In this Starling Bank review we will look at each bank account … You might also be wondering about how safe the actual app is? Starling Bank won the ‘Best British Bank’ award alongside ‘Best Current Account Provider’ and ‘Best Business Banking Provider’ awards in 2020, plus they are rated highly for customer satisfaction. Monzo Business vs Starling Business – which is the best account? Simply click and you will be able to download the app. Thomas St, London, SE1 9RG. 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. It has all the proper licences in place so that it is legitimately a real, regulated bank – just managed remotely. You can send and receive US dollar transactions for free. No problem. Type of account: Business current account, Intended for: Limited companies or sole traders. However, the mobile banking app is where you can take full advantage of the main features, and where the account management functions are focused. It could easily replace your old bank. We focus on the business accounts in this review. Updated for 2020. unsure you should get independent advice before you apply for any manage money for “goals” or expenses. Whether you’re self-employed or side-hustling. We do not offer a separate savings account but we do offer interest on our personal and joint GBP accounts. The queue for the chat support could have been faster, but always got us through to a real person who answered our questions or fixed the issue. As Starling Bank only offers their current account, they make money through partnerships with other fintechs, getting a commission on every referral. 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. Business account. If you’ve made it to this point of the review, you might be wondering: a free business account? A Euro bank account and US dollar bank account are available as add-ons after a Sole trader or Business account is set up. Starling Bank is an app-only bank that was founded by Anne Boden in 2014 and launched its first mobile current account in 2017. It’s free to take out money at ATMs both in the UK and abroad using this card. See how Starling’s business account compares against the other banks when it comes to areas such as customer support, fees, features, payments and borrowing. PayPal Business account – best for online merchants, but why? They come with their own US or European IBAN and SWIFT/BIC, acting as standalone bank accounts. Make sure to put your surname and eight-digit Starling account number on the back of each cheque. Both accounts have great service. You can also use the Marketplace to connect your Starling business account to popular accountancy software such as QuickBooks, Xero and FreeAgent. Bounce Back Loan & CBILS Loans & overdrafts Non-bank alternative: Cashplus Business offers overdraft and credit. If you take out cash from a Post Office, it costs 50p per withdrawal. The following limits and interest rates apply to loans. The bank received 5 out of 5 stars from customers in our survey, and 87% of users said they would recommend the service (right behind Monzo’s winning 88%). Starling offers a business overdraft that depends on your situation and qualifying factors within the limits and interest rates below. Accounts. What about loans? But a business account can range from that very simple money-in, money-out account to an account that helps you issue invoices, run payroll (if you employ others) and help with your accounting and tax return. So, are there any catches? PayPal Here UK review: how does it compare with iZettle and SumUp? If you don’t want to pay for either an external accounting software package or the Starling Business Toolkit, you can always export your bank statements to a PDF or CSV file, so either you or your accountant can see or work with the figures separately. Bookkeeping & integrations Why switch your business bank account to Starling? I am in awe as to how good Starling bank is. US dollar and euro bank accounts currently available for UK businesses. Euro account– this account is designed specifically for those who want to switch between sterling and euros seamlessly. 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. 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. It is currently possible to send money to any of 38 countries and 20 currencies. How can I pay cash and cheques into a Starling business account? At their simplest, business accounts simply offer a cheque and paying-in book. 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. The Business accounts for sole traders and limited companies have no monthly fees. 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. Starling business accounts review. All you need to do is take a clear photo of the the cheque with your phone and you’ll get a push notification when the funds have cleared (normally two working days afterwards). You’ll get the current exchange rate, with a 0.4% conversion fee from Starling added on top. Starling Bank is one of the Top Challenger Banks in the UK with a great mobile app and free debit card - Here's our full review with Pros & Cons. 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 … Is the Starling business account right for my company? Basically, you can allocate money for individual things you want to save money for, e.g. All with no monthly fees or UK payment charges. It has advanced accounting, invoicing and bookkeeping features available through the online account (not mobile app), including: Invoice management incl. The Spaces feature is genuinely useful for working towards goals. The Starling business account comes with a contactless Mastercard debit card, which is a dark navy colour. The app gives you different transfer options with different fees disclosed upfront depending on the speed and method of transfer. 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. Works with Quickbooks, Xero and FreeAgent. 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. Please note that Starling account is only available through Smartphones or tablets. Starling Bank Review. Cheques can be deposited free of charge and this can be done via the Starling banking app if the value is less than £500. There is also an online banking platform accessed in a web browser, but this has fewer features than the mobile app. Unusually, it’s a vertical bank card, rather than a traditional horizontal payment card that we’re used to seeing. More information about Mobile application in minutes. Review fee: when your bank reviews your overdraft limit, ... For now, Starling’s business account is only available if you are a sole trader who already has a Starling personal account; or an owner of a limited company and you are the only person with significant control over it. Currently, Starling offers personal, joint and business accounts with eligible deposits of up to £85,000 protected by the Financial Services Compensation Scheme (FSCS). is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions., Cashplus Business Account review: easy to qualify, but service isn’t perfect, Holvi account review: basic business banking that can sort your taxes, ANNA business account review: no-fuss banking with a human touch, iZettle review: easy, versatile card reader and app for small businesses. As demand for Bounce Back Loans is so high, Starlings says it’s prioritising limited companies who already have an established business – typically those with a track record of at least 18 months. Every step has been easy, from set up to account management and both the app and desktop site work well. Just hand the banknotes over at the counter, insert the card in the card terminal, confirm the amount deposited and the money will appear in your Starling Bank account immediately. The initial account launch was aimed squarely at private limited companies, and had a number of caveats one being that it could only support a single person in control of … The monthly repayment date is decided by you, but loans of less than £25k have a fixed repayment amount. Starling is a great option if you live in the UK. But note: Starling has currently paused applications for their own business loans so the bank can focus on providing the government-facilitated coronavirus loans. Starling Bank does not offer credit cards yet, but have announced their intention to do so in the near future. Starling Bank offer an app-based business bank account with no monthly fees and the ability to make cash deposits via Post Office branches. Both accounts have great service, Cashplus Business offers overdraft and credit. Customers looking to open a joint account must first open a personal account, although this is not required for business … Note that business account holders pay a charge of 0.3% (minimum £3) per deposit. These are the details: Customers can transfer money between their GBP, EUR and USD business accounts 24/7. If you ever lose your card, you can immediately deactivate it with a push of a button and customer service is there whenever it’s needed. Business account services. compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. While competing neobanking platforms offer tiered price plans (from free to “premium” plans), Starling’s costs are piecemeal according to what services are used. Design is not as slick but unlike Starling, there is access via a browser. Apply … During the sign-up, you will be asked to do a short video recording on your phone of yourself saying a sentence in order to verify your identity. Instead, the accounts are attached to your Business bank account, even though the different currency balances are separated in the app. Eligibility Average review rating 4.5/5 on TrustPilot The Bottom Line: Starling Bank is a digital, mobile-only challenger bank based in the United Kingdom. Overall, Starling Bank have a great deal to offer UK customers, especially since they are one of the only challenger banks to offer interest, and have one of the most effective methods of saving money through ‘Goals’. It’s very convenient, however, to set up a digital banking account for sole proprietors. 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. 3 reviews. The app works on Android and Apple devices (including iPads), and these are the main sections: Normally you would be able to apply for a loan or overdraft with a Starling business account, however the bank has confirmed that it’s not taking new applications for either of these at the moment. It is currently focusing on the UK with a full banking license. product provider, We cannot provide you with personal advice or recommendations, Sole trader, partnerships and limited companies. But note: Starling has currently paused applications for their own business loans so the bank can focus on providing the. You’ll always see the exchange rate before the conversion is made, so if you’re looking to make a transfer on the weekend, you have the option to wait until Monday morning. 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. The UK challenger’s first subscription account can be merged with business owners’ current free Starling accounts. Earn 1% cashback for paying with your ANNA card in selected categories. Starling 'just works' We've been with Starling from the start with our sole and our joint accounts (salaries, bills etc.) Digital banking is on the rise, offering customers 24/7 access to their bank accounts via apps and other types of online accounts. Cheques can be deposited in the app without having to go to a Post Office. Treasury income: Surplus deposits are held by the Bank of England, Starling gets small returns via interest. Your business account would also covered by the Financial Services Compensation Scheme (FSCS), so you would be protected for up to £85,000 if the financial institution went bust. Inbound transactions in other currencies will be rejected and sent back to the payer. A Starling business account is very similar to a personal current account, although the verification and onboarding process is a bit more complicated. 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. The same eligibility criteria apply, but only a Limited Company or Limited Liability Partnership can apply for a business loan – sole traders, charities, trusts and partnerships cannot. Starling Bank’s business and sole trader account* is similar to its personal account. Can I apply for a loan or overdraft with a Starling business account? Asking questions on the website chat yielded a faster response, but the extent of delays will depend on the time of day. Richard Mapp. Is Starling Bank safe? Whatever you need it to do, there'll be an account out there to help. 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). The Starling business account took around 2 minutes to set up, super quick as I was already a personal bank account customer. Let us go through the requirements, costs, features and services on offer. You can download this from the Google Play store or Apple Store (or you may already have it if you’re a personal account customer). We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident. Sending and receiving is free but the conversion comes with a 0.4% fee To sign up, follow the link below and download the app on your phone. 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