Choosing the right business bank is crucial for the success of your company. Starling Bank vs Revolut are two major players in the field of digital banking, and both offer unique benefits for businesses. This article compares the two to help you make an informed decision about which will serve your business needs better.
Starling Bank vs Revolut
| Feature | Starling Bank | Revolut |
|---|---|---|
| Account Type | Business | Business |
| App Support | iOS, Android | iOS, Android |
| 24/7 Customer Support | Yes | Yes |
| Free Payments in the UK | Yes | Yes |
| International Payments | Yes (with charges) | Yes (with charges) |
| Fee-free Spending Abroad | Yes | Limited free |
| Overdrafts | Yes | No |
| Business Loans | Yes | No |
| Multi-Currency Accounts | Yes | Yes |
| Accounting Integrations | Yes | Yes |
 | Tide Business Bank Accounts ✓ Free, Plus, or Pro Account ✓ iOS & Android Mobile App ✓ Upload & Auto-Match Receipts Pricing Trial period Contact | |
 | Card One Money ✓ No Credit Checks ✓ Simple Fees ✓ Up To 3.5% Cashback Pricing Trial period Contact | |
 | ANNA Money ✓ Apply In 10 Minutes ✓ Bookkeeping & Payroll Tools ✓ User-Friendly Mobile App Pricing Trial period Contact | |
 | HSBC Business Banking ✓ Business Current Account ✓ In-Branch, Online & App Banking ✓ FSCS Protected Pricing Trial period Contact | |
 | Metro Business Banking ✓ Business Current Account ✓ High Street Presence ✓ FSCS Protected Pricing Trial period Contact | |
 | Mettle Business Banking ✓ Business Bank Account ✓ Online & App ✓ Quick & Easy Application Process Pricing Trial period Contact | |
 | Monzo Business Banking ✓ Business Current Account ✓ Dedicated mobile app experience ✓ FSCS Protected Pricing Trial period Contact | |
 | Virgin Money ✓ Business M Account ✓ In-Store, Online & App Banking ✓ Insights & Forecasting Platform Pricing Trial period Contact |
Starling Bank
Starling Bank is a UK-based digital bank that aims to offer a more efficient banking experience, focusing on ease of use, excellent customer service, and transparency. Starling’s business accounts are designed to suit a wide range of business needs, from sole traders to larger businesses.
Pros and cons
Pros
- No monthly account fees.
- Fee-free spending abroad.
- 24/7 customer support.
- Overdrafts and business loans available.
- Seamless integration with popular accounting software.
Cons
- Fees for depositing cash and cheques.
- No physical branches.
- International payments attract charges.
Fees and charges
| Fee Type | Starling Bank |
|---|---|
| Monthly Account Fee | £0 |
| UK Payments | Free |
| Cash Deposits (at Post Office) | 0.3% of deposit |
| Cheque Deposits | £0.50 per cheque |
| International Payments | £5.50 per payment |
| Overdrafts | 15% EAR |
Unique and standout features
Starling Bank provides a number of unique features such as:
Cutting edge payroll software
- Powerful and easy to use
- HMRC & RTI compliant
- Used by payroll pros
The CRM platform to grow your business
- Great for entrepreneurs
- Powerful data analytics
- Manage sales and data
Powerful web builder and advanced business tools
- Great for startups
- Powerful web page builder
- E-commerce available
Supercharged content planning
- Great for marketing
- Better than lists or sheets
- Manage social media
Create a new website in 10 minutes. Easy.
- Launch your website fast
- Powerful data intuitive
- No coding skills needed
- Marketplace: A selection of third-party services that can be integrated directly into your account, including insurance and accounting software.
- Goals: A feature allowing you to set aside money for specific targets.
- Connected Cards: An option for trusted people to manage the account.
Revolut
Revolut is a UK-founded fintech company offering a variety of financial services, including business accounts. It provides businesses with a platform for managing international transactions and includes features for team management and expense tracking.
Pros and cons
Pros
- Multi-currency accounts.
- Option for prepaid corporate cards.
- Advanced budgeting and analytics tools.
- Seamless integration with accounting software.
- Expense management features.
Cons
- Charges after a certain number of free international payments.
- Monthly fee for account maintenance.
- No overdrafts or business loans.
Fees and charges
| Fee Type | Revolut |
|---|---|
| Monthly Account Fee | From £25 |
| UK Payments | Free |
| International Payments | Free (up to a limit, then £3) |
| Prepaid Corporate Cards | £5 per card |
| Exchange Rates | Interbank rate (up to a limit, then 0.4% weekdays, 1.5% weekends) |
| ATM Withdrawals | Free up to £300 per month, then 2% |
Unique and standout features
Revolut offers unique features including:
- Prepaid Corporate Cards: Prepaid debit cards for employees, with individual spending limits.
- Expense Management: A tool to simplify expense reporting and approvals.
- Perks: Access to discounts and cashback at a range of partner businesses.
Conclusion
Starling Bank and Revolut both offer robust business banking solutions. The choice between the two may come down to your business’s specific needs.
If your business needs to handle cash or cheques frequently, or if you require access to credit, Starling Bank may be the better choice.
If your business conducts a lot of international transactions, or if advanced expense management is a priority, Revolut may be more suitable.
FAQ
Yes, there is no rule preventing you from having accounts with both banks. In fact, some businesses choose to do so to take advantage of the unique features each bank offers.
With Starling, you can deposit cash at any Post Office branch in the UK. Cheques can be mailed to Starling or deposited via the mobile app. Revolut, however, does not currently accept cash or cheque deposits.
Yes, both Starling and Revolut offer the ability to make international payments. However, each bank has different charges and limits for these transactions.
As of now, Starling Bank offers overdrafts and business loans, whereas Revolut does not.
Yes, both Starling and Revolut offer 24/7 customer support, which can be accessed via their respective apps or websites.