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, 2019 and 2020. 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?

A UK regulated bank

StarlingStarling is A UK regulated bank
BarclaysBarclays is A UK regulated bank
HSBCHSBC is A UK regulated bank
LloydsLloyds is A UK regulated bank
MetroMetro is A UK regulated bank
NatWestNatWest is A UK regulated bank
RBSRBS is A UK regulated bank
SantanderSantander is A UK regulated bank
MonzoMonzo is A UK regulated bank
CoconutCoconut is not A UK regulated bank
MoneseMonese is not A UK regulated bank
RevolutRevolut is not A UK regulated bank
TideTide is not A UK regulated bank

FSCS deposit protection (up to £85,000)

StarlingStarling 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)
MetroMetro has FSCS deposit protection (up to £85,000)
NatWestNatWest has FSCS deposit protection (up to £85,000)
RBSRBS has FSCS deposit protection (up to £85,000)
SantanderSantander has FSCS deposit protection (up to £85,000)
MonzoMonzo has FSCS deposit protection (up to £85,000)
CoconutCoconut does not have FSCS deposit protection (up to £85,000)
MoneseMonese does not have FSCS deposit protection (up to £85,000)
RevolutRevolut does not have FSCS deposit protection (up to £85,000)
TideTide does not have FSCS deposit protection (up to £85,000)

24/7 customer support (for all types of enquiries)

StarlingStarling has 24/7 customer support (for all types of enquiries)
BarclaysBarclays has 24/7 customer support (for all types of enquiries)
NatWestNatWest has 24/7 customer support (for all types of enquiries)
RBSRBS has 24/7 customer support (for all types of enquiries)
RevolutRevolut has 24/7 customer support (for all types of enquiries)
HSBCHSBC does not have 24/7 customer support (for all types of enquiries)
LloydsLloyds does not have 24/7 customer support (for all types of enquiries)
MetroMetro does not have 24/7 customer support (for all types of enquiries)
SantanderSantander does not have 24/7 customer support (for all types of enquiries)
CoconutCoconut does not have 24/7 customer support (for all types of enquiries)
MoneseMonese does not have 24/7 customer support (for all types of enquiries)
MonzoMonzo does not have 24/7 customer support (for all types of enquiries)
TideTide does not have 24/7 customer support (for all types of enquiries)

Zero monthly fees (exc free trials or minimum balance)

StarlingStarling has Zero monthly fees (exc free trials or minimum balance)
CoconutCoconut has Zero monthly fees (exc free trials or minimum balance)
MonzoMonzo has Zero monthly fees (exc free trials or minimum balance)
RevolutRevolut has Zero monthly fees (exc free trials or minimum balance)
TideTide has Zero monthly fees (exc free trials or minimum balance)
BarclaysBarclays does not have Zero monthly fees (exc free trials or minimum balance)
HSBCHSBC does not have Zero monthly fees (exc free trials or minimum balance)
LloydsLloyds does not have Zero monthly fees (exc free trials or minimum balance)
MetroMetro does not have Zero monthly fees (exc free trials or minimum balance)
NatWestNatWest does not have Zero monthly fees (exc free trials or minimum balance)
RBSRBS does not have Zero monthly fees (exc free trials or minimum balance)
SantanderSantander does not have Zero monthly fees (exc free trials or minimum balance)
MoneseMonese does not have Zero monthly fees (exc free trials or minimum balance)

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
SantanderSantander has Zero UK transfer fees
CoconutCoconut has Zero UK transfer fees
MoneseMonese has Zero UK transfer fees
MonzoMonzo has Zero UK transfer fees
RevolutRevolut has Zero UK transfer fees
MetroMetro does not have 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

Zero bank ATM fees

StarlingStarling has Zero bank ATM fees
SantanderSantander has Zero bank ATM fees
MoneseMonese has Zero bank ATM fees
MonzoMonzo has Zero bank ATM fees
RevolutRevolut has Zero bank ATM fees
BarclaysBarclays does not have Zero bank ATM fees
HSBCHSBC does not have Zero bank ATM fees
LloydsLloyds does not have Zero bank ATM fees
MetroMetro does not have Zero bank ATM fees
NatWestNatWest does not have Zero bank ATM fees
RBSRBS does not have Zero bank ATM fees
CoconutCoconut does not have Zero bank ATM fees
TideTide does not have Zero bank ATM fees

100% mobile sign up

StarlingStarling has 100% mobile sign up
CoconutCoconut has 100% mobile sign up
MoneseMonese has 100% mobile sign up
MonzoMonzo has 100% mobile sign up
RevolutRevolut has 100% mobile sign up
TideTide has 100% mobile sign up
BarclaysBarclays does not have 100% mobile sign up
HSBCHSBC does not have 100% mobile sign up
LloydsLloyds does not have 100% mobile sign up
MetroMetro does not have 100% mobile sign up
NatWestNatWest does not have 100% mobile sign up
RBSRBS does not have 100% mobile sign up
SantanderSantander does not have 100% mobile sign up

Categorised transactions

StarlingStarling has Categorised transactions
NatWestNatWest has Categorised transactions
RBSRBS has Categorised transactions
CoconutCoconut has Categorised transactions
MoneseMonese has Categorised transactions
MonzoMonzo has Categorised transactions
RevolutRevolut has Categorised transactions
TideTide has Categorised transactions
BarclaysBarclays does not have Categorised transactions
HSBCHSBC does not have Categorised transactions
LloydsLloyds does not have Categorised transactions
MetroMetro does not have Categorised transactions
SantanderSantander does not have Categorised transactions

CSV exports

StarlingStarling has CSV exports
BarclaysBarclays has CSV exports
HSBCHSBC has CSV exports
LloydsLloyds has CSV exports
MetroMetro has CSV exports
NatWestNatWest has CSV exports
RBSRBS has CSV exports
SantanderSantander has CSV exports
CoconutCoconut has CSV exports
MoneseMonese has CSV exports
MonzoMonzo has CSV exports
RevolutRevolut has CSV exports
TideTide has CSV exports

Open Banking Marketplace to connect 3rd party apps

StarlingStarling has Open Banking Marketplace to connect 3rd party apps
RevolutRevolut has Open Banking Marketplace to connect 3rd party apps
BarclaysBarclays does not have Open Banking Marketplace to connect 3rd party apps
HSBCHSBC does not have Open Banking Marketplace to connect 3rd party apps
LloydsLloyds does not have Open Banking Marketplace to connect 3rd party apps
MetroMetro does not have Open Banking Marketplace to connect 3rd party apps
NatWestNatWest does not have Open Banking Marketplace to connect 3rd party apps
RBSRBS does not have Open Banking Marketplace to connect 3rd party apps
SantanderSantander does not have Open Banking Marketplace to connect 3rd party apps
CoconutCoconut does not have Open Banking Marketplace to connect 3rd party apps
MoneseMonese does not have Open Banking Marketplace to connect 3rd party apps
MonzoMonzo does not have Open Banking Marketplace to connect 3rd party apps
TideTide does not have Open Banking Marketplace to connect 3rd party apps

Mobile and web access

StarlingStarling has Mobile and web access
BarclaysBarclays has Mobile and web access
HSBCHSBC has Mobile and web access
LloydsLloyds has Mobile and web access
MetroMetro has Mobile and web access
NatWestNatWest has Mobile and web access
RBSRBS has Mobile and web access
SantanderSantander has Mobile and web access
MoneseMonese has Mobile and web access
MonzoMonzo has Mobile and web access
RevolutRevolut has Mobile and web access
TideTide has Mobile and web access
CoconutCoconut does not have Mobile and web access

Multi-director access

StarlingStarling has Multi-director access
BarclaysBarclays has Multi-director access
HSBCHSBC has Multi-director access
LloydsLloyds has Multi-director access
MetroMetro has Multi-director access
NatWestNatWest has Multi-director access
RBSRBS has Multi-director access
SantanderSantander has Multi-director access
CoconutCoconut has Multi-director access
RevolutRevolut has Multi-director access
MoneseMonese does not have Multi-director access
MonzoMonzo does not have Multi-director access
TideTide does not have Multi-director access

Connect to accounting software

StarlingStarling has Connect to accounting software
BarclaysBarclays has Connect to accounting software
HSBCHSBC has Connect to accounting software
LloydsLloyds has Connect to accounting software
MetroMetro has Connect to accounting software
NatWestNatWest has Connect to accounting software
RBSRBS has Connect to accounting software
SantanderSantander has Connect to accounting software
RevolutRevolut has Connect to accounting software
TideTide has Connect to accounting software
CoconutCoconut does not have Connect to accounting software
MoneseMonese does not have Connect to accounting software
MonzoMonzo does not have Connect to accounting software

Faster payments and CHAPS

StarlingStarling has Faster payments and CHAPS
BarclaysBarclays has Faster payments and CHAPS
HSBCHSBC has Faster payments and CHAPS
LloydsLloyds has Faster payments and CHAPS
MetroMetro has Faster payments and CHAPS
NatWestNatWest has Faster payments and CHAPS
RBSRBS has Faster payments and CHAPS
SantanderSantander has Faster payments and CHAPS
CoconutCoconut has Faster payments and CHAPS
MoneseMonese has Faster payments and CHAPS
MonzoMonzo has Faster payments and CHAPS
RevolutRevolut has Faster payments and CHAPS
TideTide has Faster payments and CHAPS

Cash and cheque deposits

StarlingStarling has Cash and cheque deposits
BarclaysBarclays has Cash and cheque deposits
HSBCHSBC has Cash and cheque deposits
LloydsLloyds has Cash and cheque deposits
MetroMetro has Cash and cheque deposits
NatWestNatWest has Cash and cheque deposits
RBSRBS has Cash and cheque deposits
SantanderSantander has Cash and cheque deposits
MonzoMonzo has Cash and cheque deposits
CoconutCoconut does not have Cash and cheque deposits
MoneseMonese does not have Cash and cheque deposits
RevolutRevolut does not have Cash and cheque deposits
TideTide does not have Cash and cheque deposits

International payments

StarlingStarling has International payments
BarclaysBarclays has International payments
HSBCHSBC has International payments
LloydsLloyds has International payments
MetroMetro has International payments
NatWestNatWest has International payments
RBSRBS has International payments
SantanderSantander has International payments
MoneseMonese has International payments
RevolutRevolut has International payments
CoconutCoconut does not have International payments
MonzoMonzo does not have International payments
TideTide does not have International payments

Overdrafts

StarlingStarling has Overdrafts
BarclaysBarclays has Overdrafts
HSBCHSBC has Overdrafts
LloydsLloyds has Overdrafts
MetroMetro has Overdrafts
NatWestNatWest has Overdrafts
RBSRBS has Overdrafts
SantanderSantander has Overdrafts
CoconutCoconut does not have Overdrafts
MoneseMonese does not have Overdrafts
MonzoMonzo does not have Overdrafts
RevolutRevolut does not have Overdrafts
TideTide does not have Overdrafts

Loans

StarlingStarling has Loans
BarclaysBarclays has Loans
HSBCHSBC has Loans
LloydsLloyds has Loans
MetroMetro has Loans
NatWestNatWest has Loans
RBSRBS has Loans
SantanderSantander has Loans
CoconutCoconut does not have Loans
MoneseMonese does not have Loans
MonzoMonzo does not have Loans
RevolutRevolut does not have Loans
TideTide does not have Loans
Starling

Starling

Barclays

Barclays

HSBC

HSBC

Lloyds

Lloyds

Metro

Metro

NatWest

NatWest

RBS

RBS

Santander

Santander

Coconut

Coconut

Monese

Monese

Monzo

Monzo

Revolut

Revolut

Tide

Tide

A UK regulated bank

×

×

×

×

FSCS deposit protection (up to £85,000)

×

×

×

×

24/7 customer support (for all types of enquiries)

×

×

×

×

×

×

×

×

Zero monthly fees (exc free trials or minimum balance)

×

×

×

×

×

×

×

×

Zero UK transfer fees

×

×

×

×

Zero bank ATM fees

×

×

×

×

×

×

×

×

100% mobile sign up

×

×

×

×

×

×

×

Categorised transactions

×

×

×

×

×

CSV exports

Open Banking Marketplace to connect 3rd party apps

×

×

×

×

×

×

×

×

×

×

×

Mobile and web access

×

Multi-director access

×

×

×

Connect to accounting software

×

×

×

Faster payments and CHAPS

Cash and cheque deposits

×

×

×

×

International payments

×

×

×

Overdrafts

×

×

×

×

×

Loans

×

×

×

×

×

Correct as of July 2019.

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