What about loans? These are external platforms or apps that Starling Bank has partnered with for a seamless integration with your business account. PayPal Here UK review: how does it compare with iZettle and SumUp? There is also an online banking platform accessed in a web browser, but this has fewer features than the mobile app. Revolut Business account – what are the limitations? 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. decisions. The loans on offer are between £5,000 and £250,000 for a term of 1-5 years, with a representative fixed rate of 7% APR for loans up to £25,000. Cheques are free to deposit via the Starling app and they only take two days to clear. 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. Card machine hire for events or buy a card reader? Traditional banks are also able to offer a wider range of products (including, for example, business credit cards). 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. 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 has both Personal and Business accounts available in GBP and EUR. 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. Starling Bank is registered in England and Wales as Starling Bank Limited (No. 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. You need a picture ID which has to be a passport, UK driving licence (full or provisional), EU/EEA ID card or UK Residence Card. Each account comes with a: In contrast with high street banks, the sign-up is done entirely through the mobile app. Is the Starling business account right for my company? Earn 1% cashback for paying with your ANNA card in selected categories. Push notifications help you monitor transactions in your account. 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. Starling is a digital bank established in 2014. Cheques are free to deposit through the app or Freepost (by letter), but cash deposits at the Post Office cost 0.3% of the cash amount, where a minimum of £3 is required. But the Starling business account itself can only hold a balance in pounds and receive money in pounds. You can download this from the Google Play store or Apple Store (or you may already have it if you’re a personal account customer). If you switch on location-based fraud protection, the app uses the location of card transactions to determine whether the card has been stolen, thereby preventing fraudulent transactions. Find out more about the London Stock Exchange, what companies are listed on it and how to invest in the largest exchange in Europe. Businesses restricted by Square, PayPal, iZettle & SumUp, Buy or hire? Learn the details of our methodology and scoring. It is currently focusing on the UK with a full banking license. Contractors usually need a business bank account, so we’ve put together a guide on how to find one that works for you. Find out about the Euronext stock exchange, how it works, some companies listed on it and how to invest in Euronext ETFs and shares. A setting lets you automatically save money from the main balance by rounding up each transaction to the nearest pound (or more), sending the surplus pennies to an allocated goal. 09092149), 3rd floor, 2 Finsbury Avenue, London EC2M 2PP. Digital banking is on the rise, offering customers 24/7 access to their bank accounts via apps and other types of online accounts. Expenses can automatically be grouped into categories in the app to simplify reporting, and you can track payments with push notifications from the app. Not taking new applications for loans or overdrafts at the moment. Like any other financial institutions, there are customer reviews indicating the service is not perfect for everyone, but not (we think) to an alarming extent. The business account seems to hit all three marks. For example, if you’re in the eurozone and buy something in a shop, the euro account will be charged automatically. However, remember that to open a Starling business account, you’ll need to be an owner of a limited company which is registered at Companies House in the UK. may also receive compensation if you click on certain links posted on If you’re specifically after accountancy tools, there is also the option of the Starling Business Toolkit (which we outlined above). How can I pay cash and cheques into a Starling business account? You won’t be able to pop into a branch and speak to someone in person, which some consumers may prefer when it comes to business banking. When clicked, you will be shown a choice to download for Android or iOs. Finder.com Comparison UK Limited (company number: 10482489) is To open a Starling business account, there are certain requirements. The bank has been consistently efficient when it comes to setting and accessing my accounts, and is also business friendly with regards to fees levied and accounts information. Starling Bank app Is Denmark’s national debit card losing traction? But note: Starling has currently paused applications for their own business loans so the bank can focus on providing the government-facilitated coronavirus loans. You’ll get the current exchange rate, with a 0.4% conversion fee from Starling added on top. The card will then automatically use e.g. However, the mobile banking app is where you can take full advantage of the main features, and where the account management functions are focused. 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. Is Starling Bank safe? This could be bad news for those with an old (or no) phone, but entirely natural for others. Hi, can I give read-only access to my account to my Accountant. Since your account is managed through the app (or a more limited Desktop for Business in a browser), it’s quite important the app has all the functions you need. 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