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  • FIRST POST
    • sausage_time
    • By sausage_time 14th May 17, 9:43 AM
    • 35Posts
    • 10Thanks
    sausage_time
    Anyone tried Starling Bank?
    • #1
    • 14th May 17, 9:43 AM
    Anyone tried Starling Bank? 14th May 17 at 9:43 AM
    Headlines (for me) are 0.5% interest (.25% above 2000 from June 2017) and no card fees for international use.

    Any experience (positive or negative)?
Page 2
    • starM
    • By starM 19th May 17, 11:17 AM
    • 1,277 Posts
    • 170 Thanks
    starM
    It just took abit of time to verify details but all done captured my passport and that's been verified aswel. They have offered an overdraft of up to 5k which I can apply for.
    • SnowTiger
    • By SnowTiger 20th May 17, 2:16 AM
    • 2,879 Posts
    • 1,854 Thanks
    SnowTiger
    It just took abit of time to verify details but all done captured my passport and that's been verified aswel. They have offered an overdraft of up to 5k which I can apply for.
    Originally posted by starM
    Out of curiosity I joined yesterday after receiving my code.

    The sign up process was painless.

    I was a little surprised to be immediately offered an overdraft. Even more so because they didn't ask for any details about my income and outgoings.

    I'm also surprised I can pay in to my account using a debit card.
    • Ben8282
    • By Ben8282 20th May 17, 3:57 AM
    • 1,823 Posts
    • 766 Thanks
    Ben8282
    This bank will be very popular because of the app.
    To me it is a joke. I want a proper bank and bank account not an app thanks.
    • jamie_02
    • By jamie_02 20th May 17, 10:19 AM
    • 67 Posts
    • 38 Thanks
    jamie_02
    Signed up last night. The address verification wasn't instant but all in all the whole process took about 4 minutes. I already use Monzo for day to day spending as the app tracks transactions in real-time and there are zero overseas fees and MasterCard fx rate, so interested to see if Starling are any better or worse.

    In reply to Ben above, just how is Starling any less a 'proper' bank than, say, first direct?
    • starM
    • By starM 20th May 17, 3:56 PM
    • 1,277 Posts
    • 170 Thanks
    starM
    App banking is fine. Just thinking how they gonna make money from this. No charge for bank account , no overseas transaction fee, no charge for unpaid payment , reasonable overdraft charges.

    Do they provide paper statements if needed in case needed for mortgage application etc.
    • Anthorn
    • By Anthorn 20th May 17, 3:58 PM
    • 2,991 Posts
    • 775 Thanks
    Anthorn
    This bank will be very popular because of the app.
    To me it is a joke. I want a proper bank and bank account not an app thanks.
    Originally posted by Ben8282
    Not necessarily: Starling could be attractive to some people because it's new and has the "Fintech" label which some people might regard as "Cutting Edge". But really such an online app-based bank is already available in "B" from CYBG.

    The area where Starling Bank stands out in the Fintech app-banking sector is that it's already supported by FSCS.
    • joolstheobscure
    • By joolstheobscure 20th May 17, 11:55 PM
    • 2 Posts
    • 0 Thanks
    joolstheobscure
    Very impressed
    Sign up process was really straightforward and took a matter of minutes. Uploads of photo of your driving license/passport and a short video clip of you speaking for ID verification. The app handles all of this.

    Smart looking card arrived within 2 days, and overdraft granted instantly.

    My wife is now waiting for a signup code.

    jm
    • Doctor Duke
    • By Doctor Duke 21st May 17, 8:24 AM
    • 296 Posts
    • 128 Thanks
    Doctor Duke
    This bank will be very popular because of the app.i
    To me it is a joke. I want a proper bank and bank account not an app thanks.
    Originally posted by Ben8282
    How is it a joke? It is a full bank as has a full banking licence with full protection. Just because it has decided to use latest technology doesn't make it a joke!
    • Anthorn
    • By Anthorn 21st May 17, 8:40 AM
    • 2,991 Posts
    • 775 Thanks
    Anthorn
    Sign up process was really straightforward and took a matter of minutes. Uploads of photo of your driving license/passport and a short video clip of you speaking for ID verification. The app handles all of this.

    Smart looking card arrived within 2 days, and overdraft granted instantly.

    My wife is now waiting for a signup code.

    jm
    Originally posted by joolstheobscure
    Well, that lets me out: I absolutely hate it when these financial services ask for such things. What's wrong with electronic verification? What about security of my personally identifiable information such as passport and driving license? Who has access to it? How secure is the uploading? How easy will it be to hack it? I don't see answers to those important questions anywhere. I had exactly the same problem with Revolut: I now don't have Revolut and I won't be getting Starling.

    I signed up in the early days of Starling, I haven't received my code and if I do receive it I won't be using it!
    • eDicky
    • By eDicky 21st May 17, 3:07 PM
    • 2,320 Posts
    • 974 Thanks
    eDicky
    Those who are now registering for a Starling account, please let us know how long it takes to receive the sign-up code.
    • jamie_02
    • By jamie_02 21st May 17, 3:33 PM
    • 67 Posts
    • 38 Thanks
    jamie_02
    It took 10 days, downloaded the app on 9th, confirmed my place on the waiting list (from months ago), received my code on 19th.
    • SnowTiger
    • By SnowTiger 21st May 17, 5:30 PM
    • 2,879 Posts
    • 1,854 Thanks
    SnowTiger
    It took 10 days, downloaded the app on 9th, confirmed my place on the waiting list (from months ago), received my code on 19th.
    Originally posted by jamie_02
    I registered an interest on 11th January and also received my sign up code on 19th May. I guess they're not issuing codes on a on a first-come, first-served basis.
    • Paul_01
    • By Paul_01 21st May 17, 5:34 PM
    • 348 Posts
    • 248 Thanks
    Paul_01
    Can anyone confirm which of the CRA's Starling are using for the current account?
    • SnowTiger
    • By SnowTiger 21st May 17, 6:50 PM
    • 2,879 Posts
    • 1,854 Thanks
    SnowTiger
    Can anyone confirm which of the CRA's Starling are using for the current account?
    Originally posted by Paul_01
    Call Credit: http://www.callcredit.co.uk/press-office/news/2017/02/starling-bank.

    I guess we'll have to wait a while to find out if they search Experian or Equifax.

    Presumably they perform a full credit search because they offer an overdraft after sign up.
    • Anthorn
    • By Anthorn 24th May 17, 11:13 AM
    • 2,991 Posts
    • 775 Thanks
    Anthorn
    Email received: "Your Starling Pass Code: Censored. Great news - you're in! We promised you'd be the first to get your hands on a Starling account ..." The first to get it? I don't think so.

    I thought Starling would be different to the current crop of Fintech challenger banks but no such luck. Starling too has the urgency to buy seen on QVC and other shopping channels but additionally has the jump-through-hoops factor to get an account.

    I switched to CYBG's B to get the app-based banking that I was oh so tired of waiting for from Starling and that's where I'm staying.
    • Anthorn
    • By Anthorn 24th May 17, 3:14 PM
    • 2,991 Posts
    • 775 Thanks
    Anthorn
    A possibly related event is that on their Facebook page Tandem Bank have changed their name to Tandem dropping "Bank". This comes hot on the heels of Starling launching its mobile app in Beta mode.
    This Page used to be named Tandem Bank. Is the new name misleading or offensive? Let us know.
    https://en-gb.facebook.com/TandemMoney/
    Last edited by Anthorn; 24-05-2017 at 3:19 PM. Reason: URL added
    • Zanderman
    • By Zanderman 24th May 17, 11:02 PM
    • 1,142 Posts
    • 3,519 Thanks
    Zanderman
    A possibly related event is that on their Facebook page Tandem Bank have changed their name to Tandem dropping "Bank". This comes hot on the heels of Starling launching its mobile app in Beta mode.
    Originally posted by Anthorn
    Not sure why you think that's a related event? Tandem and Starling are, afaik, entirely unrelated to each other.

    Starling is a fully licensed bank going ahead with its app and appears to be doing what it intended.

    Tandem is no longer a fully licensed bank and is cutting back on its plans.
    • Anthorn
    • By Anthorn 25th May 17, 11:35 AM
    • 2,991 Posts
    • 775 Thanks
    Anthorn
    Not sure why you think that's a related event? Tandem and Starling are, afaik, entirely unrelated to each other.

    Starling is a fully licensed bank going ahead with its app and appears to be doing what it intended.

    Tandem is no longer a fully licensed bank and is cutting back on its plans.
    Originally posted by Zanderman
    Exactly.

    Tandem (Bank) was one of the new crop of Fintech challenger banks. The question remains, "What will happen to Monzo et al which to all intents and purposes are prepaid cards and not Banks in the sense that we know them.".

    Back to the topic, Starling Bank on the alleged strength of its mobile app is undoubtedly looking to poach customers from established banks which also have mobile apps. Whether Starling bank will be successful when the novelty factor wears off remains to be seen.

    In answer to a previous question Starling Bank will no doubt make money from up-selling and cross-selling. The problem with that is that they don't appear to have very much to up-sell and cross-sell to unless it applies to third-parties.
    Last edited by Anthorn; Yesterday at 11:40 AM.
    • jamie_02
    • By jamie_02 25th May 17, 8:10 PM
    • 67 Posts
    • 38 Thanks
    jamie_02
    Starling have been very upfront about how they'll make money and cross-sell. Their business model is to provide a current account only. All the information is on their website.

    Similarly Monzo, who currently hold a full banking licence and will convert their pre-paid cards to full current accounts imminently.

    Neither have 1000s of branches to service, tens of thousands of staff, legacy IT systems from the 1970s on creaking infrastructure, or bad debts. Neither are any different in outlook to first direct who shocked everyone with the concept of phone banking in 1989, and is now regarded as a successful operation, or Smile on the internet.

    The fact is internet banking logins are plummeting as the vast majority of people login via an app, which is inherently more secure as it is tied to a specific device and usually accessed with a fingerprint.

    My worry is these trailblazers will sell out to Barclays/Lloyds/traditional banks etc and become a sub-brand and take on the 19th century way of thinking these banks cannot move on from.
    • EarthBoy
    • By EarthBoy 25th May 17, 9:33 PM
    • 1,677 Posts
    • 998 Thanks
    EarthBoy
    The fact is internet banking logins are plummeting as the vast majority of people login via an app, which is inherently more secure as it is tied to a specific device and usually accessed with a fingerprint. .
    Originally posted by jamie_02
    Where's your evidence for "usually accessed with a fingerprint"? I know this is possible with many smartphones, but not with all of them, by a long way, and some of the banks' apps don't yet support fingerprint login. Your "usually" should be "sometimes".
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