Starling Bank is a digital bank based in the United Kingdom. It was founded in 2014 by Anne Boden, a former executive at Allied Irish Banks. Starling Bank offers personal and business banking services through its mobile app and online platform.
Starling Bank's personal banking services include current accounts, savings accounts, personal loans, and mortgages. Its business banking services include business current accounts, loans, and overdrafts. Starling Bank also offers a range of additional features, such as real-time notifications and spending insights, to help customers manage their finances more effectively.
One of Starling Bank's unique features is its Marketplace, which allows customers to access a range of third-party financial products and services directly through the app. These include insurance, investment products, and accounting software, among others.
Starling Bank is regulated by the Financial Conduct Authority (FCA) and is a member of the Financial Services Compensation Scheme (FSCS), which protects eligible customers' deposits up to £85,000.
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Technology: Starling Bank is a technology-led bank that uses cutting-edge technology to provide its services. It uses artificial intelligence (AI) and machine learning (ML) algorithms to analyze customers' spending patterns and provide personalized insights and advice. The bank also offers contactless payments and supports mobile wallet payments such as Apple Pay and Google Pay.
Security: Starling Bank takes security very seriously and uses several measures to protect customers' data and money. These include biometric authentication (such as fingerprint and face recognition), two-factor authentication (2FA), and end-to-end encryption. The bank also allows customers to freeze their card instantly if they suspect fraudulent activity.
Fees: Starling Bank does not charge monthly fees for its personal and business accounts. However, it does charge fees for certain services such as cash withdrawals abroad, overdrafts, and bounced payments. The bank also offers a paid-for subscription service called "Starling Plus," which provides additional features such as travel insurance, cashback, and interest on savings.
Funding: Starling Bank has raised over £400 million in funding since its inception, with its latest funding round in March 2021 raising £272 million. The bank is valued at over £1.1 billion and has over 2 million customers.
Awards: Starling Bank has won several awards for its services and innovation, including Best British Bank and Best Business Banking Provider at the 2020 British Bank Awards. The bank was also named Best British Bank and Best Current Account Provider at the 2019 British Bank Awards.
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Accessibility: Starling Bank is fully accessible to people with disabilities. The app supports VoiceOver for blind and visually impaired users, and the bank's website conforms to Web Content Accessibility Guidelines (WCAG) 2.1 at the AA level.
Customer support: Starling Bank offers customer support through several channels, including in-app chat, phone, and email. The bank also has a comprehensive online Help Center that provides answers to frequently asked questions.
International payments: Starling Bank offers international payments in over 35 currencies, with competitive exchange rates and no hidden fees. Customers can make international payments directly from the app and track the progress of their transfers in real-time.
Savings goals: Starling Bank allows customers to set savings goals and track their progress within the app. Customers can create multiple savings goals and transfer money to and from them as needed. The app also provides insights and recommendations to help customers save more effectively.
Business banking tools: Starling Bank offers several tools and features to help businesses manage their finances more effectively. These include invoicing, payment reminders, tax calculations, and integration with accounting software such as Xero and FreeAgent.
Carbon-neutral: Starling Bank is committed to reducing its environmental impact and has achieved carbon neutrality through carbon offsetting. The bank has also launched a "Green Account" that helps customers track their carbon footprint and supports green initiatives.
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Overdrafts: Starling Bank offers overdraft facilities to its customers with its personal and business accounts. Customers can apply for an overdraft of up to £5,000 with no daily or monthly fees. The bank also offers a grace period of up to 35 days with no interest charged on the overdraft.
Interest rates: Starling Bank offers competitive interest rates on its savings accounts, which range from 0.05% to 0.50% AER depending on the type of account and balance. The bank also offers a personal loan with a fixed interest rate starting from 7.4% APR.
Joint accounts: Starling Bank offers joint accounts for couples and families who want to manage their finances together. Customers can apply for a joint account directly from the app and invite their partner or family member to join.
Third-party integrations: Starling Bank offers integrations with several third-party services, including PayPal, Wealthify, and Nimbla. Customers can link their accounts with these services to manage their finances more effectively.
API access: Starling Bank offers API access to third-party developers, enabling them to build new financial products and services using the bank's data and infrastructure. This has led to the development of several innovative apps and services that integrate with Starling Bank's platform.
Social responsibility: Starling Bank is committed to social responsibility and has launched several initiatives to support the communities it serves. These include a "Connected Card" that allows vulnerable customers to receive money from their support networks, and a "Kickstart Scheme" that provides job opportunities for young people.
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Business banking loans: Starling Bank offers business loans to its customers with its business accounts. Customers can apply for loans ranging from £5,000 to £250,000, with repayment terms ranging from one to five years. The bank also offers a "Business Toolkit" that provides resources and advice for small business owners.
Savings goals: Starling Bank offers a "Goals" feature that allows customers to set savings goals and track their progress over time. Customers can create multiple goals, assign them specific names, and set target dates for achieving them. The app also provides insights and recommendations to help customers save more effectively.
Customer rewards: Starling Bank offers several rewards and cashback incentives to its customers, including a "Refer a Friend" program that rewards both the referrer and the new customer with cash. The bank also offers cashback on select purchases made with its debit card.
Travel money: Starling Bank offers a "Travel Money" feature that allows customers to withdraw cash from ATMs abroad without incurring foreign transaction fees. The bank also offers competitive exchange rates and real-time updates on currency exchange rates.
Mobile check deposit: Starling Bank allows customers to deposit checks directly from the app using their smartphone cameras. This feature saves customers time and allows them to deposit checks from anywhere.
Integration with accounting software: Starling Bank offers integration with popular accounting software platforms such as Xero and FreeAgent. This allows business customers to automatically import their transactions into their accounting software, saving time and reducing the risk of errors.
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In-app marketplace: Starling Bank has an in-app marketplace that allows customers to access a range of third-party financial products and services. These include insurance, investments, and savings accounts from other financial institutions. The marketplace is designed to give customers greater choice and control over their financial lives
Business account features: Starling Bank's business accounts come with several features that are specifically designed to help small business owners manage their finances more effectively. These include expense management
tools,tax calculations, and automatic categorization of transactions.
Payment processing: Starling Bank offers payment processing services for businesses, allowing them to accept card payments from customers. The bank also offers a "Payment Gateway" service that allows businesses to accept payments online.
Overdraft alerts: Starling Bank sends customers alerts when their accounts are approaching their overdraft limits. This helps customers avoid unexpected fees and stay on top of their finances.
Wealth management: Starling Bank offers a wealth management service called "Starling Kite" that allows customers to invest in a range of portfolios that are managed by experts. The service is designed to make investing accessible and affordable for everyone.
Security: Starling Bank takes security seriously and uses several measures to protect its customers' data and transactions. These include two-factor authentication, biometric authentication, and encryption of sensitive data. The bank also offers a "Lock Card" feature that allows customers to temporarily disable their debit card if it is lost or stolen.
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