Starling Business Bank Accounts
What is a Starling business bank account?
A Starling business account is a bank account for sole traders, freelancers, limited companies and other registered businesses.
It's a bank account designed to make business banking easier. From spending categorisation and analysis, to automatic invoicing, to linked accounting software, there are several invaluable features of business bank accounts.
If you’re a sole trader, you’ll want to keep your business and personal spending separate, as well as having a clear audit trail of your income for your annual tax return.
If you own a limited company, managing your business’s income and expenditure is essential for tax purposes, and you’ll want to do it in the most convenient, cost-efficient way possible.
The less time you spend on your company’s finances, the more time you can invest in developing your business.
What are the benefits of a Starling business current account?
Convenient, intuitive, on-the-go banking is essential in the modern world of business. Things move fast in today’s business world, and tools like automatic invoicing, receipt saving for expenses and accounting software integration make your business finances efficient.
Here are some of the key features of Starling business accounts that speed up your company banking:
- QuickBooks, FreeAgent and Xero integration
- Automated business spending categorisation
- Receipt saving
- Mobile app and online banking
- Apple Pay, Google Pay and Samsung Pay
- Managed Direct Debits and Standing Orders
- Deposit cash at the Post Office
- Deposit cheques via the Starling Bank app or Freepost service
Can I trust Starling bank?
Starling Bank is a fully licensed and regulated bank. It’s also covered by the Financial Services Compensation Scheme (FSCS), which means you’re protected for up to £85,000 of your deposits in the event that Starling Bank goes into administration.
Starling business accounts also offer a number of security features to protect your company’s finances. Here are some of the key ones that keep your money safe:
- 24/7 customer support
- In-app card freezing
- FSCS Protection for £85,000
- In-app payment notifications alerting you to unrecognised activity
Is a Starling Bank business account good for overseas banking?
Starling Bank also excels in its services for overseas company banking. Here are some of the highlights of their international banking features:
- No fee for card payments abroad
- No fee for ATM withdrawals abroad
- International bank transfers to over 30 countries worldwide
- Hold and exchange Euros and Dollars if required
What are the charges on a Starling business account?
Starling business current accounts are flexible in how much they cost. The charging structure is designed so that you only pay for what you need where possible.
Starling Business Free Account
Startling offer a free business bank account that includes the majority of their banking features. There are no monthly fees for this account, although you’ll be charged for certain transactions you complete in your account.
If you aren’t doing a huge amount of banking activity in your account, then the free account is a great option because you’ll only pay for what you use.
Business Account Add-ons
To get more out of your free Starling business account, you can buy a number of add-ons to suit your business banking needs.
Their Business Toolkit costs £7 per month and provides features such as:
- Ability to quickly generate and send invoices
- Tax calculation functions including tax reports
- Efficiently recording and submitting your VAT figures
Starling’s Euro business account is £2 per month and adds international banking features, including:
- The ability to Exchange and hold euros
- The option to set up local account details meaning you can make and receive local payments for free
- Free overseas spending on your card
Starling also offers a US dollar business account add-on, which provides:
- The ability to send and receive US dollars
- The option to set up local US account details for free payments
- A bank card conveniently combined with your regular business card so you don’t need two
What is needed to open a Starling business account?
To be eligible for a Starling business account as a Limited Company, you need:
- To be a Limited Company or LLP registered at Companies House.
- All Persons of Significant Control (PSCs) must be UK residents.
- Proof of your trading activities.
- To pass the standard Anti-Money Laundering and Know Your Customer fraud and credit checks.
- A smartphone.
- Valid photo ID like a passport or UK driving licence.
- A bank statement showing your business activity is useful.
To apply for an account as a sole trader or freelancer, all you’ll need is the Starling Bank mobile app and your photo ID. Along with entering some personal details and other information, this is all you need to create your free business account in minutes.
- Download the app to apply
- Verify your account by entering the verification code texted to you
- Enter your basic information
- Record a selfie video and take a picture of your ID to prove your identity
How long does Starling bank take to approve a business account?
A Starling Bank business account application takes about 10 minutes. It can take longer for your account to be approved, especially if you have a complicated business structure, but the process is intuitive and easy.
You can also speak to the customer service team at any stage for help.