Yes indeed.
Generally as a current account provider, it’s really quite good, there’s very little if anything that I’d change on the current account offering.
I’d love them to add more account types though, like going into savings with ISAs. Glad they have a standard saving account but why can’t I for example use the round up feature for it? And why no ISA. This would be a really nice add. Otherwise at the moment I use other banks for keeping most of my cash
A credit card option would be nice as it would be fantastic to incorporate the spending tab with credit card use.
Less fussed with some other banking options like the paid accounts, investments and mortgages though it would be interesting in the future if they wanted to expand into a more full service bank.
But at the moment it seems they’re very restricted in even allowing new customers so I suspect new products is a little way off
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Starling have said from the beginning they’re a current account and that’s it. If you want anything else go elsewhere.
They only offer a savings account as they have no choice or the regulator would probably go after them. In the past they said they would never have to pay interest.
I do think it’s a bit strange they don’t offer loans or anything like that though as it’s a way to make money. Starling though is an oddity as a bank as they can make a decent amount of money just from balances, card payments and overdrafts and combined with the lower cost base it does work for them.
They also have their mortgage business and engine which they might be focusing on more now.
For me there are no features I feel are missing and they do frequently update the app with small improvements at least. I’ve tried other banking apps and wasn’t happy with any of them. Monzo was the only one that came close but I feel I’ve outgrown that and the way they throw credit at you is not something that interests me.
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That’s what I’ve essentially done, it’s no loss for me. However maybe I missed their mission statement that they said they’re only a current account provider?
They provide a savings account, business accounts, joint accounts, kids accounts, euro accounts, they used to offer loans, they bought a mortgage business, and they’re was mention in the past of working on a credit card offering. They also have a SaaS offering.
So they’re definitely not a current account only business
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Yes they do lots of different accounts but up until recently, savings, loans, credit cards, investing and all the other things banks normally offer you would have to get elsewhere. They never cared about offering them for whatever reason and that still hasn’t really changed.
I don’t think it’s a case of not caring. It’s a clear business decision to provide the features they do but building a credit book isn’t something that works for them.
Paying savings interest at 4% won’t set the pulse racing, but it’s better than some offerings out there.
Credit card and decent savings rates are to be had out there with very little effort. I’m happy to go with that and bank safely with Starling.
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The problem surely is that a lot of starlings profits come from the controversial Covid loans, which isn’t a sustainable model.
Starling’s Euro account costs money? I think I have it, I also don’t pay for it?
Or is this for businesses?
This is a business account. Not sure about the personal one, although I’m sure I saw that they don’t open new accounts for that one, either?
I opened the euro one a while back when the rates changed and they removed the maintenance fee for it.
I’m a little miffed at Starling though - the whole plan was expansion and then they fumbled it. It’s not like their investor has small pockets to help them expand to other countries and having a euro account they could have probably at the very least entered Ireland (most likely country to accept a GB IBAN with no issues, I reckon)
In the end Monzo and Revolut developed a lot better. Revolut went everywhere, Monzo went some places and made their “at home” offering a lot better. I think the app is just, ahead of Starling these days
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I saw recently that there was a suggestion Shawbrook were looking at some sort of takeover.
I can’t say it’s a particularly interesting proposition - best I can think is it might end up improving Starling’s weak savings offer.
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I read they have enquired about a potential merger rather than an acquisition.
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I’m no expert, but I can see the sense.
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The shawbrook easy access rates are worse than Starling 
Semantics. If it happens one party will be the larger one and will effectively takeover the other; even if they take the brand of the other one (see CYBG/VM).
Merger just sounds less hostile than takeover.
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I actually think this is probably the better market than a retail bank, good that they’re rolling it out to the US and I hope they end up going for EU and other countries, too.
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For dedicated customers, should this be cause for review?