Article updated: 28/1/21
More people are switching to Starling than ever before. In the last quarter of 2020, Starling made a net gain of 12,000 customers. That means more than 12,000 customers chose to leave their old bank and move everything to us.
Here, we explain how the Current Account Switch Service works and outline seven reasons you should #BreakUpWithYourBank and switch to Starling.
What is the Current Account Switch Service?
The Current Account Switch Service (CASS) is a UK-wide scheme that guarantees a complete, hassle-free switch from one bank to another. If you choose to switch, your old bank account will be closed and your payees, direct debits, standing orders and balance will be moved over to your new bank account within seven days. Incoming money to your old bank account will be redirected to your new bank account, as will your salary.
The best thing about CASS is that the banks do all the legwork. As a customer, all you have to do is start the switch, choose a switch date, and we’ll handle the rest. Starling is a regulated bank, meaning that eligible balances of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).
Remember that signing up to Starling isn’t the same as switching to Starling - if you’re new to Starling, simply download the app, apply for a free account and try us out. There’s no obligation to switch - that choice is up to you.
Let’s look at some reasons to switch.
1. No monthly fees
With Starling, there are no monthly fees for our regular personal, business or joint accounts. And we don’t charge you for withdrawing cash or using your card overseas. We also send you a notification if you’re about to go overdrawn or if there’s not enough in your Starling account to cover an upcoming direct debit.
Switching to Starling from a high street personal, business or joint account is free. It could even save you money, if you’re paying lots of fees to another bank and choose to close that account and move everything across to Starling.
2. Real-time notifications on pay day
When a switch to Starling is complete, all incoming payments will land in your Starling account, including your salary. There’s no need to update your employer - the change will happen automatically.
One of the benefits of having your salary in Starling is the real-time notification that we send to let you know it’s arrived. We send notifications every time money comes in or out of your account. Say goodbye to nervous checks of your bank account on pay day - as soon as your salary has been paid, we’ll ping you a notification.
3. Organised savings with Spaces
One budgeting technique is to have multiple bank accounts for different purposes. For example, one account for ‘needs’ such as bills or rent, and another for ‘wants’ such as eating out. But with Starling, you can keep all your money in one account and use our Spaces feature in the app, to create different pockets of money or keep savings separate from your main balance.