Starling supercharges its business offer with loans of up to £250,000, overdrafts up to £150,000 and a Business Toolkit

13th January 2020

An image from the Starling tv advert
  • Unsecured business loans of up to £250,000
  • New business overdraft limits of up to £150,000
  • Risk-based overdraft fees from as low as 5%
  • Business Toolkit for sole traders (£7 pcm) and limited companies (£12 pcm)

London, 13 January 2020: Starling Bank, the leading digital bank, is supercharging its bank accounts for businesses and sole traders with a range of new features, including unsecured loans of up to £250K, an increase in its overdraft limits from £10K to £150K, more competitive overdraft rates and a custom-built tax and financial management Toolkit.

As part of the changes, Starling is launching its first paid for features for businesses, providing access to a powerful new Business Toolkit, costing £7 per month for sole traders and £12 per month for limited companies.

Starling’s award-winning accounts for limited businesses and sole traders, will remain free. But business owners will be able to opt for a paid-for Business Toolkit account that includes powerful new tools to track invoices, monitor cash-flow, keep track of how much tax and VAT they owe, submit VAT returns through HMRC Making Tax Digital-compliant software and more. A full list of additional services is listed in the table below.

Customers wanting to sign up to the new Business Toolkit can join the waiting list. The first five hundred eligible customers to sign up to the waiting list will get free access to the Business Toolkit for five years. Update, 15 April 2020: the waiting list is now closed.

Starling’s new unsecured term loan for business, offering from £5,000 to £250,000 over one to five years, will be available to limited companies that have been trading for at least 18 months on application direct to the bank. The interest rate offered will be based on an assessment of the business and the representative APR is 7% (fixed) for loans up to £25,000. For loans above £25,000 our rates are provided upon application.

The maximum overdraft limit available for eligible limited companies is being raised from £10,000 to £150,000. Starling is replacing its flat rate of 15% EAR (variable) with a rate of 5%, 10% or 15% EAR (variable), based on our assessment of each business. The Representative EAR is 10% (variable). Customers will pay an annual fee of 1.5% (minimum fee £50) of any agreed overdraft limit, charged at initial set up.

Sole traders can apply for an overdraft valued from £250 up to £10,000 at the existing rate of 15% EAR (variable).

Anne Boden, founder and chief executive of Starling Bank said: “Life as a small business owner can be a bit of a balancing act and time is often in short supply. We’ve built a range of new features in the Business Toolkit to help save entrepreneurs time and money, while at the same time cutting down on paperwork and hassle.”

“Our loans and overdrafts will be particularly helpful for businesses that rely on working capital, but may have gaps in their cash flow across the month or for a period of months.”

“We now have nearly 100,000 business accounts. Our improved lending facilities and our first premium accounts show that Starling really does mean business when it comes to business accounts.”

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 offers customers in-app access to third party financial services. Starling also offers groundbreaking B2B banking and payments services. It has more than one million customer accounts, including nearly 100,000 sole trader and business accounts.

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.

Contact:

Karl Plunkett
+44 7736 776 660
Pagefield
+44 203 874 6639

Notes to editors

Overdraft charges

  • Rates quoted apply to new overdraft customers. Existing business overdraft customers will remain on their existing tariff, but can apply to be moved to the new rates.
  • For limited company overdrafts, company directors or persons of significant control will be required to provide a personal guarantee
  • Customers can calculate how much a business or sole trader or business overdraft may cost using Starling’s overdraft calculator

Starling Business Loans and Business Overdrafts
Any credit is subject to an application assessment.

Starling Business Toolkit accounts
Customers can sign up to the Business Toolkit with no minimum monthly term.

Features of the sole trader and limited company Toolkit packages:

No monthly fees

Starling sole trader and limited company account

Starling sole trader account + Toolkit

£7 per month

Starling limited company account + Toolkit

£12 per month

Eligible deposits protected by the FSCS up to £85,000

Starling sole trader and limited company account

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Cash deposits at Post Office branches

Starling sole trader and limited company account

0.3% charge per deposit or 50p to withdraw cash

Starling sole trader account + Toolkit

0.3% charge per deposit or 50p to withdraw cash

Starling limited company account + Toolkit

0.3% charge per deposit or 50p to withdraw cash

Real-time notifications

Starling sole trader and limited company account

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Spending insights

Starling sole trader and limited company account

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Instant card lock

Starling sole trader and limited company account

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Attach receipts to transactions

Starling sole trader and limited company account

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Access to third-party products and services in the Starling Marketplace

Starling sole trader and limited company account

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Invoice creation and matching

Starling sole trader and limited company account

×

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Email integration for sending invoices

Starling sole trader and limited company account

×

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Bill uploads

Starling sole trader and limited company account

×

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

VAT estimation and management

Starling sole trader and limited company account

×

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Expense management to do list

Starling sole trader and limited company account

×

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Tax estimation and self assessment reports

Starling sole trader and limited company account

×

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

×

HMRC Making Tax Digital VAT submission

Starling sole trader and limited company account

×

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

Starling sole trader and limited company account

Starling sole trader account + Toolkit

Starling limited company account + Toolkit

No monthly fees

£7 per month

£12 per month

Eligible deposits protected by the FSCS up to £85,000

Cash deposits at Post Office branches

0.3% charge per deposit or 50p to withdraw cash

0.3% charge per deposit or 50p to withdraw cash

0.3% charge per deposit or 50p to withdraw cash

Real-time notifications

Spending insights

Instant card lock

Attach receipts to transactions

Access to third-party products and services in the Starling Marketplace

Invoice creation and matching

×

Email integration for sending invoices

×

Bill uploads

×

VAT estimation and management

×

Expense management to do list

×

Tax estimation and self assessment reports

×

×

HMRC Making Tax Digital VAT submission

×

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