2024 Starling Bank Account Review (+Pros & Cons)
Are you tired of traditional banking methods and ready to embrace the future of finance? Starling Bank, a UK-based digital bank, aims to revolutionize the way people manage their money.
Starling Bank offers innovative features and account types for everyone, whether you need a personal or a business account.
In this comprehensive Starling Bank review, we’ll explore the ins and outs of Starling Bank, giving you all the information you need to make an informed decision about your banking needs.
From their user-friendly mobile app to their versatile account options, Starling Bank has quickly become popular among digitally savvy customers.
Key Takeaways
- Listed on Trustpilot as ‘Excellent’, Starling Bank is an online-only financial institution with various account types.
- It offers innovative features such as real-time notifications, Savings Spaces, in-app card controls, budgeting tools and categories, and international transfers with low fees & competitive exchange rates.
- Starling Bank has earned 4.3 out of 5 stars on Trustpilot based on over 36K reviews for its commitment to customer satisfaction & quality services.
An Overview of Starling Bank
Starling Bank is an online-only bank that seeks to revolutionise how people view banking and facilitate a more accessible banking experience, including offering business bank accounts.
Anne Boden founded Starling Bank in 2014 to provide customers with a full range of banking services without needing physical branches.
Instead, users can access their accounts and manage their finances using the Starling Bank app, which has garnered praise for its intuitive design and range of features.
Starling Bank is a fully licensed financial institution with a banking license from the Financial Conduct Authority and the Prudential Regulation Authority.
Among the types of accounts they offer are:
- Personal accounts
- Joint accounts
- Business accounts
- Teen accounts
This variety of account options caters to the diverse needs of their customers.
With an impressive 4.3 out of 5.0 stars on Trustpilot based on over 36,000 reviews, Starling Bank has earned an ‘Excellent’ rating.
Account Types Offered by Starling Bank
Starling Bank provides various account options, including a Starling bank account, to cater to different customer needs.
Each account type has been designed with specific features and services to provide a tailored banking experience.
The following sections will offer an in-depth examination of each account type and its distinct features.
Personal Accounts
With Starling Bank’s personal accounts, customers enjoy an effortless app-based banking experience, a contactless Mastercard, earning interest on balances, and round-the-clock customer support.
Opening a personal account is a breeze; you only need to download the Starling Bank app on a smartphone, provide a valid photo ID such as a UK passport or driving license, and complete the process within approximately five minutes.
Key features of personal accounts include instant payment notifications, Savings Spaces to help you set and achieve specific savings goals, and in-app card controls for added security.
Starling Bank offers an interest rate of 0.05% on balances up to £85,000 and competitive overdraft fees based on your credit score.
Joint Accounts
Starling Bank’s joint accounts enable two users to contribute funds, spend, and monitor account activity within the app. To open a joint account, both individuals must have personal accounts with Starling Bank.
Couples or close family members seeking a shared financial management solution will find this account type particularly suitable. Joint account holders can enjoy the convenience of sharing expenses, making payments, and tracking their spending within the app.
Additionally, they benefit from the same innovative features as personal accounts, such as real-time notifications, Savings Spaces, and in-app card controls.
Business Accounts
Starling Bank’s business accounts are tailored to meet specific business needs, providing services similar to a personal bank account but complemented with extra tools and options designed for businesses.
These accounts are designed for sole traders, limited companies, and registered charities, providing a simple and efficient way to manage their finances.
Some of the key features of business accounts include:
- Instant notifications
- In-app card controls
- Access to the Starling Bank Marketplace, where you can find various third-party services and tools to help grow your business.
Business account holders can enjoy a competitive interest rate of 2.50% on current account balances between £2,000 – £1,000,000 with the 1-year Fixed Business Saver.
This offers an excellent opportunity for business owners to make more out of their savings.
Teen Accounts
Starling Bank’s teen accounts provide 16-17-year-olds a beneficial platform to learn financial management, featuring app-based banking and a Mastercard debit card. These accounts include parental oversight and control, ensuring young users can develop their financial skills under guidance.
Teen account holders benefit from many of the same features as personal accounts, such as real-time notifications, budgeting tools, and in-app card controls.
It’s an excellent way for young people to learn about digital banking and prepare for their financial future.
Key Features of Starling Bank Accounts
A variety of innovative features distinguish Starling Bank from traditional banks. Some of these features include:
- Real-time notifications that allow users to keep a close eye on their account activity and spending habits
- Savings Spaces, which allow customers to create sub-accounts within their main account and set specific savings goals
- This feature is handy for those looking to budget and save for particular expenses, such as a holiday or a new car.
In-app card controls provide added security, enabling users to lock their cards and restrict certain types of transactions, such as online payments or ATM withdrawals. Users can track their spending and manage their finances more efficiently with Starling Bank’s budgeting tools and categories.
For those with international financial needs, Starling Bank provides a competitive edge by offering:
- International transfers to 36 countries through SWIFT facilities
- Almost instant transfers in 20 different currencies
- Low fees and competitive exchange rates
This makes it an excellent choice for frequent travellers or those with business dealings overseas, especially when sending and receiving important documents through the post office.
Starling Bank’s Mobile App Experience
Designed for user-friendliness, the Starling Bank app simplifies on-the-go financial management for customers. Users highly praise the app, which has a 4.5-star rating on Google Play. This is because of its quick payments, account features, tools, and easy-to-use interface.
The app’s intuitive design allows users to easily navigate through their accounts, make payments, and access all the innovative features Starling Bank has to offer. The app helps with banking tasks like depositing cheques and setting up direct debits. It’s a good choice for people who want a reliable, current account without fees.
International Usage and Fees
Starling Bank is a superior choice for international use, providing numerous advantages for overseas travellers or those conducting business abroad.
With no extra fees for overseas spending or ATM withdrawals, customers can enjoy the convenience of using their Starling Bank card abroad without hidden costs.
Additionally, Starling Bank offers competitive exchange rates when paying in a foreign currency, ensuring customers get the best value for their money.
The Mastercard exchange rate is applied for transactions in foreign currencies, providing a fair and transparent rate for international payments and transfers.
Security and Safety Measures
Customer safety is a serious concern for Starling Bank, assuring users of confident and worry-free banking. Deposits of £85,000 or less are protected by the FSCS, giving customers extra security for their money.
In addition to FSCS protection, Starling Bank offers the following security features to keep users’ information safe and secure:
- Advanced data encryption
- In-app security features
- Ability to set transaction limits
- Ability to freeze cards through the app
Customer Service and Support
With round-the-clock customer service and support, Starling Bank guarantees the availability of assistance whenever necessary.
Customers can reach out through:
- In-app live chat
- Website live chat
- Phone for lost or stolen cards
This level of support gives users the confidence that we will address any issues they may encounter promptly and efficiently.
Starling Bank has a high rating on Trustpilot, with many customers giving it 5 stars for customer satisfaction.
Comparing Starling Bank to Competitors
In drawing comparisons between Starling Bank and competitors like Monzo, Revolut, and Monese, assessing each bank’s features, fees, and customer satisfaction regarding their relative strengths and weaknesses is crucial.
All these challenger banks offer digital banking services and features, such as mobile banking, budgeting tools, and savings accounts.
However, Starling Bank sets itself apart with its wide range of account types, user-friendly mobile app, and innovative features like Savings Spaces and in-app card controls.
While competitors may levy fees for specific services, such as international transfers, overdrafts, or ATM withdrawals, Starling Bank offers a more cost-effective solution with no extra fees for overseas spending or ATM withdrawals.
Regarding customer satisfaction, Starling Bank boasts a 4.3 Trustpilot rating, with 75% of reviewers awarding the bank five stars.
Real Customer Reviews and Ratings
Real customer reviews and ratings yield valuable insights into the user experience and general satisfaction with a bank. Starling Bank has received an impressive 4.3 out of 5.0 stars on Trustpilot, based on over 36,000 reviews.
This ‘Excellent’ rating highlights the bank’s commitment to customer satisfaction and the overall quality of its services.
Customers have praised Starling Bank for:
- its simplicity
- ease of use
- innovative features
- app-based banking experience
- variety of account types available
Reviewers have rated Starling Bank as a reliable and trustworthy provider of banking services.
Summary
In conclusion, Starling Bank offers a fresh and innovative approach to banking, catering to a wide range of customer needs with its various account types, user-friendly mobile app, and innovative features.
With competitive fees, international usage benefits, and a strong focus on customer satisfaction, Starling Bank stands out as a top contender in challenger banks.
So, if you’re looking for a digital banking experience that’s both convenient and feature-rich, Starling Bank might be the perfect fit for you.
Frequently Asked Questions
Is Starling Bank trustworthy?
Starling Bank is a safe and reliable banking environment with straightforward fees, having been fully licensed by the FCA and PRA.
Customers can trust that their money is secure with Starling Bank.
Is Monzo or Starling better?
Starling is a better option for those looking for a completely free account, as it offers more features at no cost than Monzo.
Is Starling owned by Barclays?
No, Starling is not owned by Barclays. It is part-owned by Anne, employees, and an employee benefits trust with investment from private investors and institutions.
What is the advantage of Starling Bank?
Starling Bank provides several benefits to its customers. These benefits include no fees for spending abroad, faster payments, direct debits and standing orders, FSCS protection, and instant payment notifications.
The bank won the ‘Best Current Account Provider’ award at the 2022 British Bank Awards. It also offers pensions, mortgages, and insurance through its “Marketplace”.
What types of accounts does Starling Bank offer?
Starling Bank provides a variety of accounts to meet its customers’ needs, including personal, joint, business, euro and teen accounts.
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