UK: Starling Bank launches business account

Starling Bank has launched a business account for SMEs, making them the first and currently only mobile-only bank to provide business accounts in the UK.

Starling Bank’s account will offer a range of money management features such as the ability to set cash aside for tax purchases and monthly breakdowns of categorised transactions. The account will also enable businesses to access Starling Bank’s partner services, such as accounting and invoicing platforms.

Starling Bank also plans to launch additional features later this year to aid more complex businesses, such as the ability to make cash deposits at the Post Office.

The development of a business account comes at a good time for Starling Bank, with RFi Group data showing that a high proportion of SMEs (small and medium enterprises with an annual revenue of £0-£10million) plan to switch their business operating an account in the next 12 months.

Of SMEs with less than £500,000 in annual revenue, 15% plan to switch their account provider, with this increasing to 25% among SMEs with £500,000-£4million in annual revenue, and 46% for SMEs with £4million-£10million in annual revenue.

SMEs will be able to open the account directly from their mobile and will not be charged any fees for having the account, making payments to other bank accounts, or for withdrawing cash.

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