Starling Bank steps up its business banking offer with launch of multi-owner accounts

24th July 2019

Starling Business customer Jon crafts a leather item.
  • Businesses can apply to open an account via the Starling app in minutes
  • No monthly account fees

London, Wednesday 24 July 2019 – Starling Bank, the leading digital bank, has opened up its business account to hundreds of thousands more UK small and medium-sized enterprises by inviting companies with more than one person of significant control (PSCs) to sign up. The move, made in response to high demand, represents a milestone in Starling’s bid to challenge the dominance of the Big Four lenders, which account for 85% of the market.

Starling’s new multi-PSC account comes 16 months after it launched its mobile business bank account for single-person businesses, which now has almost 60,000 customers. It follows the award to Starling in April of a £100 million grant from the Capability and Innovation Fund (CIF), a body created to boost competition in SME banking. Starling is using the grant to build a full suite of digital banking products, intelligent forecasting tools, and digitally-enabled relationship management functions as well as lending products.

PSCs typically own 25% or more shares of a business and/or 25%+ of the voting rights. This new account has been built for businesses where multiple PSCs who are also directors of the company need access to the account, such as husband and wife and civil partnership teams.

Starling’s business account has no monthly fees, no fees for making a payment to another UK bank account and no fees for withdrawing cash via ATMs. PCSs, who are also directors in the business, will be able to gain full access to the account and development is underway to make it suitable for more complex businesses which require greater control and individual access permissions.

Companies will be able to apply for an account in minutes and, once approved, instantly make payments to suppliers (including international payments), and receive real-time balance updates and spending insights all from their smartphones. They will also be able to make cash deposits and withdrawals at any of the 11,500 Post Office across the UK.*

The account will give businesses access to the Starling Marketplace, allowing them to choose from a range of products and services that are integrated with Starling including accounting software integration with accounting services Xero and FreeAgent and insurance services through insurtech firm Zego.

Anne Boden, Founder and CEO of Starling Bank said: “Opening up our business account to SMEs with more than one PSC will give hundreds of thousands more companies access to our features, meaning they can manage their finances conveniently on their smartphone without having to worry about where their nearest bank branch is and when it will be open.

“With funding from the Capability and Innovation Fund, we are reshaping the SME banking market, using technology to help businesses thrive.

“We have a fantastic entrepreneurial spirit in the UK and Starling wants to give SME business owners the best possible banking services to make their life easier and allow them to focus on what counts.”

*£3 per cash deposit and 50p per withdrawal at the Post Office.

Notes to Editors

For more information contact:

Pagefield
starlingbank@pagefield.co.uk

About Starling Bank

Starling is a leading digital bank, founded in 2014 and voted Best British Bank in 2018 and 2019. Its retail banking app offers personal, business and joint current accounts on Android and iOS. The Starling Marketplace allows customers to in-app access to a curated selection of third party financial services. Starling also offers groundbreaking B2B banking and payments services.

Starling is a fintech business with a banking licence, fully regulated by the FCA and PRA. It is directly connected to major payment schemes, including Faster Payments, SEPA, Bacs and MasterCard.

How does Starling’s business account compare to competitors?

100% mobile signup

StarlingStarling has 100% mobile signup
TideTide has 100% mobile signup
CoconutCoconut has 100% mobile signup
NatWestNatWest does not have 100% mobile signup
BarclaysBarclays does not have 100% mobile signup
HSBCHSBC does not have 100% mobile signup
LloydsLloyds does not have 100% mobile signup
RBSRBS does not have 100% mobile signup

A UK regulated bank

StarlingStarling is A UK regulated bank
NatWestNatWest is A UK regulated bank
BarclaysBarclays is A UK regulated bank
HSBCHSBC is A UK regulated bank
LloydsLloyds is A UK regulated bank
RBSRBS is A UK regulated bank
TideTide is not A UK regulated bank
CoconutCoconut is not A UK regulated bank

FSCS deposit protection (up to £85,000)

StarlingStarling has FSCS deposit protection (up to £85,000)
NatWestNatWest has FSCS deposit protection (up to £85,000)
BarclaysBarclays has FSCS deposit protection (up to £85,000)
HSBCHSBC has FSCS deposit protection (up to £85,000)
LloydsLloyds has FSCS deposit protection (up to £85,000)
RBSRBS has FSCS deposit protection (up to £85,000)
TideTide does not have FSCS deposit protection (up to £85,000)
CoconutCoconut does not have FSCS deposit protection (up to £85,000)

Zero fees for micro enterprises*

StarlingStarling has Zero fees for micro enterprises*
NatWestNatWest does not have Zero fees for micro enterprises*
BarclaysBarclays does not have Zero fees for micro enterprises*
HSBCHSBC does not have Zero fees for micro enterprises*
LloydsLloyds does not have Zero fees for micro enterprises*
RBSRBS does not have Zero fees for micro enterprises*
TideTide does not have Zero fees for micro enterprises*
CoconutCoconut does not have Zero fees for micro enterprises*

Zero UK transfer fees

StarlingStarling has Zero UK transfer fees
BarclaysBarclays has Zero UK transfer fees
HSBCHSBC has Zero UK transfer fees
LloydsLloyds has Zero UK transfer fees
NatWestNatWest does not have Zero UK transfer fees
RBSRBS does not have Zero UK transfer fees
TideTide does not have Zero UK transfer fees
CoconutCoconut does not have Zero UK transfer fees

Zero bank ATM fees

StarlingStarling has Zero bank ATM fees
BarclaysBarclays has Zero bank ATM fees
LloydsLloyds has Zero bank ATM fees
NatWestNatWest does not have Zero bank ATM fees
HSBCHSBC does not have Zero bank ATM fees
RBSRBS does not have Zero bank ATM fees
TideTide does not have Zero bank ATM fees
CoconutCoconut does not have Zero bank ATM fees

Categorised transactions

StarlingStarling has Categorised transactions
TideTide has Categorised transactions
CoconutCoconut has Categorised transactions
NatWestNatWest does not have Categorised transactions
BarclaysBarclays does not have Categorised transactions
HSBCHSBC does not have Categorised transactions
LloydsLloyds does not have Categorised transactions
RBSRBS does not have Categorised transactions

24/7 customer support

StarlingStarling has 24/7 customer support
NatWestNatWest has 24/7 customer support
BarclaysBarclays has 24/7 customer support
HSBCHSBC has 24/7 customer support
LloydsLloyds has 24/7 customer support
RBSRBS has 24/7 customer support
TideTide has 24/7 customer support
CoconutCoconut does not have 24/7 customer support

CSV exports

StarlingStarling has CSV exports
NatWestNatWest has CSV exports
BarclaysBarclays has CSV exports
LloydsLloyds has CSV exports
RBSRBS has CSV exports
TideTide has CSV exports
HSBCHSBC does not have CSV exports
CoconutCoconut does not have CSV exports

Faster Payments & CHAPS

StarlingStarling has Faster Payments & CHAPS
NatWestNatWest has Faster Payments & CHAPS
BarclaysBarclays has Faster Payments & CHAPS
HSBCHSBC has Faster Payments & CHAPS
LloydsLloyds has Faster Payments & CHAPS
RBSRBS has Faster Payments & CHAPS
TideTide has Faster Payments & CHAPS
CoconutCoconut has Faster Payments & CHAPS

Cash & cheque deposits

StarlingStarling has Cash & cheque deposits
NatWestNatWest has Cash & cheque deposits
BarclaysBarclays has Cash & cheque deposits
HSBCHSBC has Cash & cheque deposits
LloydsLloyds has Cash & cheque deposits
RBSRBS has Cash & cheque deposits
TideTide does not have Cash & cheque deposits
CoconutCoconut does not have Cash & cheque deposits

Overdraft

StarlingStarling has an Overdraft
NatWestNatWest has an Overdraft
BarclaysBarclays has an Overdraft
HSBCHSBC has an Overdraft
LloydsLloyds has an Overdraft
RBSRBS has an Overdraft
TideTide does not have an Overdraft
CoconutCoconut does not have an Overdraft

Open Banking Marketplace to connect 3rd party apps

StarlingStarling has an Open Banking Marketplace to connect 3rd party apps
NatWestNatWest does not have an Open Banking Marketplace to connect 3rd party apps
BarclaysBarclays does not have an Open Banking Marketplace to connect 3rd party apps
HSBCHSBC does not have an Open Banking Marketplace to connect 3rd party apps
LloydsLloyds does not have an Open Banking Marketplace to connect 3rd party apps
RBSRBS does not have an Open Banking Marketplace to connect 3rd party apps
TideTide does not have an Open Banking Marketplace to connect 3rd party apps
CoconutCoconut does not have an Open Banking Marketplace to connect 3rd party apps
Starling

Starling

NatWest

NatWest

Barclays

Barclays

HSBC

HSBC

Lloyds

Lloyds

RBS

RBS

Tide

Tide

Coconut

Coconut

100% mobile signup

×

×

×

×

×

A UK regulated bank

×

×

FSCS deposit protection (up to £85,000)

×

×

Zero fees for micro enterprises*

×

×

×

×

×

×

×

Zero UK transfer fees

×

×

×

×

Zero bank ATM fees

×

×

×

×

×

Categorised transactions

×

×

×

×

×

24/7 customer support

×

CSV exports

×

×

Faster Payments & CHAPS

Cash & cheque deposits

Cash deposits

×

Overdraft

×

×

Open Banking Marketplace to connect 3rd party apps

×

×

×

×

×

×

×

Correct as of July 2019.

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