Starling Bank

Discover digital banking with Starling Bank

Starling Bank helps you budget, save and travel for cheaper. Benefit from the perks and practicality of the mobile phone-based banking solution.

Account opening criteria

Starling Bank was founded by Anne Boden in 2014, and two years later it was the largest Fintech funding round of the year as it raised £48 million.  Today Starling Bank offers a number of unique perks revolving around saving and travel, and with them you’ll have the ability to control your finances using only the mobile phone app.

What is Starling Bank?

Starling Bank is a licensed and regulated bank that allows you to manage and run your bank account digitally-only, without needing to visit a branch.

How does it work?

Starling Bank functions just like a regular current account with some added perks. You’ll be able to set up standing orders, withdraw money through an ATM machine with a debit card and deposit money via bank transfer.

The only difference being that you won’t have to physically visit a branch or rely on internet banking as it’s all managed via the Starling Bank app. You’ll also get instant notifications for your withdrawals and deposits, giving you a clear insight into your spending and saving habits.

Benefits of applying

Starling Bank provides you with a new way of banking, and offers unique rewards and features when you sign up:

  • You’ll be able to pay friends and family instantly with the Starling Bank app
  • The app allows you to split a bill and pay your portion instantly
  • Your finances can be protected using fingerprint identification when accessing the app
  • You can connect with digital wallets including Apple, Google and Samsung Pay
  • IOUs (money you owe) can be settled instantly and hassle-free
  • In cases your card is lost or stolen, you’ll be able to block the card via your app right away

On saving and budgeting

Along with the ability to analyse your spending habits with easy-to-digest diagrams, you’ll also be able to optimise your savings with:

  • The digital change jar which essentially acts as a savings account where you can transfer your money from your everyday spending
  • Savings on autopilot rounds up your spending to the nearest pound and automatically transfers the remainder to your savings

The app lets you know how long you’ve been in overdraft, and information on how much interest you’ve accumulated to date.

The added features include a breakdown of your transactions where you can see an overview of your spending by:

  • Categories which include money spent on transport, groceries and holiday
  • Merchants which will list your transactions via the specific retailers and service providers

This way you’ll be able to gain a clearer insight into your spending habits with ‘pulse updates’ which sends you real-time updates of your bank activity.

Starling’s personal account

A personal account with Starling Bank provides you with a contactless Mastercard debit card. The account offers an interest rate of 0.5% AER on balances up to £2,000. This increases to 0.25% on balances of £2,000 to £85,000.

As part of the current account, you also have access to flexible overdraft and personal loans tailored to your specific needs and habits.

Setting up an overdraft is hassle-free with Starling as you have immediate access to it from the moment you sign-up. You’ll pay interest on only the amount you borrow and can close the overdraft whenever you want to – interest is charged at 15% EAR.

Starling also offers business accounts as well as joint bank accounts.

Euro account for holidays in Europe

The euro account functions as a holding account that allows you to use your existing debit card as a travel debit card. This means you won’t have to pay any fees overseas including ATM and top-up charges while you’ll still be able to earn interest on your personal account. You’ll be able to send and receive euro without having to pay any fees or commission charges.

It’s worth noting that the currency exchange rate used for the Starling debit card is set by Mastercard.

Is Starling Bank covered by FSCS?

Starling Bank is covered by the financial services compensation scheme with a limit of protection of £85,000 per depositor per bank.

Who is Starling Bank owned by?

Starling Bank was founded and is currently owned by Anna Boden, the CEO of the bank. She oversees the executive leadership team and is part of the board of directors.

Does Starling Bank do credit checks?

Yes, credit checks are made at a UK Credit Reference Agency. This will be on your credit file so any overdraft you may have used will leave a hard credit check footprint. The checks will be made when you first sign up for the account via the app.

How do I apply?

You can download the app via iOS and Android where you’ll be asked to enter your telephone number and a verification code that’ll be sent to your phone via SMS. With this, you’ll be able to create the account by filling out a few personal details. To confirm, verify your ID with a short recording of a selfie video and taking a photo.

You’ll be approved once the credit checks are completed.

How do I contact Starling Bank?

The support team is available 24/7 for a live chat, accessible via the app or official Starling Bank website.

You can also contact Starling Bank by emailing them at help@starlingbank.com or give them a call directly on 0800 0234 617.

For calls from abroad: +44 (0) 207 930 4450

 

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