Starling is an online-only bank that aims to challenge the way people see banking and make it easier for everyone. Founded in 2014 by Anne Boden, the pioneer of the Same Day Bank Transfer Service that revolutionised the way people handled their finances, the bank is based in London.
Starling Bank focuses on one product only- a mobile-only bank account that the management team are aiming to make the best in the world.
Founded in 2014, Starling Bank is a mobile-only digital bank based in London. Founder and CEO Ann Boden had a three-decade career in finance before deciding banking was ‘fundamentally broken’ and built Starling entirely from scratch. Starling received its banking licence from the Financial Conduct Authority in July 2016.
Starling is what is known as a ‘challenger bank’, a relatively small enterprise set up with the intention of competing with long-established, larger national banks. There are no physical branches, and no web portal; all banking is done via the Starling mobile app, available for devices running both Android and iOS. It was recently announced (August 2018) that Starling are to provide payment services for a new RBS/Natwest digital venture.
Starling Bank Products and Services
Currently, Starling offers personal, joint and business accounts with eligible deposits of up to £85,000 protected by the Financial Services Compensation Scheme (FSCS). Customers looking to open a joint account must first open a personal account, although this is not required for business customers.
Starling customers can pay for products and services using Apple Pay, Google Pay, Samsung Pay, Garmin Pay and Fitbit Pay. Indeed, Starling claims to be the first bank in the country to offer in-app provisioning for Apple Pay customers, who are able to add cards to their Apple Wallet using the in-app Card Management screen.
The Starling banking app allows customers to instantly set up and make payments and set up and manage standing orders or direct debits. Accounts have their own sort codes and customers are able to earn interest on their balance. Account balances are updated in real-time.
Starling customers receive a contactless Mastercard debit card, which can be used both online and in-person to purchase products and services.
Starling has several security features designed to guard against fraudulent activity. On signup, customers are asked to provide both an identity document and a short video confirming their intention to open an account – these measures are aimed at preventing identity fraud. The app also supports fingerprint or facial recognition security, if the device used has this functionality.
Starling Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Prudential Regulation Authority and Financial Conduct Authority (FCA). In the event that the bank was to become insolvent, eligible deposits made by Starling customers are protected by the FSCS up to the value of £85,000.