit. The biggest disadvantage of this prepaid kids & card over others is that it does not come with an app for the child.
Once you have a regular Business account with Starling bank, you may open two multi-currency accounts and accept money in either euros or dollars. If you do business frequently in Europe or the United States, these accounts may make it easier and less expensive to make payments and manage your finances in many currencies. The monthly fee for a Euro business account is £2, while the monthly fee for a US dollar business account is $5. Only a few firms are permitted to create a US dollar account.
In addition to a GBP account, a free EUR account may be used to send and receive euros regularly. This is a useful function for persons who live in the United Kingdom but are paid in euros, or who want to send pounds to other European nations.
You may easily switch from your active current account from another bank to Starling bank. All of your incoming and outgoing payments, direct debits, and standing orders are handled by Starling throughout the transfer. It will also move all of your funds to Starling and cancel your previous account. Only works with current bank accounts in the United Kingdom.
Users may create financial space and put money aside manually or automatically to keep saving and get closer to their financial goals.
Keep track of your expenditure by categorizing it by transaction types, e.g., shopping, tour, etc.
Payments can be split with other Starling users.
The Starling Bank Marketplace is a location where you can buy and sell. A unique feature that allows
customers to access a variety of third-party partner services directly from the Starling App. Habito, So-Sure, Anorak, Pension Bee, Wealth simple, Wealthify, and Anorak are among the Starling
Marketplace’s partners.
An arranged overdraft is available at Starling. Depending on the customer’s credit score, interest is computed daily and levied at 15%, 25%, or 35% EAR (variable). Unplanned overdrafts are not subject to further extra charges. The following charges are very competitive:
Table 3: Types of Fees and interest rates in the Starling bank
 Starling Bank Service |
 Starling Bank Fees |
|---|---|
|
Currency Exchange fee for international transfers |
0.4% |
|
International transfer fee |
£0.30-5.50 |
|
Foreign ATM cash withdrawals |
Free (With a maximum total withdrawal per day of £300) |
|
Cash loads |
Free (At your local Post Office) |
You may top up your account using a variety of ways, including bank transfers, checks, and cash. Apple Pay, Google Pay, Samsung Pay, Garmin Pay, and Fitbit Pay are all options for Starling bank
users to pay for goods and services.
Starling claims to have been the first bank in the country to offer in-app provisioning for Apple Pay users, who may use the in-app Card Management page to add cards to their Apple Wallet.
Though Starling Bank is a good and advanced Digital Bank, it has its own advantages and Disadvantages which are listed in below Table 4.
Table 4: Pros and Cons of the Starling bank
 Pros of Starling Bank |
 Cons of Starling Bank |
|---|---|
|
Overdrafts are offered, and the costs are reasonable. Safe and secure, with full FCA and PRA license. Current account balances earn interest. Fee-free international spending, as well as fee-free ATM withdrawals. |
There are no branches or web-based It might take up to a week for checks to Cash deposits are only accepted at Post Currently, it is only available to residents |
Starling bank does not have any bank branches. Their customer service representatives, on the other hand, are available 24 hours a day, seven days a week. For problems and concerns, you may use the Live Chat option on their website or the in-app live chat. Emails are checked frequently, and Starling claims to respond within two hours.
Only in the event of a lost or stolen card, the Starling Bank phone number is accessible. If you have a query, the app has a FAQ and help area, so you don’t have to go to its website. There’s also a chat feature that allows you to ask specific questions to a real customer service person who will respond to you instantly.
Image 5: Help centre section on Starling bank website
Image Copyrights reserved to Starling bank website
Where can I use the Starling card?A Mastercard debit card with contactless capabilities will be sent to you. Your Starling card may be used everywhere that accepts Mastercard, even internationally, with no additional fees.
For a Starling account, what is the minimum age requirement?To open a Starling account, you must be at least sixteen years old.
What is the maximum amount I can take out of an ATM using a Starling debit card?You can withdraw up to £300 in six transactions each day.
What types of transactions may I carry out at the Post Office regarding Starling
Bank?The relationship between Starling and Post Office outlets is aimed at cash deposits. You may also
withdraw cash from a Post Office counter for up to £300 every day.
Is Starling Bank available for a loan?Yes. Existing Starling clients can apply for both loans and overdrafts. Personal loans are accessible through the app and may be applied for without having to fill out any documentation.
To know more details about other Banks globally check the Banking section on tradingcritique.com. You can learn a lot about Banking which can help you increase your savings and take proper decisions in investment. Share your views about using the services of Starling Bank in the Comments Section.
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