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.
Account opening criteria
High Interest, Package, Reward & Standard current accounts
- You must be 18 years of age or older
- You must not have been declared Bankrupt or have registered for an Individual Voluntary Agreement within the last six years or be in the process of doing so (Does not apply to M&S Bank)
- You are a UK resident
Student accounts
- You’re aged 18 years or over
- You’ve been accepted onto a full-time UCAS course at a UK institution for at least 2 years
- You don’t already have a student account with another Banking institution
Children’s accounts
- You must be aged between 11 and 18 years old
- You must be living permanently in the UK
Credit building
- You must be aged 18 or over to apply
- You must have a residential address in the UK
Before applying, please always check each banks specific opening criteria on their website.
Customer Service
This is based on a scoring system we developed using data from MoneySavingExpert’s twice-yearly Current Account customer service polls.
An easy switching process
We guarantee a smooth switch.
All you need to do is:
- Open your new current account
- Pick a switch date
- Let your new bank or building society do the rest
A smooth switch for you
The Current Account Switch Service makes switching your current account simple, reliable and stress-free. Over 4 million current accounts have been switched so far.
The Current Account Switch Guarantee means that your new bank takes care of closing your old account, moving your balance and switching your payments.
So you don't need to worry.
Start using your new account
On your agreed switch date your new account will be ready to use and your old account will be closed. Your new bank will have transferred all of your regular incoming payments (such as your salary or benefits) and outgoing payments (such as Direct Debits, standing orders, future dated payments and bill payments) to your new account, along with any remaining credit balance. Your saved Payee details will also be transferred over.
Note: future dated payments set up within 7 working days of your switch date cannot be transferred across to your new account.
Need to knows
- 1. Check you're able to switch
The Current Account Switch Service covers 99% of UK current accounts. The process is the same everywhere so you can feel confident when you switch, no matter which participating bank or building society you choose.
- HOWEVER YOU CAN'T SWITCH WITH:
- A joint account without the permission of both parties
- Saving accounts
- ISAs
- Non-sterling payment accounts.
- 2. Check you're eligible
Common eligibility examples include having a minimum number of Direct Debits, and a set amount entering the account each month. You'll also need to agree any overdraft facilities you require with them before initiating the switch (subject to eligibility status).
Just in case if anything has gone wrong
In the unlikely event that anything goes wrong, your new bank or building society guarantees to refund any interest and charges you incur as a result of a delayed or incorrect switch. It's all part of the Current Account Switch Guarantee.
No fees for spending and withdrawing abroad
Personal Current Account
Reward
Other perks
Interest
AER interest on in-credit balances between and up to
Overdraft
Representative example and Need-to-knows
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 decreases 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
