As challenger banks continue to gain momentum in the finance industry, companies such as Monzo, Revolut, and N26 are becoming household names. Alongside these is the mobile-only challenger bank, Starling, which has taken the UK by storm, winning Best British Bank and Best Current Account 2019, ranking in Forbes’ best banks of 2019 and generating an average of 4.5 on Trustpilot. FinTech takes a closer look at the bank.
2014: Founded by Anne Boden
(image: Anne Boden)
July 2016: Receives banking license
May 2017: Launches first mobile personal current account
(image: Starling on Samsung)
March 2018: Launches business accounts
(image: Starling business account card)
Need to know: Starling’s four types of account
Personal: The personal account has all the classic features one might expect for an individual current account. In addition to this, similar to challenger peers Monzo’s ‘pots’ and N26’s ‘categories’, users can set in-app ‘goals’ to set aside money for particular things.
Business: With all of the capabilities of a personal account, the business account has real-time payments with categorised spending to ensure maximum organisation. The app is optimised for CSV files to assist with exports. The interface also enables alternation between accounts.
Euro: With Brexit impending, this advancement in banking is particularly useful for Britons wishing to hold euros for free. Euros can be transferred seamlessly between personal and business accounts. This account is protected by its own IBAN and covered up to GB£85,000.
Joint: The co-account has all of the features of the individual account, but is designed for multiple users.The app has a scanning location for one-touch, dual-authorisation of payments from this account, enabling all users to track spending. This is suitable for both couples and house shares to pool together finances for bills.
Did you know?
This month, Starling is due to launch an online portal that allows customers to manage their finances outside of its app. The company said in its six-month update: “Starling understands that many SMEs want to manage their banking online as well as through mobile applications and to support this, it will launch its web portal in Q3 2019. Construction of this portal is underway and on track for launch in September 2019.”