- What is Starling Bank?
- How Does Starling Bank Work?
- Key Features of Starling Bank
- Does Starling Bank Have Fees?
- The Starling Bank App
- Advantages of Starling Bank
- Disadvantages of Starling Bank
What is Starling Bank?
Starling is a relatively new financial service that was named Britain’s Best Bank in 2018, 2019 and 2020 at The British Bank Awards. It was founded in 2014 and officially launched alongside its app in 2017. Starling was the first bank to integrate Apple Pay in its mobile app, allowing customers to make purchases even before their cards arrive through their letterbox. Aiming to ‘create a better bank for everyone’, it allows customers to access and manage their accounts through their app and via desktop. The app allows you to work towards savings goals, gives you real-time notifications including direct debit reminders, and bespoke spending reports to help you keep on top of your financial activities.
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How does Starling Bank work?
When you first sign up for Starling, you will receive a contactless MasterCard. A big benefit of Starling is that you can use Euros and send and receive them without being charged. This may be ideal for those that frequently head and send money abroad. You’ll get a full UK current account, but as the service is online-only you won’t be able to head to a bricks-and-mortar Starling bank to talk in person, however you will get 24/7 UK support via phone, email or in-app chat. Nonetheless, many people are choosing to bank this way in 2020. If you want to deposit cash, you will need to do it at a Post Office. You can also deposit cheques in the app. You don’t need to pay anything to bank with Starling.
To get started, you will need to download the app and provide your identity. You’ll also need to send a video selfie and undergo a soft credit check. You can connect your account to Google Pay, Apple Pay, Samsung Pay, Fitbit Pay and Garmin Pay.
Key Features of Starling Bank
Balances of up to £85,000 generate interest of 0.5% AER, with the interest rate dropping over this amount. You will be notified whenever you spend, send or receive money. Create goals to encourage you to save and block your card if you misplace it. Spending insights will deliver interesting information about your financial activities and help you identify saving opportunities. You can also round transactions up to the nearest £1 to boost your saving efforts and use the money for a specific Goal. Transactions can also be split with contacts and you can monitor repayments, receiving notifications when they have settled their debt to you. Euro accounts are available as optional extras. You can also spend on your card and withdraw money from overseas ATMs without being charged from Starling (there may be local charges for foreign ATMs). You can send money to almost 40 countries in 19 currencies almost instantly.
Does Starling Bank Have Fees?
You don’t need to pay to use Starling. This has proved to be one of the service’s biggest draws.
The Starling Bank App
You can download the app via the Google, Huawei and Apple stores. Alternatively, you can have a link texted to you via the website. Everything is done in the app, so all the functions that you need are here.
The app is designed to make money management seamless and simple. It has a 4.5-star rating on Trustpilot, and the app is being used by more than 1.5 million people. The app tells you when bills are due to come out of your account, and you can gain access to more money management tools at the Starling Marketplace. You can also add a Connected card for free so someone can shop for you, and you can quickly send links to people who owe you money. You don’t need a card reader to send money to anyone, and it’s easy to separate rent and bill money to avoid overspending. Up to £85,000 of your money is protected by the Financial Services Compensation Scheme, and round-the-clock customer support is available through the app. The Current Account Switch Service lets you move to Starling from your current bank within just one week.
Advantages of Starling Bank
If you are already doing much of your banking and money management via your phone, Starling may be an obvious home for your finances. Starling has most of the facilities you’re likely to need in the current age. Your full UK bank account will come with a MasterCard, account number and sort code. You can set up Direct Debits and Standing Orders, and you can have your salary paid into your bank. Many customers love the way it makes bill splitting easy and allows them to keep track of and request money owed to them. You can also view your transactions in real-time, which makes it easy to detect and report fraudulent activity.
Disadvantages of Starling Bank
Those that still prefer to do their banking face-to-face may have to adapt to not visiting a high st branch. If you don’t like the idea of managing your money Some people have complained that it takes around five days to process cheques. Starling also lacks some of the ‘perks’ that you might be offered for signing up with a traditional High Street bank.
Starling may be the right option for you if you’re already doing much of your banking on your mobile device. You can receive interest on funds you hold in the bank, and you can apply for overdrafts and loans in the app. The app also enables you to send and withdraw money abroad without meeting harsh penalties, and the ability to use Euros as well as UK sterling has also proved very popular. Customers also appreciate the 24/7 live chat facility which means you can get help whenever you need it. Nonetheless, there are many great reasons to consider Starling if you are looking for a new place to do your banking.