Move over, legacy banks. Starling Bank, along with Monzo, Revolut, N26 and others, are the challenger banks that exist purely online.
Their growth has been rapid. After launching in 2017, Starling has swelled to more than 600,000 customers in the UK, of which 42,000 are SME businesses. Like its digital rivals, the bank offers a free account, domestic and international transfers and cash withdrawal. The app also allows for payments with Apple Pay, Google Pay, Samsung Pay, FitBit Pay and Garmin. But what else does it offer?
Aside from budgeting, spending insights and saving tools, Starling keeps establishing partnerships with third-party financial service providers to help its users find the best insurance, saving and investment tools. If you already have a personal or business account, here are seven simple steps that will help you get the most of the app.
1. Shop for investments, insurances and pensions
Starling’s in-app marketplace allows users to register with third-party financial services from mortgage brokerage to life insurances. Wealthify and Wealthsimple, for instance, offer investment tools and saving accounts; PensionBee lets you view your pension balance in the Starling app. For those with a business account, there is the option to sync transaction feeds with the FreeAgent or Xero accounting software. You’ll be charged the same fee as if you registered with these providers directly, Starling receives a commission but from the provider.
2. Say goodbye to printed receipts
Flux is another marketplace partner, which wants to make paper receipts a thing of the past. Add this free plug-in in the Starling app and you will receive a digital receipt when paying with your debit card at Costa Coffee, EAT, Itsu, schuh and other retailers. Some of these stores will bundle in loyalty offers and rewards in the receipts – there’s no longer a need to carry a physical loyalty card. When buying your 11th toastie at EAT, for instance, Flux automatically transfers the cashback to your Starling account. To integrate Flux, click the settings cog in your app to browse the marketplace and choose loyalty & receipts.
3. Start saving on autopilot
You can round up your day-to-day transactions to the nearest pound and pool the spare change in a Goals saving pot. First, set up a new goal in the Spaces tab of the app and then click on “manage” to turn on the rounding up feature. This feature is available to Starling personal, joint and business account users. You can also make one-off or scheduled payments to your digital change jar and transfer it back to the main account whenever you would like to spend it.
4. Send and receive payments in euro
Are you a UK residents getting paid in Euros or own property in Europe? Or maybe you’re an expat wanting to send money home? Soon, you’ll be able to convert euros into pounds and back again, at no monthly fee or commission. Starling’s euro account, a standard current account with a unique International Bank Account Number (IBAN), will be rolled out in a couple of weeks – you can register your interest and join the waitlist. Debit cards will be working with this exchange account later in the year.
A fully-licensed bank in the UK, Starling hopes to expand to EU countries soon. The company has recently put in an application for a banking license in Ireland.
5. Deposit cash at the Post Office
Dealing with cash sometimes? Paying and withdrawing cash from your personal or joint account at the Post Office is free. For business account users, there’s a £3 charge for cash deposits of up to £1,000; higher deposits will carry a 0.3 per cent charge. Getting cash back out will cost another 50p.
6. Keep your gambling under control
There are an estimated 430,000 problem gamblers in the UK. Starling has added a gambling block for users who struggle with their addiction. According to Gambling Commission’s latest survey, 46 per cent of respondents had participated in some sort of gambling in the previous four weeks, including playing the National Lottery – the majority of online gamblers use their phone or tablet. There is a toggle switch to enable or disable payments to gambling merchants in the app’s card controls section.
7. Personal loans for a new phone, furniture or holidays
It is possible to apply for a loan and, once approved, make instant purchases of up to £5,000 with just a few taps in the Spaces section of the app. You will see at a glance how much the loan will cost you, how many payments you have left and when they will be going out. It is also possible to retrospectively spread the cost of something you have already bought over the next 12 to 24 months. To do this, choose an expense in the transaction feed to start the application process. The interest rate depends on employment status, income and expenses; it starts at 11.5 per cent APR.
This article was originally published by WIRED UK
