Starling offers two new subscription services to business bank account holders
Digital banking Toolkit and US dollar account now available to UK business customers.
Starling Bank has expanded its business account offering with two new fee-based services for existing small business customers.
The first is the Business Toolkit, which costs £7 a month and can be used as an add-on to Starling’s free business account for limited companies and sole traders. The new digital banking service is designed to help SMEs do their bookkeeping and accounting direct from their Starling online bank account.
The features include: creating, sending and tracking invoices; automating expenses; recording VAT and connecting to HMRC to submit VAT returns; and uploading bills and scheduling payments to manage cash flow.
For sole traders, the service will estimate the money that needs to be set aside for self-employment income tax, national insurance contributions and student loan repayments.
The challenger bank is also offering the Toolkit for free for the first three months to account holders who sign up before 31 July. There is no minimum monthly term.
The Toolkit was initially rolled out in beta phase in January, but gets its full launch this week alongside Starling’s new US dollar business account.
Starling business customers can sign up to the full US bank account, which includes a US account number and sort code equivalent, for a £5 monthly fee.
Account holders will be able to send and receive payments in US dollars from their Starling app, as well as spend in either pounds or US dollars using a single debit card.
Customers will be able to transfer money from their GBP account to their USD account through the app (charged at the prevailing exchange rate plus a fee of 0.4% of the transaction value). Alternatively, they can fund their account from an external USD account.
This will be Starling’s second foreign currency account offering, following the launch of its euro business account in October 2019.
Anne Boden, chief executive of Starling, said: “Small business owners are under a huge amount of strain at the moment and at Starling we’re continually looking for ways to help them get back on their feet and remain open for business.
“The new features that we’ve built for the Business Toolkit will help entrepreneurs save time and money, while at the same time allowing them to cut down on paperwork and spend more time serving their customers.”