09092149), 3rd floor, 2 Finsbury Avenue, London EC2M 2PP. Broadly, these are the main categories to think about when you’re looking at … In the ‘Add money’ money section of the app, you take a photo of the cheque, then await clearance in your account which normally takes two working days. The mobile app can be used on Android devices, iPhone, iPod Touch and iPad and not on a computer. The app gives you different transfer options with different fees disclosed upfront depending on the speed and method of transfer. Simply click and you will be able to download the app. Unless we've said otherwise, products are in no particular order. 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. Contactless card delivered within a week. Starling is a digital bank established in 2014. Starling says this is because it’s currently focusing on delivering Coronavirus Business Interruption Loans and Bounce Back Loans, as part of the government-backed initiative to support businesses adversely affected by the coronavirus pandemic. 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. Type of account: Business current account, Intended for: Limited companies or sole traders. Thanks for getting in touch and I hope you are doing well. 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. Starling offers current accounts for private individuals (personal accounts) and current accounts for sole traders and limited companies (business accounts). Looking to set up your own business but not quite ready to get a proper office? Starling does not apply a fee when you use the debit card in another currency, but the merchant may use their own exchange rate with additional fees if you choose to pay in the local currency. Learn the details of our methodology and scoring. About Starling Bank You should only choose Starling Bank if you’re happy banking through an app. Each account comes with a: In contrast with high street banks, the sign-up is done entirely through the mobile app. Confirm details with the provider you're interested in before making a decision. Limited companies and other types of businesses or partnerships have to be registered at Companies House in the UK. Here, you can add the card to your Apple Pay, Fitbit, Garmin Pay, Google Pay, Samsung Pay wallet, cancel and replace the card, get a PIN reminder, and view limits for transactions, ATM withdrawals and mobile wallet payments. By switching your business bank account, you can often reduce the amount you pay in monthly fees by taking advantage of an introductory period of free business banking. Only the account owner or Persons of Significant Control may use the account, so you cannot just give the business debit card to staff members. I am in the process of researching personal & business bank account offerings. Verdict. Finder.com Comparison UK Limited (company number: 10482489) is 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. Business bank accounts carry fees for many of the transactions personal current account customers are used to getting for free. 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. Free 24/7 UK support via app, phone or email, with fast response times and help from real humans. The interest is accrued daily and charged the following month on the 15th – the Starling app will tell you how much this is. 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. Starling does not currently pay interest on any business current account, only on their personal current accounts (but there is no Starling savings account). reference number: 786446). Some applicants may also need to provide additional documentation such as invoices, payslips, accountant’s letters or bank statements to prove the nature of their business. Monzo Business vs Starling Business – which is the best account? It aims to make banking easier and more customer-centric and make your finances accessible to you wherever you are. If you are The maximum cheque amount permitted through the mobile cheque imaging feature is £500, but you can post higher-amount cheques with Freepost to Starling Bank. 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. Starling is a great option if you live in the UK. If you need to deposit a large number of cheques you can send them off to the bank’s office in an envelope address to ‘Freepost STARLING’ (no stamp required). 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. authorised and regulated by the Financial Conduct Authority (firm 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. Note that business account holders pay a charge of 0.3% (minimum £3) per deposit. Starling Bank provides round-the-clock UK-based support even on weekends. They too can only hold money in their home currency (so euros and US dollars respectively), but if you’re doing lots of business in Europe or the US, you can send and receive payments in those currencies freely. Businesses restricted by Square, PayPal, iZettle & SumUp, Buy or hire? It is free to withdraw cash from a cash point in the UK and abroad, though you are not exempt from charges that individual ATMs may add. We may receive compensation from our partners for placement of their products or services. Sole trader account: Bank account for sole traders, self-employed and freelancers without a registered company. Find out more about the London Stock Exchange, what companies are listed on it and how to invest in the largest exchange in Europe. How can you sell securely online? Banking becomes a series of taps and swipes. On the other hand, Starling is constantly adding new features and services, so it will only be a matter of time until the offering is broader, more like the big high street banks. What documents do I need to open a Starling business account? What about loans? In the same vein, the Euro account can only receive euros and the US account can only receive US dollars. 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. Yes, you can. 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. The USD account costs £5 per month and can also be cancelled any time. Thought about a cash advance? It is against company policy that third parties have access to your account. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. The ease and speed of opening an account certainly makes it worthwhile to try it as an additional account to e.g. Starling Bank’s security is top-notch, using a combination of biometric identification measures, fraud prevention tools, a human support team and more to keep your money safe. But the Starling business account itself can only hold a balance in pounds and receive money in pounds. Your finances are secured behind a passcode and password and completing your registration requires video and photo-ID. Starling Bank launched a 'free, uncomplicated and quick' business account that promises no fees for opening an account, making payments or withdrawing cash. Customer reviews for Starling relate to the bank as a whole, not its business account specifically. Approval takes less than a day in most cases, after which you can use the account straight away. Our address is Level 2, 20 St 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 or ANNA Money? 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. This could be bad news for those with an old (or no) phone, but entirely natural for others. Starling offers current accounts for private individuals (personal accounts) and current accounts for sole traders and limited companies (business accounts). Thanks for the review Andy. 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). One major economy, China, is missing from this list, but Starling is gradually expanding the options (Australian and Canadian dollars are not added yet, but coming soon). For Business current accounts, a setup fee of 1.5% (minimum £50) of the agreed overdraft limit is charged at the beginning, which is also the annual fee that will be charged the same time the following year. If someone else nearby uses the Starling app, you can wirelessly connect with that person to get paid by them. This costs £7 a month and is an add-on service for your business account that is offered by Starling itself, and it helps you do your bookkeeping and calculate VAT. Starling Bank offers a full UK current account that can be opened and managed directly from the app. Bank transfers to another UK-based GBP account are free to do. When you make major financial decisions, consider getting independent financial advice. We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident. that aims to provide you with the tools you need to make better 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. Depending on Starling’s assessment of your company, limited businesses get an EAR (Equivalent Annual Rate) of 5%, 10% or 15% EAR (variable), where 10% EAR is representative. But, if these things are not a big deal for you, Starling’s business account is a solid choice. 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? This is one of the reasons why the separate euro and US dollar business accounts are being offered as an option by Starling. See also: PayPal Business account – best for online merchants, but why? 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. Nor are there any charges for payments, transfers, direct debits, or ATM withdrawals. 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 says the application process for its business account is slightly longer than the personal one at around 10 minutes, but in comparison, many banks will require you to make an appointment and sit in a branch for a couple of hours to get approval. sending invoices directly from bank account, Connect to HMRC to submit VAT return via Making Tax Digital, Upload bills, track expenses and schedule payments. You will need a separate subscription to operate those services, but you’ll be able to get a live feed of data from your business account to the software. Data Protection ICO registration number: Starling adds a currency conversion fee of 0.4% to the currency exchange rate. Business loans are only offered to business accounts for limited companies, not sole traders. Basically, you can allocate money for individual things you want to save money for, e.g. If you need to move that money to your Business (GBP) account, it is cheaper with the 0.4% currency conversion fee between Starling accounts than to receive euros directly from clients into the Business account which would cost 2%. If you have all your documentation ready, the application itself can take as little as 10 minutes. The CBILS is for higher amounts, with loans and overdrafts ranging from £50,001 to £250,000. As Starling is a licensed bank, it is PRA and FCA regulated. Make sure to put your surname and eight-digit Starling account number on the back of each cheque. Digital banking is on the rise, offering customers 24/7 access to their bank accounts via apps and other types of online accounts. Learn how we maintain accuracy on our site. You can also transfer money between all three, which involves a 0.4% currency commission from Starling. No monthly fees or fees overseas from Starling Bank, Cut down on admin with Quickbooks, Xero & FreeAgent integrations, Get real-time payment notifications and categorised transactions, Flexible overdraft facility with clear, reasonable rates. Starling Bank is registered in England and Wales as Starling Bank Limited (No. Inbound and outbound SEPA transfers are free from the Euro account. Starling says that once the application process is complete, 93% of its new business banking customers will get their account number on the same day and will be able to start making payments into the account. Not taking new applications for loans or overdrafts at the moment. What’s QR code payment? For us, the cards arrived only two days after signing up. Do I need a main account to link my Starling account to, or can I use Starling as my main bank? If for example I drop my phone down the loo, I able to access a starling account via laptop or pc? We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential … Which is better for international transfers: PayPal or TransferWise? Does your business deal with cash? 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. Use our table to compare business bank accounts from a variety of providers, including high-street banks and other challengers. A fully regulated UK bank account, where your money’s covered up to £85,000 by the Financial Services Compensation Scheme. Firstly you’ll need to have the Starling mobile banking app. Cheques can be deposited free of charge and this can be done via the Starling banking app if the value is less than £500. Loans & overdrafts The US account has an ACH routing number too. To open a Starling business account, there are certain requirements. We are a credit broker and not a lender and The features of the Business Toolkit include: creating, sending and tracking invoices; automating expenses; recording VAT and connecting to HMRC to submit VAT returns; plus uploading bills and scheduling payments to manage cash flow. Our overall experience of Starling Bank was positive from the beginning. One of the biggest names in business banking is Starling Bank, even though it’s a relatively new brand. To sign up, follow the link below and download the app on your phone. You can also transfer money between your Starling Euro, US and GBP business accounts, which involves a currency conversion fee of 0.4% on top of the real exchange rate. In addition, you cannot apply for the same loan through other providers, and using other coronavirus-related business loans may affect your eligibility. regularly. Cash flow can be hard to deal with, but the right business practices can make it easier to keep your company’s finances in good health throughout the year. 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. You can also add you card to the mobile payment wallets for Apply Pay, Google Pay and Samsung Pay, as well as wearables like a Fitbit and compatible Garmin devices. This is subject to our terms of use. The loan applications are reviewed by real people, not automatically through an algorithm. Find out about the Euronext stock exchange, how it works, some companies listed on it and how to invest in Euronext ETFs and shares. You may also contact Starling Bank to verify this. You can get a number of different accounts from Starling Bank. A new addition to the terms now state that Starling Bank will charge an interest rate based on different factors such as information from several credit reference agencies. 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. Starling is clearly a real bank with options for loans and overdrafts, but there are still services and products that can be added. How does it work? Hi, can I give read-only access to my account to my Accountant. Once Early access is over the service will be free for 18 months, thereafter a monthly charge of £6.50 applies, FreeAgent, Xero, Sage, Kashflow, Quickbooks, Clearbooks. There are pros and cons of Starling Bank influencing how good of a fit this bank account is for your needs. 7% EAR (variable) for loans below £25k, bespoke EAR above £25k loan, No Starling fee applied, but local fees may apply. 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). We focus on the business accounts in this review. Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow, Sage, Register your limited company for free (usually £12) and open a Tide account in one go: choose 'Register a company' from the Tide homepage menu, Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm), Comes with a suite of free accounting software to integrate with, FreeAgent, Xero, Sage, Reckon One, Kashflow, QuickBooks, *No monthly account fees during Early Access. 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. The “Goals” savings feature is available to businesses too. Currently over a quarter of Brits (27%) say they have at least one bank account with a digital-only bank. It has advanced accounting, invoicing and bookkeeping features available through the online account (not mobile app), including: Invoice management incl. Then there are costs for overdrafts or business loans. One of the benefits of having a Starling Business Bank account is how many services are free of charge. Are online payments safe? Earn 1% cashback for paying with your ANNA card in selected categories. London, SE1 9RS. Starling Bank’s business and sole trader account* is similar to its personal account. You will see a GET THE APP sign on the upper right-hand side of the page. While competing neobanking platforms offer tiered price plans (from free to “premium” plans), Starling’s costs are piecemeal according to what services are used. 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. Debit card But note: Starling has currently paused applications for their own business loans so the bank can focus on providing the government-facilitated coronavirus loans. Business overdrafts can be a useful safety net, but be aware of fees and charges. How does the Starling business account work and what are its main features? Inbound transactions in other currencies will be rejected and sent back to the payer. our partners for featured placement of their products or services. Starling business account fees and features, Pros and cons of the Starling business account, best business bank accounts for online banking, Data indicated here is updated Starling bank is a UK-based, mobile-only challenger bank that specialises in personal current accounts, business accounts and joint accounts, among many other services. Alternatively, just check your bank account details in the app to share them with others. product provider, We cannot provide you with personal advice or recommendations, Sole trader, partnerships and limited companies. Always consider your own circumstances when you compare products so you get what's right for you. 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). What are the features of the Starling business account app? 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. It works like any other bank account so you can set up standing orders, direct debits and so on. Starling Bank app For accounting features, you can choose between a FreeAgent, QuickBooks and Xero integration. You might also be wondering about how safe the actual app is? The Business and Sole trader accounts can only contain and receive British pounds. £3) at the Post Office with Starling Bank. Optional, only if you want us to follow up with you. Can I apply for a loan or overdraft with a Starling business account? Contractors usually need a business bank account, so we’ve put together a guide on how to find one that works for you. The app will carefully guide you step by step to set up your account. An easy-to-use business account stacked with powerful money management tools. There are other digital card management features available too. Follow the on-screen prompts, take a picture of your ID, submit and await approval. a new laptop or a business trip, or the loans you have with Starling. A Euro bank account and US dollar bank account are available as add-ons after a Sole trader or Business account is set up. 09092149), 3rd floor, 2 Finsbury Avenue, London EC2M 2PP. 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. We endeavour to ensure that the information on this site is current and Customer support is always available directly from the app. Push notifications help you monitor transactions in your account. 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. 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