I’m pleased to say that we’ve now published the pricing for our upcoming Starling Business Current Account on our website.
I think what we’ve finished on is market leading compared to our fintech and traditional competitors. The highlight being that if you are a micro-enterprise i.e you have less than 10 employees and a turnover of less than £1.7m, Starling won’t charge you any monthly fee to bank with us. Likewise, we won’t charge you any fees for making transfers, payments or ATM withdrawals. I don’t yet know of any other business bank that offers these low prices.
If your business is larger than a micro-enterprise then I’m pleased to say you will also benefit from the same zero fees above- this is until we introduce our fee structure for larger businesses later this year. The account costs will be competitive and we’ll give plenty of notice before they go live.
For transparency, there are some features which the business account won’t support at launch (mainly due to the cost to us of providing them). However, once we’re live we’ll introduce them with a transparent fee structure over the coming months:
Settle Up & Debit Card Account Top Up- The cost to us for offering these is that we have to pay a % cost of each transaction made. These costs are absorbable for personal accounts with lower volumes but sadly won’t be for businesses where we expect the average transaction value to be significantly more. We think Settle Up will be a fantastic feature for services like Personal Trainers or Window Cleaners who might want to offer their customers the ability to pay for services up front or in bulk, so we are focused on bringing these features to our business customers.
Happy to answer any questions or take any feedback you may have. You can view the exact details here