Brief Look at Starling Bank
Starling Bank is a British digital bank that has been operating since 2014. It is regulated by the FSCS deposit insurance system. Starling offers individual and business accounts, with only one tariff (with zero monthly fees). The only monthly fee is £2 when you open an additional account. A bank customer's plastic card is issued free of charge. There is an overdraft charge for personal and business accounts, but no additional payments, except for a standard assessment of 15% per annum. You can open a multi-currency account for GBP, USD, and EUR. The mobile bank has the most simple and functional application that allows you to perform relevant actions within a few seconds.
- clients receive a current account and a bank card with access to all tools without a subscription fee;
- 100% digital registration, only submit scans and digital signatures (no need to submit paper documents);
- four-level system for protecting user funds and data;
- the bank operates under the license of the FSCS regulator;
- money can be withdrawn at any ATM in the world, there are no additional fees outside the UK;
- the standard account simultaneously acts as an account for deposits with a rate of 0.05% per annum (with a balance of up to £85,000);
- mobile banking functions include electronic checks, expenses by categories, tools for reporting, and savings;
- you can open an additional account for a child, fully controlled by the main account of the parent.
- international transfers require a fixed commission fee of 0.4% + £5.5 when converted;
- there is a daily withdrawal limit of £300, after that, an additional commission may be charged;
- if the amount of a mobile bank account is more than £85,000, the 0.05% per annum fee is waived.
TU Expert Verdict
Chief Analytics Officer
Starling Bank offers personal and business accounts with digital onboarding and no monthly fees for the first account, as well as the ability to hold GBP, USD, and EUR in multi-currency accounts. Customers receive a plastic bank card at no extra charge, and both individual and business users can access a user-friendly mobile app with real-time controls, smart statistics, and features like child and joint accounts. Overdrafts up to GBP 1,200 are available on personal accounts, with standard rates from 15% to 35% annually, while business lending is available up to GBP 250,000. The bank operates under FSCS deposit insurance and supports global card usage, with most ATM withdrawals worldwide incurring no additional fees.
Starling Bank has some drawbacks: international transfers carry a 0.4% plus GBP 5.5 fee for currency conversion, daily ATM withdrawal limits are set at GBP 300 before extra charges apply, and premium account options are not offered. Those seeking high-interest deposit rates or advanced investment services may find the offering limited. Starling is suitable for users prioritizing straightforward banking, digital access, and multi-currency functionality, but may not meet the needs of customers requiring extensive international transfers or specialized premium services.
Starling Bank Summary
| 💼 Main types of accounts: | Standard, business, child |
|---|---|
| 💱 Multi-currency account: | Yes (pounds, euros, dollars) |
| 💵 Deposit terms and conditions: | Accrual of 0.05% per annum on a standard account |
| 💳 Loan terms and conditions: | Up to £1,200 overdraft at 15-35%, business loan up to £250,000 |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: | Reports & Categories, Smart Statistics, Round-ups |
| 📋 Types of payment: | Plastic card, Apple Pay, Google Pay, Samsung Pay |
| ➕ Additional features: | Pots within an account, joint accounts, free transfers between bank users |
You do not need to be a UK resident to open an account with Starling neobank bank. You can have citizenship from almost any country (the official list is presented in the Terms of Cooperation that are published on the website). A bank client gets the opportunity to use a plastic card, Apple Pay, Google Pay, and Samsung Pay globally and deposit and withdraw funds at any ATM. The table below shows the main parameters of Sterling banking.
Starling Bank Commissions & Fees
A resident of any country can open an individual or business account with Starling mobile bank free of charge. He gets access to all the features and tools without having to pay extra for anything. There is no subscription fee for having one account under any circumstances.
Each additional account, regardless of its type, is subject to a fixed subscription fee of £2 per month. For example, if an additional child account is opened, you need to pay £2 for it. But if the account holder has a teenage child, and he opened the account himself, you do not need to pay for the account.
There is no commission for transfers within the country. There are also no fees for depositing funds, the source does not matter. There is a limit on cash withdrawals from ATMs for up to £300 and up to 6 withdrawals per day, thereafter, an individual commission is charged for each withdrawal (its amount is specified on the website). The commission for international transfers is 0.4% + £5.5. Overdraft fees for individuals are 15%, 25%, or 35% depending on the amount (can be calculated on the website). Business lending is considered individually.
We also compared Starling fees with similar types of fees on other Digital banks.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Chime Bank | No | No | No | 3% (max.$5) |
| Starling Bank | 15-35% | No | 0.4% transfer fee + local fees | 0.4% |
| Monzo Bank | 19-39% | Free in the UK In other countries: - up to £200 - free - beyond £200 - 3% | €0.5 | 0.35%-2% |
Starling digital bank is a modern mobile bank that meets the highest standards. It has been operating for many years, it has a valid license, and is insured which requires it to report to the international regulator. Various types of accounts are offered, including for business and children. The first account opened has no subscription fee, for each subsequent account, there is a £2 charge per month. You can open accounts in euros and dollars. The bank is reliable and is recommended for cooperation.
Account Types
At the moment, the mobile bank offers several types of accounts. Personal, business, and individual entrepreneur accounts are opened free of charge, a child account cannot be opened free of charge because it must be linked to the parent's account and registered on it. Accordingly, this is an additional account, and the bank charges a monthly subscription fee of £2 for each additional account.
Another type of account available with Starling is the joint account. A bank client can link his account with any other account, and that one can be opened through a third-party bank. Linked accounts get shared reporting, a single credit history, and overlapping features. For example, you can pay for online purchases with funds from another account.
Investment Options
The mobile bank does not offer separate investment tools. Each client, as a default, increases his savings thanks to payments of 0.05% per annum of the standard account amount. However, if the amount on all accounts of the client exceeds £85,000 (or the equivalent in dollars or euros), interest ceases to be paid. The bank itself does not provide other options for passive income; such options are possible only through partner projects.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Contacts
| Foundation date | 2014 |
|---|---|
| Official site | https://www.starlingbank.com/ |
Detailed review of Starling Bank
Starling Bank offers mainly typical functionality as a modern digital bank. It is built according to process management standards, is cross-functional, and is suitable for all users without restrictions. It has no representative offices and branches and is a completely online organization. Unlike most British neobanks, Starling allows you to open accounts in other currencies and is focused not only on residents of your country. Plastic cards and contactless smartphone payments are valid worldwide with the standard MasterCard fee.
Starling mobile bank by the numbers:
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providing services for more than 8 years;
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Gains a new client every 39 seconds;
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430,000 corporate clients;
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£0 fee for a standard account;
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0.05% per annum on a standard account.
A client can enter his user account through a browser on a personal computer or tablet. However, it is easier and more convenient to manage your account(s) through the bank's mobile application, which can be downloaded from the App Store or Google Play. The application is free and provides a complete list of functions and tools according to the standards of modern mobile banks.
Starling’s useful features:
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Standard and Multi-currency accounts. By default, all Standard accounts hold funds in GBP only (automatically converted at the current MC rate). But any account can be made multi-currency by adding euros and US dollars.
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Starling Marketplace. Out-of-the-box integration with a wide range of socially important products, from private pension funds to investment solutions, plus accounting software and other free extensions.
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Mobile check deposits. Deposit checks up to £500 through the mobile app. Only a clear photograph of the receipt is required. Checks are instantly processed.
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Connected card. The account holder can legally provide his plastic card to another person for use for his personal purposes. Full reporting will be available for the period while the card was used by another person.
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Bills Manager. Aggregator of accounts and pots, which allows you to combine statistics on all client resources in one group of windows in the application. Clients have full control of the intuitive operation with no limits.
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Round-ups. If the feature is activated, each purchase is rounded to the nearest pound on the reports, and the difference is allocated to a separate pot. Round-ups allow you to permanently form savings.
Advantages:
The bank has several levels of protection. It has never been hacked, and no breach of user funds or personal data has been recorded.
Like any digital bank, Starling provides technical support 24/7, and communication by phone, chat, and email are available.
The bank does not have premium accounts. This means that each client gets full and equal access to the list of financial instruments and services.
Payment of £2 per month for an additional account - one of the lowest monthly fees in this segment.
Built-in marketplace allows you to manage your life through your mobile phone, as almost all goods and services are available.
Intelligent and transparent statistics display a breakdown of replenishment and expenses by category, imposition of individual limits, and the Round-up function. These result in a perfect systematization of finances.
The Settle-up function will adjust and make all financial interactions between relatives and friends as transparent as possible.
To open an account, you do not need anything other than a scan of an identity document. The plastic card is sent free of charge within the UK.
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