Customers have been flocking to Starling Bank, impressed by its slick app and fee-free spending abroad.
Now the challenger bank is also offering a business account option. Read on to find out more about Starling Business and whether it could help your company.
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Starling says its aim is to make banking straightforward, simple and quick.
Starling’s business account is no different. Launched in 2018, it takes a matter of minutes to sign up through the app, while its mobile-only approach and easy to use app might make managing your receipts and invoices easier.
Its business option is available if you’re an individual owner of a limited company, and either the only person with significant control, or if you’re part of a limited company with multiple owners. If you’re a sole trader you must have a personal current account to open a Sole Trader Account.
How does the Starling Business account work?
Like many other challenger banks Starling offers a banking experience that is pretty different to traditional banks. Here we walk you through getting started and what features you would get with a business account:
Quick application. Download the app on your smartphone. After entering some personal details, you take a photo of an accepted I.D. and film a short video of yourself. With a business account Starling run a few quick credit checks too, but the whole process shouldn’t take more than 10 minutes.
Your card. You’ll be issued with a contactless Mastercard debit card, which should take between 3-5 days to arrive. However, you can start using Starling straight away through Google or Apply pay.
No fees. Starling won’t charge fees on electronic payments, domestic transfers, monthly account fees or ATM withdrawals.
24/7 support. You can speak with a human adviser (not a robot) at all hours of the day. Contact them through the app, over the phone or by email.
Real-time info. There’s no waiting around for payments to show up. You even get notifications every time money enters or leaves your account.
Spending insights. See your spending broken down into categories like utilities, travel or entertainment.
CSV exports. Share your transactions with your accountant or accounting software like Xero, Quickbooks and FreeAgent.
Is a Starling Business account right for your company?
As briefly mentioned already, you can only apply for a Starling business account if you are an individual owner of a limited company, and the only person with significant control over the business, or if you’re part of a limited company with multiple owners.
Starling is particularly suitable for smaller or medium businesses, as it is free, flexibile and quick to set up.
Is Starling Business safe?
As Starling is a licensed bank you are partially covered. In the event of the bank going bust, it is covered by the Financial Services Compensation Scheme (FSCS). So you would be protected for up to £85,000 and they are PRA and FCA regulated.
However, the FSCS doesn’t apply to all business types so you should check with its website whether your company is eligible. It’s worth bearing in mind that the FSCS small business threshold is less than £1 million turnover in a year.
You might also be wondering about how safe the actual app is? Starling have a number of security features to ensure your money is safe from fraudsters:
Your finances are secured behind a passcode and password and completing your registration requires video and photo-ID.
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.
A live record of your transactions and home screen notifications means you are alerted to any strange payments immediately.
Starling CEO Anne Boden explains why Starling Bank is different
Pros and cons of Starling Business Current Account
Pros
An account up and running in about 10 minutes.
No joining or monthly fees.
Works with Quickbooks.
Contactless card delivered within a week.
Spending insights will help you manage your company’s finances. Every penny can be scrutinised.
No spending fees abroad and Mastercard exchange rate.
Marketplace gives you more financial control, letting you connect to platforms like Xero and FreeAgent.
Its “Goals” savings feature available to businesses too.
24/7 customer service.
Fully licensed by the FCA and PRA.
Cons
The lack of branches might cause some communication problems.
The verdict
If you’ve made it to this point of the review, you might me wondering: a free business account? For real? 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.
So, are there any catches? Not many, to be fair, but keep in mind that this is stil a digital-only bank. 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. Traditional banks are also able to offer a wider range of products (including, for example, business credit cards). But, if these things are not a big deal for you, Starling’s business account is a solid choice.
It’s free, it’s easy and quick to set up; you can choose between accessing it from the app or from desktop, you can make payments abroad for free, you can link your accounting software and even open a euro account. If you’re a sole trader or the owner of a small business, it’s one of the best available on the market and you should definitely give it a thought.
Compare Starling against its competitors
Updated March 29th, 2020
Frequently asked questions
Starling Bank has four revenue streams that function much like those of a traditional bank:
Net interest income: Starling Bank uses customer deposits to lend to other customers as overdrafts and loans.
Treasury income: Surplus deposits are held by the Bank of England, Starling gets small returns via interest.
Interchange income: The fee that Starling takes from every card transaction made; the interchange fee.
Fees and commissions: Traditional banks upsell and advertise additional services that they can provide, generating more income. As Starling Bank only offers their current account, they make money through partnerships with other fintechs, getting a commission on every referral.
Starling bank account is a fully functioning current account which comes with a Mastercard debit card so linking a main account won’t be necessary.
You can add money to your Starling personal account by doing any of the following:
Bank transfer directly from another bank account to your Starling personal account.
Cash deposit through any Natwest branch.
Choose to transfer your salary, set up direct debits and any other regular payments by making Starling your main bank account.
Simple. Pay in cash manually or transfer funds from another account. Alternatively, you can use the “Switch” option to make your Starling account your main account.
While Starling do not impose any withdrawal charges on customers, ATM providers in your country of destination may charge their own fee. The cost of withdrawing from ATMs differs in different countries and locations.
Starling bank accounts are only available to those whose current address is in the UK. You can be from any nationality as long as you live in the UK.
Yes, you need to download the app on either an Android or iOS device.
Starling bank account is a fully functioning current account which comes with a Mastercard debit card so linking a main account won’t be necessary.
You can add money to your Starling personal account by doing any of the following:
– Bank transfer directly from another bank account to your Starling personal account. – Cash deposit through any Natwest branch. – Choose to transfer your salary, set up direct debits and any other regular payments by making Starling your main bank account.
You can also visit Starling Bank’s website for more information about its different bank accounts’ features and services.
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Thanks for getting in touch and I hope you are doing well.
To answer your question above, yes, you are able to set up a Starling business account where more than one person can access it. To get started, please download the Starling app that can be found on their main website. You will see a GET THE APP sign on the upper right-hand side of the page. When clicked, you will be shown a choice to download for Android or iOs. Simply click and you will be able to download the app. The app will carefully guide you step by step to set up your account.
Hope this helps and feel free to reach out should you need further assistance.
I’m afraid that is not possible. It is against company policy that third parties have access to your account. You may also contact Starling Bank to verify this.
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Anna Business
Cashplus
Revolut Business
Hello,
Can the business account be accessed by more than one person?
Hi Benjamin,
Thanks for getting in touch and I hope you are doing well.
To answer your question above, yes, you are able to set up a Starling business account where more than one person can access it. To get started, please download the Starling app that can be found on their main website. You will see a GET THE APP sign on the upper right-hand side of the page. When clicked, you will be shown a choice to download for Android or iOs. Simply click and you will be able to download the app. The app will carefully guide you step by step to set up your account.
Hope this helps and feel free to reach out should you need further assistance.
With care,
Nikki
Hi, can I give read-only access to my account to my Accountant
Hi Dec,
Thanks for contacting Finder.
I’m afraid that is not possible. It is against company policy that third parties have access to your account. You may also contact Starling Bank to verify this.
I hope this helps.
Kind Regards,
Faye
If for example I drop my phone down the loo, I able to access a starling account via laptop or pc?
Hi Al,
Thanks for your inquiry.
Unfortunately, you cannot access your account via laptop or PC. Please note that Starling account is only available through Smartphones or tablets.
I hope this helps.
Kind regards,
Bella