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Business bank account question


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Dear Hubbers

I just wanted to ask if Starling is a better business account thanTide. Please can you kindly share the pros and cons if you currently or have previously used either. I’m trying to decide which one to go with. Thank you in advance.

Kind regards 

ShillaM

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36 minutes ago, richard brown said:

Hi ShillaM

Starling has a banking licence, whilst Tide does not. That means your money is protected up to £85k by the FSCS with Starling and not with Tide.

That said, I believe Starling used to have certain restrictions that made it not work for everyone. This used to include not supporting companies with two or more directors and holding multiple accounts with them too. Its been a while since I checked these things, so they may have sorted them out by now.

I have used Tide for an SPV and they allow multiple companies too. The FSCS limits I can mostly work around (e.g. by having a separate deposit account with an FSCS protected bank), so that has not concerned me overly. The app is very easy to use and beats most of the High Street Banking Apps as far as I have seen.

So, it really depends on your situation and also whether Starling have fixed the limitations they used to have; if so, they would probably be the best bet.

Best

Richard

Hi Richard

Thanks for your comprehensive response. I appreciate you taking time to respond to my enquiry. I will give Starling a go on the basis of FSCS protection. Thanks again.

 

Kind regards

Shilla

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  • 9 months later...

Tide has better customer service, although Starling is fine for general issues, just not so good for more complex ones when it comes to business accounts. In my opinion they both are nice. However, do not forget about advertising. High-quality business promotion is 50% of success. For example, if your business is localized only in one city, then I advise you to publish ads on sites such as the San Diego business directory. This is a great site for getting in touch with local people and keeping up to date with all the latest news in your city.

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3 hours ago, jessy said:

Tide has better customer service, although Starling is fine for general issues, just not so good for more complex ones when it comes to business accounts. In my opinion they both are nice. 

Hi Jessy

Thanks for your informative response.
 

Kind regards 

 

ShillaM

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1 hour ago, alex-bond said:

Hey,

I am looking to open business bank account,

Can I ask why you don't use highstreet banks, Natwest for example?

Hi Alex-bond

Starling was fairly quick to set up. It comes with no monthly fees and has been working well so far for what I need it to do.

Kind regards

ShillaM

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I have a Metro business account as the main one, and opened up a Starling one when it looked as though Metro were going to fold late last year/early this year.

Compared to the high street institutions, the likes of Starling have less 'bureaucracy' when it comes to opening up an account. You'll still need to confirm the business details and provide ID along with a selfie, but compared to opening up an account with Metro or other high street bank, it's far less onerous. The speed to open an account is far quicker too - for Metro, it took about 3 weeks and 3 branch visits, whereas with Starling it was 1 business day all via their app.

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12 minutes ago, DerekT said:

I have a Metro business account as the main one, and opened up a Starling one when it looked as though Metro were going to fold late last year/early this year.

Compared to the high street institutions, the likes of Starling have less 'bureaucracy' when it comes to opening up an account. You'll still need to confirm the business details and provide ID along with a selfie, but compared to opening up an account with Metro or other high street bank, it's far less onerous. The speed to open an account is far quicker too - for Metro, it took about 3 weeks and 3 branch visits, whereas with Starling it was 1 business day all via their app.

Hi Derek

I couldn't agree more; Starling definitely beats most high street banks when it comes to ease of opening an account

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I can only echo the issues with high street banks taking forever and requiring lots of bureaucracy.  I can highly recommend Starling since unlike Tide there are no transaction charges.  I object to having to pay for every credit/debit however small the fee.

Consider applying for more than one and see which you find works best for you?  You can always close later.

Lots of change of course so you need to keep an eye on the evolving banking conditions.

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