Starling bank sole trader account issue

Caracola

Hi, I wanted to set up a sole trader account with Starling and followed their instructions by setting up a personal account first. Only to then be told that I’m not eligible for the sole trader account. 

Tried calling and their online chat service, but I only get evasive comments. I have never had issues with my credit, so not sure what else it could be?

has anyone else had this issue and found a solution? 

Zanderman

No experience of Starling's bus account but, like all banks, they're not obliged to offer you an account.

Or to give you reasons why they don't (what do the 'evasive comments' actually say?).

If I was in your situation, tried but failed, I'd probably simply look elsewhere.  Or, if the personal account had only just been opened, wait a week or two until it was working and being used, even if only nominally.

And I would also think about possible reasons why I was rejected.  Which might be the type of business.  Or credit history.  Or something else entirely.  But you're in the best position to judge that. 

Thrugelmir

From the website

• Sole trader accounts are subject to eligibility checks, which include looking at credit data and understanding the nature of your business. The option to apply for a sole trader account in the Starling app will only be shown to customers that match our criteria, based on details provided for their Personal Current Account.
• Unfortunately we cannot tell you if you will be eligible for a Sole Trader Account before you open a Personal Current Account.

PlatinumChaos

I empathise with you. I also set up a personal account with Starling and discovered that the Sole Trader account option in the app was greyed out. I've absolutely no idea what the problem is, and in an online chat with them, they offered no suggestions as to what information I could provide to help resolve the situation. I sometimes wonder whether they roll a dice and make their decision based on the outcome.

colsten

PlatinumChaos said:

I empathise with you. I also set up a personal account with Starling and discovered that the Sole Trader account option in the app was greyed out. I've absolutely no idea what the problem is, and in an online chat with them, they offered no suggestions as to what information I could provide to help resolve the situation. I sometimes wonder whether they roll a dice and make their decision based on the outcome.

As all they have about you and your business at this stage is information that pertains to you as a person, the answer must lie in your credit files and/or CIFAS, and/or the way you operate your Starling current account. In your specific case, it may well have to do with you having only lived in the UK since UK since December 2019, after a 27 year absence, which appears to have left you with no credit files to speak of. So Starling might want to se a while longer how you operate your personal account.

Starling aren't the only bank offering business accounts. Monzo have, I believe, a similar offering to Starling, and obviously, all banks offer business accounts, albeit not free ones, and they may require face-2-face application in Branch, which is difficult to arrange at. You could also try Tide, who are advertising on TV atm.

PlatinumChaos

Thanks very much for the insights and suggestions, colsten. I'll have a look into those. Much appreciated.