Taking business digital

29th November 2018

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We want to support your business by providing you with a mobile, modern business account that saves you time and money. You’ll get everything you’d expect from a licensed bank - payments, protection via the Financial Services Compensation Scheme, cash deposits at the Post Office. Plus everything you’d expect from a digital challenger bank - no monthly fees, simple set-up through the app and easy integrations with partners through our Marketplace. This is the bank account that takes business digital and allows you to keep on top of your finances, anytime, anywhere.

Since launching our mobile business accounts in March 2018, we’ve been hard at work to make them even better. We’ve added the ability to:

✓ Open a business account as a sole trader
✓ Deposit/withdraw cash at the Post Office
✓ Switch your account entirely in-app through the Current Account Switch Service
✓ Make in-app international money transfers
✓ Add notes and receipts to transactions
✓ Integrate with Marketplace partners
✓ Take out an overdraft
✓ Switch quickly and easily between Starling personal and business accounts

Switch between Starling accounts

We won’t be slowing down any time soon. Here’s what we’re working on:

  • Integrations with more Marketplace partners
  • Overdraft applications to be made entirely in-app
  • Updates to spending categories for business
  • Improvements to exporting bank statements

Mobile set-up

You can apply for your Starling for Business bank account straight from the app wherever you are - no 9am-5pm visits, no ‘your-call-is-important-to-us’ recorded messages while you wait on hold, no scribbled signatures.

If you haven’t already got a Starling personal account:

  • Download the app
  • Either select ‘Business’ for a limited company business account
  • Or select ‘Personal’ for a sole trader account (at the moment you’ll need to do this before setting up your business account - we’re working to change this)
  • Follow the steps

It’s even easier if you’ve already got a Starling personal account:

  • Go to your account menu and click ‘Get another Starling account’
  • Either enter the name/number registered with Companies House for a limited company business account
  • Or select ‘I’m a sole trader’

Once your application has been approved and your account is fully open, you’ll be able to activate your digital card in Apple Pay or Google Pay and use your business account straight away. Your Mastercard debit card will arrive 3-5 days later.

Mobile banking

Our team have built our business accounts from scratch to make banking as seamless as possible. We’ve included security features such as Touch/Face ID and the ability to control how you card is used - turn off spending for ATM withdrawals or lock it instantly if lost or stolen.

Further money management features include automatic calculations and categorisation of your outgoings. You can also move transactions into different categories to suit you, such as Pets (if you’ve bought some treats for the office dog), Expenses or Travel. When you use your card abroad, we’ll use the Mastercard exchange rate and we won’t charge you any transaction fees. We’ll be adding new categories for business accounts soon - stay tuned.

Spending categories for Starling Bank

Future updates will also include improvements to how your business bank statements are downloaded or exported, currently managed from your account menu.

Each time money moves in or out of your bank account, we send you a real-time notification. We want to keep you in the loop - thank a client as soon as they’ve paid or take a supplier for coffee and send the business expense over to your online accounting provider while you wait to collect your lattes.

We’ll also send you an instant notification when you deposit cash at the Post Office to let you know that it’s been processed. For business account cash deposits up to £1,000 there’s a £3 charge, and for anything over £1,000 there’s a 0.3% charge on the deposit value. The Post Office network is made up of 11,500 branches; 99.7% of the UK population live within 3 miles of a Post Office branch. More than 70% of our business customers are based outside London and our Post Office partnership is a key part of how we are supporting the entrepreneurs around the country who are the lifeblood of the UK’s economy.

When you deposit cash at the Post Office, it’s recorded in the app and you can add a note to the transaction to remind yourself of where or who it was from. Your Starling for Business account also helps you to organise money for bills and taxes through Goals. Many business customers create a Goal to set aside money for VAT so that it is kept separate from their everyday balance, ready to be paid.

Business Marketplace

All of your incomings and outgoings can be integrated into Xero, our first accounting software partner for our business Marketplace, currently being tested in beta mode and being rolled out to everyone shortly. This integration is designed to seamlessly connect you to the software that helps you keep track of your business finances so that invoices can be paid on time. Unlike high street banks, we’ve built our own technology integration which means updates will be every few minutes, not once every few hours. FreeAgent will be the next online accounting software provider to join the Marketplace, with many more to come.

Online accounting software, such as Xero and FreeAgent, allows users to submit their VAT returns directly to HMRC. This makes it much easier for businesses to comply with the new regulations for Making Tax Digital set for April 2019, just one of the many benefits of using technology to help with your accounting.

The first business insurance provider in the Marketplace is Zego, which provides flexible insurance for scooters, cars, bicycles and vans as well as public liability insurance and employee liability insurance.

Single invoice insurance provider Nimbla will also be joining the Marketplace, along with our first business loans providers Funding Options and Growth Street. So far, Starling business overdrafts have been offered to a number of businesses and will be offered to more business customers in the coming weeks. For too long, lending has been inaccessible and complicated for small businesses and we’re working hard to make this a seamless process that can happen all from the app.

Marketplace partners for Starling business customers

Digital switching

Ready to switch? The Current Account Switch Service (CASS) guarantees that everything will be transferred from your old bank account to your Starling Bank account within 7 days. All you have to do is request a switch in-app and everything will be transferred for you - funds, standing orders and direct debits.

When all features of Starling come together, you get a business account like no other - smart tools, trusted security and integrations with other products designed to help you run your business. No monthly fees, just a straightforward business account that gives you back the time and energy you deserve to run your business.

Header photo: Starling business customer Kecia McDougall, founder and director of Tayport Distillery, photographed by Grant Anderson.

Next

Starling Milestones: November 2018