Starling’s business account is free to set up and use, but the challenger bank rolled out a new subscription service in July 2020 called the Business Toolkit. London, SE1 9RS. If for example I drop my phone down the loo, I able to access a starling account via laptop or pc? Starling Bank is a fully-fledged, UK-based bank without physical bank branches. You may also contact Starling Bank to verify this. It's not surprising that Starling won Best Business Account provider at the British Bank Awards 2019. Your finances are secured behind a passcode and password and completing your registration requires video and photo-ID. 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. Marketplace service gives you the option to connect to other business platforms. It is not possible to open an extra bank account for the same business, only a new business account for another registered business entity. Sole trader account: Bank account for sole traders, self-employed and freelancers without a registered company. Starling offers two types of business current accounts in GBP currency: Business account: Bank account for limited companies and other registered business entities. The business account seems to hit all three marks. Here we walk you through getting started and what features you would get with a business account: You can pay cash into your Starling business account via a Post Office branch. 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. the first year is interest-free. Fees and commissions: Traditional banks upsell and advertise additional services that they can provide, generating more income. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential … To open a Starling business account, there are certain requirements. Starling offers current accounts for private individuals (personal accounts) and current accounts for sole traders and limited companies (business accounts). finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. may also receive compensation if you click on certain links posted on We Any other admin tasks can be done in the app, such as changing account details, applying for an overdraft, adding a new account, managing subscriptions and more. So if you’re being paid by a company abroad they will need to pay you in pounds (which might involve a fee at their end), and if you are transferring money to a bank account overseas there will also be a charge. To use the euro or dollar balance with the Business Mastercard, you have to switch on the relevant currency in the card management section of the app. £3) at the Post Office with Starling Bank. Starling is a challenger bank, founded in 2014. 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. Confirm details with the provider you're interested in before making a decision. The Euro and US accounts do not come with a separate debit card. 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. There is no monthly fee for a business current account. It is currently possible to send money to any of 38 countries and 20 currencies. If you’ve made it to this point of the review, you might be wondering: a free business account? service provider and read the information they can provide. Cash deposit through any Post Office branch. Move everything from your previous bank to Starling through the Current Account Switch Service directly from the app if you want to make a complete switch to Starling Bank after testing the service. 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. It’s possible to do some things in a browser, but most features rely on using the app. Limited companies and other types of businesses or partnerships have to be registered at Companies House in the UK. The interest is accrued daily and charged the following month on the 15th – the Starling app will tell you how much this is. It works like any other bank account so you can set up standing orders, direct debits and so on. Finder.com Comparison UK Limited (company number: 10482489) is Sole traders will receive two separate cards, one for the personal account and the other for the business account. 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. It focuses on current and business account products. Since its launch, Starling has been aiming to innovate. 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. Revolut Business account – what are the limitations? Starling Bank is registered in England and Wales as Starling Bank Limited (No. Very happy with my Starling accounts. 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. Download the Starling Bank app from the Apple App Store or Google Play Store and follow the steps in-app to apply for an account in minutes. Nor are there any charges for payments, transfers, direct debits, or ATM withdrawals. Starling Bank’s business and sole trader account* is similar to its personal account. You can definitely run your company from home, once you’ve taken care of a few details. The user experience is polished with enough features to explore even with a new account that hasn’t properly got started yet. Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees. All those with access to the business account can order their own debit card (for example, if your limited company is owned by two people who both use the account). 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. Earn 1% cashback for paying with your ANNA card in selected categories. But note: Starling has currently paused applications for their own business loans so the bank can focus on providing the. 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. Bank transfers to another UK-based GBP account are free to do. Is the Starling business account right for my company? But Starling’s banking app in general has received very positive ratings, scoring 4.9 out of 5 in the App Store (from 170,000 reviews) and 4.8 out of 5 in Google Store (from around 43,000 reviews). (It’s worth pointing out here that although the integration aspect is free, there may still be charges that come with the individual services you choose to sign up to in the Marketplace.). For example, if you’re in the eurozone and buy something in a shop, the euro account will be charged automatically. If you are Business owners can start to manage their account entirely from their mobile phone in just 10 minutes. If you have all your documentation ready, the application itself can take as little as 10 minutes. You can add money to your Starling personal account by doing any of the following: That depends on your situation. Thought about a cash advance? To sign up, follow the link below and download the app on your phone. The app will carefully guide you step by step to set up your account. These loans require that your main business account is with Starling Bank. Charlie Barton is a publisher at Finder. We endeavour to ensure that the information on this site is current and 10 best cash advances in the UK. 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. Level 2, 20 St Thomas St, The money placed within a goal is not part of the visible balance of your account or debit card, but it is still in your bank account. If your client sends a EUR payment to your GBP account, a 2% charge will be added by Starling Bank on top of the real exchange rate to convert that currency into GBP. 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. 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. As mentioned already, you can only apply for a Starling business account if you’re an individual owner of a limited company, or have significant control as one of the multiple owners of a limited company. 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. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Looking to set up your own business but not quite ready to get a proper office? Businesses restricted by Square, PayPal, iZettle & SumUp, Buy or hire? Our customer satisfaction scores (“Customers say”) are based on a survey of 250 customers carried out in December 2020. A fully regulated UK bank account, where your money’s covered up to £85,000 by the Financial Services Compensation Scheme. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. 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. We may receive compensation from our partners for placement of their products or services. The App based banking is so convenient and if I ever do have a query or problem, they are always quick and efficient in resolving issues. It is also possible to change the overdraft limit directly in the app through a handy overdraft slider, which is way more flexible than traditional banks allow. We may also receive compensation if you click on certain links posted on our site. PayPal Here UK review: how does it compare with iZettle and SumUp? 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. Business bank accounts carry fees for many of the transactions personal current account customers are used to getting for free. You can also use the Marketplace to connect your Starling business account to popular accountancy software such as QuickBooks, Xero and FreeAgent. You can withdraw cash for free from an ATM up to six times a day, but the daily total cash withdrawal maximum is £300. 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. Spending insights will help you manage your company’s finances. The monthly repayment date is decided by you, but loans of less than £25k have a fixed repayment amount. Cash & cheques Starling Bank offers a full UK current account that can be opened and managed directly from the app. Whether there are annual fees or other charges associated with a business loan is communicated to you when the loan application has been reviewed. How do I put money into my account if there aren't any physical bank branches? We are a credit broker and not a lender and Though Starling Bank does not offer credit cards yet (they’re planning to add it as an option), the Starling Business Debit Mastercard comes free with the business account. We did a little research into Starling’s history, account features, and fee structures. Interchange income: The fee that Starling takes from every card transaction made; the interchange fee. https://www.mobiletransaction.org/wp-content/uploads/2020/04/starling-bank-business-account-uk.jpg, 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. Verdict. If you’re specifically after accountancy tools, there is also the option of the Starling Business Toolkit (which we outlined above). The loan applications are reviewed by real people, not automatically through an algorithm. It aims to make banking easier and more customer-centric and make your finances accessible to you wherever you are. A live record of your transactions and home screen notifications means you are alerted to any strange payments immediately. Limited companies and partnerships can create a business account without a personal Starling account attached. The Starling business account comes with a contactless Mastercard debit card, which is a dark navy colour. The Starling Business account sign-up is very streamlined and for most people, it is quick (maybe 10 minutes). What about the Business Toolkit? One of the biggest names in business banking is Starling Bank, even though it’s a relatively new brand. The scheme is open until 30 November 2020, and to be eligible for such a loan from Starling, you must be a Starling business account holder who uses it as your primary account for everyday business banking. 09092149), 3rd floor, 2 Finsbury Avenue, London EC2M 2PP. Contractors usually need a business bank account, so we’ve put together a guide on how to find one that works for you. One of the benefits of having a Starling Business Bank account is how many services are free of charge. Both accounts have great service. 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. People tend to switch from a traditional bank to Starling for its forward-thinking, modern benefits and the ease-of-use of its smartphone app . How can I pay cash and cheques into a Starling business account? Basically, you can allocate money for individual things you want to save money for, e.g. Costs & fees From our testing, we were not disappointed. 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. Looking at TrustPilot, we see that Starling responds to individual complaints promptly with thoughtful responses, showing they are taking their service seriously. 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. Thanks for getting in touch and I hope you are doing well. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. What integrations are on offer with a Starling business account? Once you’ve opened a regular UK business account with Starling, you then have the option of opening a euro account and/or a US dollar account to run alongside it. It's early days, but with businesses not really greatly served by the existing 'big 4' banks, will Starling's Business Account help to shake things up? 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. You’ll also need a form of ID that we outlined above (a passport, EU/EEA ID card, UK residence card or UK photo driving licence). The free SEPA transfers with the Euro account and free USD transactions with the US account are really useful for those with clients paying in these currencies. Debit card It’s possible to do some things in a browser, but most features rely on using the app. decisions. 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 debit card controls for the accounts are more sophisticated than any we’ve seen elsewhere. Is Denmark’s national debit card losing traction? Are online payments safe? Do I need the Starling app to access my account? 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