Business accounts make Starling a smart choice for startups
Starling is led by Anne Boden, a banking exec with decades of experience – including a stint as Allied's COO – and Monzo's CEO Tom Blomfield was once her employee.
As of August 2019, Starling has just shy of 800,000 customers, with about 60,000 of those business accounts, with Boden saying it's on track to pass a million this year with £1 billion in deposits
As the UK's big challenger banks – Monzo, Revolut, Starling and N26 – continue to grow in popularity, here we review the services they provide to bring you a comprehensive view of their usability. This includes their features, account types and security practices.
Starling has the key challenger bank features: instant transaction notifications, savings sub accounts with a roundup function, and spending broken down into categories for better budgeting. Alongside a personal account, you can also add a joint or business account, as well as a Personal Euro account, handy for travellers or expats; there's a 0.4% fee on exchanging from pounds to euros, and then transactions are free.
It's not all high-tech; some of it is directed at more analogue support. Starling's partnership with the Post Office means you can deposit physical cash into your account, rather than merely move money from one digital account to another. Got a cheque? Starling shows what the future of banking could be, all while letting you deposit cash, too.
Starling offers a full business account as well as a sole trader account, both of which have no monthly fees (for the time being) and don't charge for withdrawals, transfers or electronic payments; depositing cash costs £3.
Starling supports both FreeAgent and Xero accounting software, letting businesses export their transactions to the accounting software suites. That third-party marketplace means it's easy to use Flux to track some receipts, and those in-app loan applications make it simple to borrow cash when you're in a tight spot. Customers pay in cash?
Open Starling's app, and with white text on a dark screen you're shown the key figure you're probably searching for: how much money you actually have. A slide-out menu houses navigation to find Spending, Spaces, Payments and more. Payments are easily sent, with regularly scheduled transactions, such as direct debits or subscriptions, held in one place for easy access.
Starling offers all the good aspects of legacy, incumbent banks – interest rates on current accounts, the ability to deposit cash and cheques – with the handy features of challenger banks, such as saving pots with roundups, easy payments to friends, and instant notifications.
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