1 About Starling Bank; 2 The Perks of a Starling Business Account. There are pros and cons of Starling Bank influencing how good of a fit this bank account is for your needs. Alternatively, there are 14 financial software integrations to connect with through the so-called ‘Marketplace’. Business; Setting up an account; Account features; Will I get a business debit card? You can add money to your Starling personal account by doing any of the following: That depends on your situation. With BBLS, you can borrow between £2,000 and £50,000 up to a maximum of your 25% annual turnover with a fixed 2.5% rate of interest. PayPal’s buy now pay later service splits your shopping into 3 interest-free payments. You’ll then be given the option in the app to apply for a business account (remember, you must be a limited company to open this account). In this Starling Bank review we will look at each bank account … Starling have a number of security features to ensure your money is safe from fraudsters: Customer reviews for Starling relate to the bank as a whole, not its business account specifically. As we’ve discussed elsewhere in this guide, it’s possible to do a huge range of things in the app, ranging from opening the actual account itself or ordering a replacement card, to seeing who has paid one of your invoices and where you’ve spent the most this month. An account up and running in about 10 minutes (providing you have the right documents). By Kane Pepi January 5, 2021 The challenger banking space is hotting up in the UK – with a number of new-age institutions now allowing you to access everyday banking services via your mobile phone. To sign up, follow the link below and download the app on your phone. We like their values of transparency and fairness, which shine through in their communications with customers. How do I put money into my account if there aren't any physical bank branches? But note: Starling has currently paused applications for their own business loans so the bank can focus on providing the government-facilitated coronavirus loans. Yes, it’s 100% true and, if you’re looking for a way to save money, the Starling Bank business account is hard to beat. You won’t be able to pop into a branch and speak to someone in person, which some consumers may prefer when it comes to business banking. Non-bank alternative: Cashplus Business offers overdraft and credit. The UK challenger’s first subscription account can be merged with business owners’ current free Starling accounts. It’s possible to do some things in a browser, but most features rely on using the app. If someone else nearby uses the Starling app, you can wirelessly connect with that person to get paid by them. When you get back to the UK and use the card in a shop, the British pounds balance will be used automatically. Starling Bank unveiled their current account within an app for general download in May 2017. Customers looking to open a joint account must first open a personal account, although this is not required for business … About Starling … That said, Starling Bank cannot control if there are any additional charges added somewhere between yours and the receiver’s account because of Starling’s reliance on external third party providers or inter-banks to process the transfer. You may also contact Starling Bank to verify this. The app offers instant payment notifications. a new laptop or a business trip, or the loans you have with Starling. unsure you should get independent advice before you apply for any Choose to get your salary paid in, set up direct debits and make any other regular payments by using Starling as your main bank account. It is currently focusing on the UK with a full banking license. One major economy, China, is missing from this list, but Starling is gradually expanding the options (Australian and Canadian dollars are not added yet, but coming soon). The option to apply for a sole trader account in the Starling app will only be shown to customers that match our criteria, … You can also transfer money between all three, which involves a 0.4% currency commission from Starling. Sole trader account: Bank account for sole traders, self-employed and freelancers without a registered company. Cheques can be deposited in the app without having to go to a Post Office. If you're that concerned only transfer over what you need for a day or 2, then transfer again a day or 2 later. You can also add you card to the mobile payment wallets for Apply Pay, Google Pay and Samsung Pay, as well as wearables like a Fitbit and compatible Garmin devices. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. Starling is clearly a real bank with options for loans and overdrafts, but there are still services and products that can be added. You need a picture ID which has to be a passport, UK driving licence (full or provisional), EU/EEA ID card or UK Residence Card. In many other banks, you can only cancel a card, then wait some days to receive a new one by post. Marketplace service gives you the option to connect to other business platforms. Last week I even opened a business account which I will be switching over to use shortly. Competitive fees for transfers and payments, Cash deposits available (not a given for online banks), Useful bookkeeping features through Business Toolkit, Starling loans not available for sole traders, Web banking features not the same as in app, Cannot share account with staff except for Persons of Significant Control. It’s free to take out money at ATMs both in the UK and abroad using this card. The Starling business account is particularly suitable for smaller or medium businesses, as it’s free, flexible and quick to set up. You don’t have to make any repayments during these 12 months, but you’re free to repay the loan early any time with no early repayment charge. Compare: Monzo Business vs Starling Business – which is the best account? Cash deposit through any Post Office branch. The maximum cheque amount permitted through the mobile cheque imaging feature is £500, but you can post higher-amount cheques with Freepost to Starling Bank. More information about Mobile application in minutes. Earn 1% cashback for paying with your ANNA card in selected categories. If you regularly receive euro transactions from clients, you can therefore save a lot of money by adding a Euro account to receive free transfers. Only a ‘Person of Significant Control’ can open an account for a registered company, and that person should be a UK resident. Starling Bank is only available to UK residents In order to sign up for an account you must have a UK address although you don’t need to be a UK tax resident. Starling Bank business account review: real bank for the digital age. Thanks to that you can manage your money anytime you want and anywhere you are. Businesses struggling due to coronavirus can get a much-needed cash injection from the government’s Bounce Back Loan Scheme (BBLS) or Coronavirus Business Interruption Loan Scheme (CBILS) through Starling. Our readers say. Every penny can be scrutinised. I've used Starling to go to Sri Lanka and didn't have a problem. There is no setup charge, and you receive the debit card free of charge after you’ve had the account approved. The app is tremendous and so easy to use. Is Denmark’s national debit card losing traction? Firstly you’ll need to have the Starling mobile banking app. For Business current accounts, a setup fee of 1.5% (minimum £50) of the agreed overdraft limit is charged at the beginning, which is also the annual fee that will be charged the same time the following year. “With Starling, there are no monthly fees for our regular personal, business or joint accounts. Data Protection ICO registration number: Starling customer reviews. However, remember that to open a Starling business account, you’ll need to be an owner of a limited company which is registered at Companies House in the UK. Fully licensed by the FCA and PRA, and covered by the FSCS up to £85,000. Limited companies can get a larger overdraft (up to £250k) than sole traders (up to £10k). If you don’t want an additional accounting subscription, it’s possible to export bank account statements to a PDF or CSV file through the app or online banking account in a web browser. Yes, up to £85,000 of your money is protected by the Financial Services Compensation Scheme (FSCS) in each account. After entering some personal details, you take a photo of an accepted form of ID – a passport, EU/EEA ID card, UK residence card or UK photo driving licence – and film a short video of yourself. manage money for “goals” or expenses. Starling is a great option if you live in the UK. Some applicants may also need to provide additional documentation such as invoices, payslips, accountant’s letters or bank statements to prove the nature of their business. it is cheaper with the 0.4% currency conversion fee between Starling accounts than to receive euros directly from clients into the Business account which would cost 2%. It’s easy to switch between Starling accounts in the top left corner on Apple devices or top right corner on Android devices. Businesses struggling due to coronavirus can get a much-needed cash injection from the government’s Bounce Back Loan Scheme (BBLS) or Coronavirus Business Interruption Loan Scheme (CBILS) through Starling. Neobank alternative: Revolut Business account – what are the limitations? The Spaces feature is genuinely useful for working towards goals. Starling is a smooth operator that understands the needs of customers. Applying for a business account can be done in a matter in minutes from your mobile phone. service provider and read the information they can provide. > Starling’s iPad app is simply a scaled-up iPhone app, not that that’s a bad thing. You will see a GET THE APP sign on the upper right-hand side of the page. Follow the on-screen prompts, take a picture of your ID, submit and await approval. How does the Starling business account work and what are its main features? There’s a 0.3% charge (with a minimum fee of £3) for each deposit.Starling says that you can deposit a maximum of £20,000 per transaction, with no more than £250 in coins. If you’re dealing a lot with euros or US dollars, it’s definitely worth considering the Euro or US account, as it saves you conversion fees while providing full control over how the different currency balances are used. The only downside is that you can’t go back a step, so whatever you submit on one screen cannot be edited again during the application steps. our site. For example, not being able to send money to Canada, Australia and China could be an issue for some, and sole traders are not able to get a loan, only an overdraft. There are no options for accounts in other currencies at the moment but Starling Bank is working on adding 21 other foreign currency accounts. Whether you’re self-employed or side-hustling. It accepts cash and cheque deposits. The full details are below, so you can experience what each one is like from the … Please note that Starling account is only available through Smartphones or tablets. When clicked, you will be shown a choice to download for Android or iOs. Opening a business bank account used to be a lengthy process involving reams of paperwork, business plans, credit histories, and more. The BBLS loan term is six years where during the first 12 months, the interest will be claimed by Starling on your behalf from the government, i.e. We update our data regularly, but information can change between updates. Inbound transactions in other currencies will be rejected and sent back to the payer. Using a Starling business account for international payments. Not taking new applications for loans or overdrafts at the moment. If you’re specifically after accountancy tools, there is also the option of the Starling Business Toolkit (which we outlined above). Get instant payment notifications, automatic spending categorisation and a full suite of money management facilities in the app. Basically, you can allocate money for individual things you want to save money for, e.g. Enjoy premium benefits free for the first 6 months. Ways to sell securely, How to set up Click & Collect in a small business, Ways to accept payments without customer contact. It has all the proper licences in place so that it is legitimately a real, regulated bank – just managed remotely. that aims to provide you with the tools you need to make better Starling Bank has four revenue streams that function much like those of a traditional bank: While Starling do not impose any withdrawal charges on customers, ATM providers in your country of destination may charge their own fee. The lack of credit card could also prevent some businesses from making a complete switch to Starling Bank. About Starling Bank. We That said, the business debit card can be used for payments in any currency without added fees. Charlie Barton is a publisher at Finder. Contents. At any time, you can transfer money from Spaces back to your main balance. You are about to post a question on finder.com: Can the business account be accessed by more than one person? Square vs. iZettle vs. SumUp: compare the UK’s best card readers, SumUp Air review: affordable, no-fuss terminal for card payments, Takepayments review: short card machine contracts, but not perfect, Retail Merchant Services review: good card machines, no competitive edge. You can send and receive US dollar transactions for free. Finder.com Comparison UK Limited (company number: 10482489) is For that reason, you should make sure that international clients know which currency to bill in. What about loans? Starling Bank have offered single owner accounts since launch, and as of 2019 now also offer multi-owner accounts for businesses with more than one person of significant control. Starling Bank’s business and sole trader account* is similar to its personal account. To answer your question above, yes, you are able to set up a Starling business account where more than one person can access it. Ethically, Starling is highly rated by Ethical Consumer magazine, though it does say that it’s only marginally engaged in the issues. Starling claims there are no hidden fees, but it is always good practice to read the small print before accepting a loan. Our verdict. We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident. How can I pay cash and cheques into a Starling business account? Sole traders will receive two separate cards, one for the personal account and the other for the business account. The debit card controls for the accounts are more sophisticated than any we’ve seen elsewhere. The app integrates with many accounting programs. ZA227007. Do I need the Starling app to access my account? Hi, can I give read-only access to my account to my Accountant. The Business accounts for sole traders and limited companies have no monthly fees. If you'd like to set aside money away from your main balance, you can create a savings goal in the Spaces tab to help manage your money. reference number: 786446). Starling offers two types of business current accounts in GBP currency: Business account: Bank account for limited companies and other registered business entities. It allows businesses to do all their bookkeeping and accounting direct from their Starling app. The “Goals” savings feature is available to businesses too. The Euro account costs £2 monthly. What about the Business Toolkit? In the meantime, those in need of a cash injection can apply for an overdraft or business loan. Our address is Level 2, 20 St Your finances are secured behind a passcode and password and completing your registration requires video and photo-ID. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. It has been so useful that I am now using it as my current account. > A partnership with the Post Office means you can deposit cash at any of 11,500 branches. Unless we've said otherwise, products are in no particular order. How does it work? mortgages. There are other digital card management features available too. It has advanced accounting, invoicing and bookkeeping features available through the online account (not mobile app), including: Invoice management incl. Download the app to apply for a Starling Bank account in minutes. Simply link the account to your DBS personal account and then provide your ACRA Business … The app is user-friendly – clearly developed to be best-in-class. Starling Bank Business Banking Services Current Accounts . Then there are costs for overdrafts or business loans. I tested the in-app support chat after there was a mistake in my name on the debit card received, and although the queue time was over 20 minutes, once I got through, the help was to-the-point and the issue got resolved right away. Starling Bank provide a business card account that offers an alternative to traditional high street business banking. This is one of the reasons why the separate euro and US dollar business accounts are being offered as an option by Starling. Features new. You’ll get the current exchange rate, with a 0.4% conversion fee from Starling added on top. But it will accept business account applications from people who have an overseas telephone number in particular countries, such as most of Europe and the USA. More information about FSCS Protection up to £85,000. our partners for featured placement of their products or services. Limited companies and other types of businesses or partnerships have to be registered at Companies House in the UK. Business banking. Home: Visual overview of money spent today and this month, Payments: Request and send money, and view direct debits, subscriptions and standing orders, Spending: Details of payments by merchant or category, Spaces: Visual spaces for each thing/goal you’re saving money for. Starling business accounts are packed with features. This can be added onto a standard business account for a fee of £7 a month, but you’re under no obligation to sign up. All staff I have communicated with, have been helpful, knowledgeable and friendly. Compare Business Accounts. It has all of the features you would expect of a business bank account and at a fraction of the cost of a Revolut Business account. We’ve put together an in-depth review of Starling Bank so you can find out whether they’re the right challenger bank for you. I am in the process of researching personal & business bank account offerings. Starling has attracted an impressive number of complimentary reviews, but balanced by a significant number of derogatory opinions, particularly in respect of business accounts and level of customer service. However, at the moment, the business account is only open to owners of … All those with access to the account can order their own debit card, which will be issued in their own name and the company name. Sole trader accounts are subject to eligibility checks, which include looking at credit data and understanding the nature of your business. Updated for 2020. This way, you do not dive into money reserved for a goal when using the debit card, and it becomes easy to see what money you’re allowed to spend by not having the saved money in the main app balance. What’s QR code payment? Businesses restricted by Square, PayPal, iZettle & SumUp, Buy or hire? Card machine costs explained, Are online payments safe? But as some smaller Post Office branches may have a lower cash limit, if you’re planning to pay in more than £2,000, the bank says it’s best to check ahead with the individual branch. Net interest income: Starling Bank uses customer deposits to lend to other customers as overdrafts and loans. That has now changed, and today it is possible to apply online for an account with most High Street banks – although this can still take between five and ten working days, especially if you don’t have an existing personal account with that institution. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Like what you see? What about international payments, foreign currency and use abroad? Starling does not apply a fee when you use the debit card in another currency, but the merchant may use their own exchange rate with additional fees if you choose to pay in the local currency. Signing up It is against company policy that third parties have access to your account. If you need to deposit a large number of cheques you can send them off to the bank’s office in an envelope address to ‘Freepost STARLING’ (no stamp required). The majority of these customers praised the bank’s app functionally and efficient 24/7 customer service, although a limited number of reviewers flagged up problems sourcing some of the more detailed documents they were asked for in the business account opening process. A Euro bank account and US dollar bank account are available as add-ons after a Sole trader or Business account is set up. Looking at TrustPilot, we see that Starling responds to individual complaints promptly with thoughtful responses, showing they are taking their service seriously. product or commit to any plan. Every step has been easy, from set up to account management and both the app and desktop site work well. Like many other challenger banks Starling offers a banking experience that is pretty different to traditional banks We have even featured the account as one of our best business bank accounts for online banking. Starling Bank is a fully-licensed bank. Make sure to put your surname and eight-digit Starling account number on the back of each cheque. You can withdraw cash for free from an ATM up to six times a day, but the daily total cash withdrawal maximum is £300. product provider, We cannot provide you with personal advice or recommendations, Sole trader, partnerships and limited companies. Starling Bank Business accounts. The CBILS is for higher amounts, with loans and overdrafts ranging from £50,001 to £250,000. Find out more about the London Stock Exchange, what companies are listed on it and how to invest in the largest exchange in Europe. Will look at how to open a Starling business Euro account including weekends licensed the! 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