What exactly is the Starling Bank Teen Account?

This Starling Bank Teen Account claims to have all the features a regular Sterling Account has, apart from accessing overdrafts or being eligible for loans. Customer at 16/17 years old, by using this account, can earn an 0.5% AER interest (note that such interest can apply for balances up to £2,000 while such interest is reduced to 0.25% AER on balances above £2,000).

Besides, if this debit card is used overseas, there are no fees for spending or cash withdrawals. The account also provides real-time notifications, as well as the ability to classify spending to track outgoings and set goals to encourage young customers to save. Starling users, besides, can now transfer money to each other by using Google Nearby technology. Other features of the app include the ability to freeze your Mastercard-issued card if it is lost, and unlock it if you happen to find it again; such card is also compatible with Apple Pay, Samsung Pay, Google Pay, Fitbit Pay and Garmin Pay.

Starling Bank claims the design is safer as key details like your name, card number and expiry date are more discreet – hidden at the back rather than on the front of the card.

For further information, please log on to https://www.starlingbank.com/current-account/bank-account-for-teenagers/

This cheque deposit feature Starling’s customers to have an easier banking experience for individual customers and businesses; such cheque deposit feature lets Starling’s clients to, and through their smartphone camera, take a photo of all of the cheques that are required to be deposited right through the neobank’s app.

For further information, please log on to https://www.starlingbank.com/features/deposit-cheques-from-mobile/#business

What exactly is Starling Bank Personal Current Account?

Starling Bank Personal Current Account is an app-based Current Account, which according to Starling Bank is offered to their customers as free of charge; they also claim not to charge their customers for making electronic payments, domestic transfers or ATM withdrawals.

What can you do with Starling Bank Personal Current Account?

• This app is aimed to do simple things the simple way, like depositing cheques of up to GBP 500, set limits for debits (and alerting once payments and debits are made) and keeping track of expense habits.
• If their customers travel overseas, Starling Bank offers commission-free withdrawals and card payments, and foreign exchange rates provided by Mastercard.

For this segment, Starling Bank offers this service at no cost, and it was awarded as the best British bank at the British Bank Awards in 2018, 2019 and 2020.

More information can be found at https://www.starlingbank.com/current-account/

What exactly is Starling bank euro account?

Starling's euro account offers its clients in the business segment to send and receive payments in Euros; this is aimed especially to those UK-based customers that conduct business across the Euro zone, for them to receive and send payment in Euros all day, every day, without the need to wait until Monday.

Starling bank claims that, with this Euro account, its clients can exchange money swiftly and with a low commission (0.4%) and that operates with a single debit card, regardless of making transactions in GBP or EUR.

Starling bank offers this service for a single price of GBP 2.00/month, as it claims not to have any extra commissions or hidden costs.

For more information, please visit https://www.starlingbank.com/business-account/multi-currency/

What exactly is Currensea?

Currensea is not a neobank nor a challenging bank; it is a travel debit card that works as an extension of a UK bank current account; Currensea allows customers to spend abroad at (as they claim) competitive exchange rates without having to open up a new bank account.

What can you do with Currensea?

• Once you sign up with Currensea and you receive your debit card, you have to link it (either via a mobile app or through web access) to the UK-based bank of your choice, for you to start pending abroad at the most competitive exchange rate, which is currently provided by Interbank and Mastercard.

For this segment, Currensea offers two plans:

• Free of charge, only charging a 0.5% commission above wholesale price on exchanges.
• Premium, paying 2.5 GBP/month or 25 GBP/year and having a 0% commission above wholesale price on exchanges.
• Both plans include free debit card delivery within the UK.

More information can be found at https://www.currensea.com/our-plans/

Update as of July, 2020: All N26 accounts in the UK have been closed as of April 15, 2020 and there are no plans to open new accounts in this bank, as it is no longer able to operate in the United Kingdom with their current European banking license.

For further reference, please refer to https://n26.com/en-gb

Update as of July, 2020: All N26 accounts in the UK have been closed as of April 15, 2020 and there are no plans to open new accounts in this bank, as it is no longer able to operate in the United Kingdom with their current European banking license.

For further reference, please refer to https://n26.com/en-gb

ANNA, like other neobanks in the industry, claims to make things fast by the time a customer requires to sign up – by downloading the ANNA app and their personal identification for them to verify their identity plus some additional personal details. Once done, the ANNA application can be passed in a matter of minutes and their new account for their business should be active promptly. 

What can an ANNA Money Business Account Offer?

There are four plans for customers to choose from:

• Entry-Level: No monthly fee, which suits best for customers with a monthly income of less than £500, and with an account balance of up to £5,000.
  • This account includes 2 debit cards, 2 local transfers free of charge plus free ATM withdrawals of up to £100/month.
• Following option: £4.90/month plan, aimed for customers with a monthly income in the range of £500-£2000, and with an account balance of up to £25,000.
  • This account comes with 3 debit cards, 4 local transfers free of charge plus free ATM withdrawals of up to £300/month.
• Following option: £9.90/month plan, which suits best for businesses with a monthly income in the range of £2,000-£20,000 and with an account balance of up to £120,000
  • This account comes with 5 debit cards, 35 local transfers free of charge plus free ATM withdrawals of up to £2000/month, while up to 3 users can access the same account.
• Final option: £24.50/month plan, which suits best for businesses with a monthly income in the range of £20,000-£100,000 and with an account balance of up to £700,000
  • This account comes with unlimited debit cards, unlimited app users, unlimited transfers and up to £10,000 in free of charge, cash withdrawals.

For further information, please log on to https://anna.money/business-account

Whenever ANNA’s business customers are in the need to create, distribute and chase for invoiced products and services on a regular basis, the ANNA Money Invoicing Software can assist. This platform allows their customers to issue invoices directly from the mobile App, and in cases when the clients are regularly invoiced, there is an option to create and save invoice templates so that this process is even simpler, easier and more direct.

There is another feature that must be noticed in this platform, which is the capability to chase invoices; ANNA can help their customers by sending follow-up emails on their behalf for those unpaid invoices.

For further information, please log on to https://anna.money/invoicing-software

• Capture your expenses’ receipts: Every time ANNA customers pay with their business-issued debit card, the app prompts them to immediately take a picture of the expense receipt so that it is stored properly.
• Automatically create expense categories for reporting purposes: When ANNA’s customers incur on expenses, the app’s Artificial Intelligence platform automatically creates expense categories and comprises each expense record into those created categories.
• Consolidate and create reports: For accounting and tax filing purposes, ANNA provides their customers with automated, consolidated expense reports, based on the customer’s historic transactions and the automatically created categories that ANNA issued as per the previous point.

For further information, please log on to https://anna.money/small-business-accounting