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Starling Bank has launched two new subscription accounts for UK business owners. One offers a “digital banking toolkit”, whilst the other allows users to hold an account in US dollars.<\/p>\n
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<\/p>\nThe new account offerings cost £7 and £5 respectively<\/p>\n<\/div>\n
The Business Toolkit<\/p>\n
The UK challenger’s first subscription account can be merged with business owners’ current free Starling accounts.<\/p>\n
Limited companies and sole traders can pay £7 a month for the account add-on.<\/p>\n
It allows businesses to do all their bookkeeping and accounting direct from their Starling app.<\/p>\n
The kit includes creating, sending and tracking invoices, automating expenses, as well as recording VAT submitting VAT returns via HMRC.<\/p>\n
Users can also upload bills and schedule payments to manage cash flow.<\/p>\n
In beta since January, the toolkit integrates with HMRC’s ‘Making Tax Digital’ software.<\/p>\n
And specially for sole traders, it can estimate self-employment income tax, National Insurance Contributions (NICs) and student loan repayments.<\/p>\n
Businesses which sign up before then end of July will be able to use the toolkit for free for the first three months.<\/p>\n
US dollar business account<\/p>\n
Following the launch of its euro business account in October 2019, Starling has also launched its second multi-currency account.<\/p>\n
It allows users to hold, send and receive US dollars from their banking app. Customers can spend in both pounds and US dollars using one debit card.<\/p>\n
Users will have to have a full US bank account with an automate clearing house (ACH) routing number to unitise the feature. A flat £5 monthly fee will be charged for the privilege.<\/p>\n
Customers can fund the account through their UK account, or through an external US account.<\/p>\n
“The new features will ease the burden of financial admin,” says CEO, Anne Boden, in a statement. She adds that more than half of business owners say this admin “holds back growth”.<\/p>\n
New funding on the way?<\/p>\n
After landing £100 million last year from the Banking Competition Remedies (BCR), Starling Bank applied for another £35 million<\/a> from the EU-backed competition fund last week.<\/p>\n It has applied for two separate grants, worth £25 million and £35 million respectively. The grants would come out of a new pool of funding offered by BCR.<\/p>\n If the challenger is successful, it could expect the cash sometime in September.<\/p>\n Boden told Yahoo Finance that the grants would be used to build new products for small and medium-sized enterprises (SMEs).<\/p>\n “We’ve managed to build a very successful, high-growth SME business, we now have something like 3% of market share and we’re a safe pair of hands to be honest,” she says.<\/p>\n To date, the start-up has raised more than £360 million in equity funding, and currently serves around 180,000 SMEs.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Tags:<\/b> Ruby Hinchliffe<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"See Campaign: <\/strong>https:\/\/www.fintechfutures.com\/2020\/07\/starling-bank-launches-two-new-paid-business-accounts\/<\/a>
Contact Information:<\/b>
Ruby Hinchliffe<\/p>\n
<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n<\/div>\n
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Starling Bank has launched two new subscription accounts for UK business owners. One offers a “digital banking toolkit”, whilst the other allows users to hold an account in US dollars. The new account offerings cost £7 and £5 respectively The Business Toolkit The UK challenger’s first subscription account can be merged with business owners’ current … Continue reading Starling Bank launches two new paid business accounts<\/span><\/a> Continue Reading