Trusted. The bounce-back loan (BBL) is provided to help put businesses back on their feet. As soon as you open your Starling Bank account, the provider will post a debit card to your registered address. As great as all of the aforementioned features and benefits are, what we really like about Starling Bank is its fee structure. It’s a simple feature but a useful one that even traditional bank haven’t adopted. Perhaps the most interest portion of this Starling bank review is the features the app provides. According to Comparebanks, 16% of applicants were denied a BBL with Starling. When you log back into the app you can fill out the final details to obtain your card and open you account. Like the sound of Starling Bank and want to get an account open today? The likes of Revolut pay no interest at all, so at least you get something. On top of the core banking services discussed above, Starling Bank also offers a number of innovative features that help you keep tabs on where your money is going. As with all banks, you need to provide some proof of identity, Starling accept any of these forms of ID: You’ll then need to fill out some information regarding your income. You will now need to open an account. Starling bank for the first few years would focus on funding and subsequent development with that money. Last up, we have the more critical/negative Starling bank reviews. Within your card control settings, you can do things such as: It’s safe to say that starling bank is protected with a list of options to further increase your account’s security. You’ll first need to open your app and select ‘Add Money’, followed by ‘Cheque Deposit’. It’s available on both Andriod and IOS devices. Do you agree with Starling Bank’s star rating? On top of that, Monzo don’t pick up phone call at all. This is useful because it allows you to see exactly where your money is going each month. | Read 81-100 Reviews out of 16,760 Check out what 13,342 people have written so far, and share your own experience. Head over to the AppStore and search for ‘Starling Bank’. Moneysavingexpert has just recently produced an article delving into this issue and note in the post that they will be filling some complaints to the FCA. Opened a business acount (we're not a new business, been around 20+ years) and - to their credit - was pleased that within two days I received an email to say the account is up and running. Going the extra mile to help unique attributes to produce positive reviews such as this. Coinbase Review: The Easiest Way to Buy & Sell Cryptocurrency, YouHodler Review: Earn Interest & Take Out Loans on Cryptocurrency Holdings, Withdraw cash from any ATM that supports MasterCard both in the UK and abroad. I am fuming that Starling Bank have not phoned me once or got any special team in to investigate this crime, and then they refunded £200 to the fraudsters direct! Starling Bank* launched the business account in 2018 and became the first of the mobile banks to offer a business account. However, it is important to remember that Starling Bank is the only challenger bank that pays interest on current account balances. When it comes to joint accounts, you are protected up to Â£170,000. Like all banks, however, you will need to pay interest on your overdraft. Although this is industry standard in the UK banking space, it is the provider’s international ATM policy that stands out from the crowd. After all, it’s these additions that separate it from the more traditional style of the bank. It’s clear that Starling Bank can make some improvements, but then again what business is perfect? The award-winning mobile bank account allows you to open a UK current account in minutes, and then send and receive funds at the click of a button. It’s always promising to see a customer use the company for every type of account they provide. Interestingly, Starling notes that SWIFT – which averages 1-3 working days, is the fastest option, so it remains to be seen how long a transfer takes when opting for a local partner. When you complete the sign-up process (explained later) you’ll receive your card through the post. This often results in same-day or next-day transfers at industry-leading rates. Accept the conditions and from then on you can browse through what it has to offer. Starling Bank launched their public app in May 2017 which allows users to take out their 'game-changing' current account. Pros Treated like adults. With that said, the easiest way to get money into your current account is via a simple bank transfer. Starling Bank overdraft There isn’t a fee-free overdraft buffer any more, but the rates are potentially lower than most other UK banks. You can have all of your transactions rounded up to the nearest pound. Nevertheless, if you simply can’t get a hold of a company then this is unacceptable. Starling Bank Reviews - Should you bank with Starling Bank? Only one minor glitch, it seems not to be possible to pay HMRC with a Starling debit card! This means that were the bank to go under, your money would be protected up to the first £85,000. It has all the proper licences in place so that it is legitimately a real, regulated bank – just managed remotely. Our goal is to simplify and explain in clear language, what can be a confusing jumble of terms and concepts. Starling Bank promise they will not add any little extra charges on top of the interest rate too. This will send a notification to your phone every time you use your debit card. Except that it … This Starling Bank review will be no exception. First impressions suggest an overwhelming majority have left a positive review. This is because the provider is partnered with the UK’s FSCS. This is because you can use your Starling Bank debit card to withdraw cash from ATMs abroad without paying any fees. You’ll be notified when the payment is settled up. Because Monzo closed my account without giving me any reason. Once it does, follow the instructions enclosed within the letter to activate your card. We’ll touch upon this in more detail later on in this Starling bank review, but for now, we’ll take a quick look at the sign-up process. The app also shows transactions in real-time to monitor spending and breaks down monthly spending habits to help create good financial habits. Next up are reviews that classed Starling Bank as average. Besides fulfilling the standard properties of a bank, Starling’s app has many money management features to take advantage of. 87 Starling Bank reviews. Starling Bank was “highly commended” in Finder’s Banking Customer Satisfaction Awards. The initial set up was painless, took less than ten minutes to apply, decision made within 24 hours. This lastly ties in some of the prior issues mentioned by some users. In terms of the safety of your funds, you should have no concerns in the case of Starling Bank. Just like any traditional bank, you can set up a joint, business or personal account with Starling. Starling says its aim is to make business banking straightforward, simple and quick. Binance Review: The Top Cryptocurrency Exchange? This then allows you to fund your account by transferring money from an external bank account. Nevertheless, we’ll take a look at a few in more detail because it doesn’t always paint an accurate picture. Scroll down to ‘marketplace’ and click ‘get started’. At this point in time, I would air on the side of caution when it comes to setting up a business account purely due to the feedback I’ve featured. At the time of writing, I’m yet to see a feature of this kind by any other bank (at least that I have reviewed). Having said that, you will have to pay the exchange rate on transactions and withdrawals dictated by Mastercard. However, this is still a sizable amount that will cover most cases. Much like its industry counterparts, Starling Bank will automatically categorize your transactions. shopping, restaurants). Overall, Starling Bank have a great deal to offer UK customers, especially since they are one of the only challenger banks to offer interest, and have one of the most effective methods of saving money through ‘Goals’. I had to wait a couple of days to have my application approved, this may vary from user to user. If you enjoyed this Starling Bank review, consider checking out my reviews on other banks/software such as: As always be sure to leave a comment if you enjoyed this Starling bank review or equally if you think I left any important details out. Separating itself from competitors like Monzo that charge after your first withdrawal. You’ll also need to confirm your mobile number via a text message. Considered. For example, the app might determine that you need to keep your spending down to £15 per day. You’ll be glad to hear opening an account with Starling Bank is 100% free. Kane holds a Bachelor's Degree in Accounting and Finance, a Master's Degree in Financial Investigation and he is currently engaged in a Doctorate - researching financial crime in the virtual economy. Starling Bank does not place any limits at all and you get to withdraw to up to £300 per day which is great. This compensation may impact how and where links appear on this site. They have some of the fairest costs in the whole of the banking industry, contrary to popular opinion. Interest rates will range from 15%, 25% and 35% from arranged overdrafts. Much like any other UK-to-UK transfer, you will first need to set up the payee. Your opinion matters. Sign up for free with referral code 6DYPC7V9 I gave this bank a go in 2017 and it was my first time We should also note that although the likes of Revolut and Monzo also allow you to withdraw cash abroad for free, however the providers limit you to around £200-£600 per month (depending on your account type) before a fee is added. A free inside look at company reviews and salaries posted anonymously by employees. In summary, there’s often very little to separate challenging banking apps. As such, just make sure that your balance does not exceed this figure, as anything above it will not be covered by the scheme. For example, unlike its competitors Starling Bank allows you to make an unlimited amount of ATM withdrawals (within daily limits) without paying a fee. There are a couple of further points to note about cheque payments via Starling Account. Starling is perhaps the best of all, having no additional transactional fees for overseas allowing you to spend freely. When it comes to sending money, Starling Bank allows you to do this with ease via the mobile app. After all, Starling does not have any physical banking branches, as everything is facilitated via your mobile app. Starling makes it super easy to track your spending. This is a valid point regarding being able to have multiple accounts and would be useful for many people (including me). Since Starling bank is completely online, the majority of actions you want to make can be done at the touch of a button. In addition to this, within the Starling Bank app, you have a whole host of security settings you can adjust. You’ll also get a fully-fledged debit card with your account, so you can buy goods and services online and in-store with ease. Here’s an interesting comparison between Starling and it’s number 1 competitor Monzo. You also have the safety net of real-time debit card notifications. Banks can always better themselves and I very much agree that this is a vital feature Starling will need in their favour. Also in-line with anti-money laundering regulations, you will may to specify where your Starling account funds will be coming from. On the contrary, Starling Bank charges you nothing at all. Starling Bank has its dedicated section to spending reports. This begs the question, is it really the best bank in the Uk? This also means that you can get your employer to pay your salary into your Starling Bank account. MoneyCheck™ Copyright © 2018 - 2020 Kooc Media Ltd. All rights reserved. Thirdly, Starling limits you to four cheque payments per week. For those unaware, SWIFT transfers typically take 1-3 working days before they reach their destination. For example, if a merchant takes a payment from your Starling Bank account that you are unaware of, it allows you to investigate the transaction straight away. If they do, the user will receive a notification. But it does mean I think they provide enough features and have a good enough reputation to separate themselves from the rest. Reviews that are ‘middle of the road’ tend to have a positive stance overall but have some pointers for improvement, Starling Bank is no exception. Secondly, it takes around two working days for the funds to clear, and Starling recommends keeping hold of the cheque until you receive a confirmation via the app. With that being said, challenger banking app competitor Monzo is arguably better in the international payments department, as it has partnered with TransferWise. Engaged. Let’s first take a look at what the public think Starling Bank do well. With Starling, you can split payments with any contacts on your card. It would seem as though some of the ‘new school’ banks have fallen behind the more established banks such as Lloyds and Santander. To summarise these Starling Bank reviews, the company is on the right path and should be praised for that. | Read 21-40 Reviews out of 17,574 Instead, you simply need to take a photo of your passport or driver’s license ( A passport speeds up the process). As we noted above, all Starling Bank customers will be offered a unique current account. If you're that concerned The initial set up was painless, took less than ten minutes to apply, decision made within 24 hours. Check out what 17,574 people have written so far, and share your own experience. Instead, everything can be completed at the click of a button. Next, you’ll be asked to provide your phone number so they can send you a verification code. If Starling Bank does not recognize a transaction – or it wants clarity, you can input the category at the click of a button. Having reviewed the majority of these challenger banks, I believe Starling Bank is the best currently, in my humble opinion. To access your spending reports, simply click ‘spending’. Much like a domestic transfer, you’ll first need to enter the payment details of the person you are sending the funds to. It normally takes a few days for the card to arrive at your home address. It’s certainly clear that many traditional banks have fallen behind, in this case, the process and time it takes to cash in cheques. This site does not include all financial companies or all available financial offers. Using Starling Bank for one month - This is the review and my opinion on the product. Thanks for taking time to leave a review. Starling Bank also allows you to send money abroad with ease. Whenever you would like to access it in the future, it will appear under ‘spaces’. Do you agree with Starling Bank’s star rating? CEX.IO Review: Licensed Bitcoin & Cryptocurrency Exchange. All you need to do is press ‘payments’ and move over to ‘scheduled’. Having won the best bank award 3 years in a row, as well as the best current account award. As long as the cash is coming from a UK bank account, the funds should be credited instantly. All you need to do is visit your nearest Post Office, and let the cashier know that you want to add funds to a Starling Bank account. Anything after that and you will need to post the cheque to Starling. (Note: If you have already signed up, skip this portion of the Starling Bank review). All our articles are fact-checked by a relevant professional with expertise in that area of finance and we regularly update guides as necessary. When funds were paid in, the provider would then need to manually forward them to your specific account – much like pre-paid card companies do. The way it works will depend on whether or not the person that owes you money has an account with Starling. It also won Best Current Account provider in 2019 & 2020. Launched in 2014, Starling Bank is a challenger banking app that aims to revolutionize the UK current account space. You can also add this into your digital wallet, compatible with fitbit pay, garmin pay, samsung pay, apple pay etc. Founded by Anne Boden, Starling is a front runner amongst the app-only banks when it comes This means you’ll know in advance when money is coming out so you can manage your finances accordingly. Not to mention, it’s essentially paving the way and setting the example for other challenger banks. After that, you’ll then get to choose from a local partner transfer or SWIFT. Although this is cheap, Starling notes that transfer times take longer than SWIFT. Finally, you can have a read through the terms and conditions after which you can then submit your application. They are considered well-established and offer a lot more than most of their main competitors, allowing you to apply for an overdraft, personal loan or business account alongside a free current account. MoneyCheck is a fast-growing online publication launched in 2018 with the aim of covering personal finance and investment news. Much like a traditional current account, you will also be given a debit card. This is especially handy when you have a joint and/or business account. This is the case both in the UK and abroad. Starling Bank is what’s called an online bank, possessing no psychical branches (like Monzo) and was founded in 2014 by Anne Boden. This includes the basics – such as your full name, home address, nationality, date of birth, and contact details. Verdict Starling Bank has been one of the success stories of the UK’s so-called ‘Challenger Banks’. Starling Bank is fully regulated by the FCA, meaning it has the same security levels as many other banks. From here you’ll have a brief introduction to Starling bank and how they operate. 12 Cons. It should be noted that currently, only cheques up to Â£500 can be done via your phone. However I’ve found a cheeky way around it which I suggest you also do if you are intending on travelling with it! This is a nice reassurance as some banks can catch you out will the small print. Once you hand over the cash, the Post Office will take care of the rest. Affiliated companies with banks aren’t always the best, they merely feature on the app due to partnerships. Having said that, we can’t be too harsh as Starling needs to make back the money it loses with lenient fees etc. If you select GBP when promoted, you will get charged more. Starling Bank offers an innovative feature called “settle up” that allows you to request money from friends and family. Registered Company No.05695741 Simplifying the World of Finance, for Everyone. With that said, Starling does stand out in a couple of departments. Naturally, this means that people can pay money into your account – including your employer. Having said that, I would not be surprised if Starling does not change this because I would consider this more of a preference than a fault. About 99.99% of negative reviews on trustpilot and elsewhere are from money launderers. Type above and press Enter to search. This allows you to withdraw cash from ATMs in the UK and abroad, as well as buy goods and services online and in-store. It would receive its banking license in 2016 and in 2017 became the first bank to issue a mobile-only current account. MoneySavingExpert featured Starling as one of the best banks to travel abroad with. Let’s take a look at each one in more detail. As you can imagine this is an extremely easy and practical way of cashing in cheques. It is important for us to discuss the many features offered by Starling Bank in more detail so that you can make an informed decision on whether or not the app is right for you. This would help push the company past its competitors and will do so in a decisive manner. As noted earlier, this means that your money would be protected up to the first £85,000. But on the other hand, Starling has many other features in its favour. Check out what 16,497 people have written so far, and share your own experience. So Starling bank have rightly frozen their accounts. The business account seems to hit all three marks. Monzo indeed has further refinement options at least when it comes to categorising your money. 1 competitor Monzo Starling is perhaps the most interest portion of this Starling Bank was highly. As noted earlier, this isn ’ t the case with Starling, so it operates the. And services online and in-store get an account trot, but what do individual think! You within a couple of days to starling bank reviews multiple accounts and would be protected up the! Some personal information such as your full name, home address or combination! 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