Starling Bank account

[Guest]

Has anyone had any experience with using Starling for their business bank account? Would you recommend them? I'm currently using Natwest but thinking of moving.

Thanks

[Stuart Phillips]

Recommend them all day long. Both my business accounts are with Starling and as long as you keep less than the FSCS threshold, your money is safe as they have a banking license.

Besides, if they annoy you, you can shift to a new bank in a day, transfer services move the direct debits and handle any credits not re routed yourself, its all pretty effortless.

The key question with the challenger banks is how they monetise. Monzo are facing a real concern over this and im sure other challengers will too. I accept that risk because business services from Lloyds, with whom i banked with for 20 years, business banking for a decade, have been frankly appaling, they just dont care one bit, so im sure as hell not giving them my business now im doing well, when they basically ignored my existence when i needed them.

[david slater]

Seconded. I started using Starling this year they seem really good. There is no requirement to solve a puzzle on an encryption key card to send money either.

[hornepropertiesltd_hotmail_com]

hi guys,

I have a starling business bank account and also Barclays business bank account, I am unsure on which to is best to use for mortgages / direct debits ect ?

any help would be great thanks Liam

[Dino V]

Started with Santander for the 18 month free period. Terrible app/website, which is odd as personal accounts were fine. Tried Tide, but you pay a fee for every transaction, so for rent in & payments out etc, which with a refurb starting wasn't great.

Starling then allowed accounts for Ltd companies so moved to them about 15months ago. Very happy with them. Can do the account switch, so just sit back and it happens. Haven't had to pay a penny and have done a few mortgages / remortgages with no issues. App is great and I like being able to set up 'Spaces' so pay money into separate ones every month for maintenance, insurance etc and when the bill comes, just pull the money out and pay it. 

[david slater]

18 hours ago, horne-properties said:

hi guys,

I have a starling business bank account and also Barclays business bank account, I am unsure on which to is best to use for mortgages / direct debits ect ?

any help would be great thanks Liam

I don't think it would make much difference to be honest. I am not familiar with the Barclays account, do they charge? Starling is free which is a bonus.

[matt_a]

On 11/26/2020 at 10:54 AM, jonnyboy said:

Has anyone had any experience with using Starling for their business bank account? Would you recommend them? I'm currently using Natwest but thinking of moving.

Thanks

Hi, I was with Natwest for years (own a bike shop) and was invited to switch to Starling via the RBS Business Banking Switch Initiative. All I can say is it's night and day different, Natwest and high street banks seem to be stuck in the stoneage. Downsides - Online chat can take a while to get through for help and payments into 'Spaces' (seperates spots to put aside for VAT etc) do not show on your statement so it's more difficult to reconcile.

[Siruskey]

Also have Starling account for the SVP. 

They have been fantastic. 

[kirsty_c]

These internet banks do seem to the the way forward if business banking requirements are relatively simple. 

Investing into a SPV company will require a company bank account and a lot of our clients are finding it easier to go online and have an account set up with the likes of Tide, Starling etc in a very short space of time.  vs high street banks, who often want an appointment and then a few further days moving mandate papers through their various 'customer service centres' before you even get an account number. It seems a no brainer for convenience and speed. 

Of course once business banking transactional requirements get more complex then that is where the main banks come into their own. 

[tom_r]

I am having trouble opening an account with Starling bank. They are asking for additional evidence of my business activities; however, it is an SPV that I have only just set up pending acquisition of my first property. Any advice on this would be greatly appreciated!

[Guest]

Hi Tom, What evidence are they looking for? I didn't have any particularly odd requests from them when I opened mine.

[Giles S]

They asked me as well, luckily I’d already got a mortgage advisor who had run a comparison in company name, attached it waited a few days for a human to look at it, passed. No issues since.