How Starling Bank Is Supporting Customers During the Pandemic

During the global pandemic we’re currently facing, many businesses have adapted the services and products they offer so they can assist those that are in need. One business that has done this particularly well is Starling Bank. They’ve gone above and beyond to offer new services to their customers to help them navigate through this unprecedented time. We’ve taken a look at how Starling Bank is supporting its customers during the coronavirus outbreak.

1. Connected card for anyone that’s self-isolating

Anyone that has a personal account with Starling Bank can request a second card. It’s connected to their account and can be given to a family member, friend, neighbour or community volunteer that’s getting shopping for them. Up to £200 can be spent securely in-store on the customer’s behalf and the Starling Bank cardholder will still get instant notifications to show what’s been spent. It makes banking much easier and there’s no need to exchange cash or bank details.

Anne Boden, CEO and founder of Starling Bank, said: “We wanted to find a practical solution to a very real problem, so we launched the Connected card to help our customers pay for supply bought for them by trusted friends and neighbours without the hassle of transferring money or handling cash.”

2. Contactless card limit increased

In order to minimise the need for people to need to enter their PIN, Starling Bank has increased the contactless card limit from £30 to £45. You can also now spend up to £225 rather than £135 using contactless payment before you’ll be prompted to enter your PIN.

3. Interest holidays

Many people are currently facing financial difficulties that are completely out of their hands. Starling Bank is offering customers extra support to help them through this tough time in the form of a three-month interest holiday on the first £500 of an arranged overdraft. Interest payments will begin again after the three-month holiday ends.

You can apply up until the 30th June 2020 and if your application is successful, you won’t have to pay any interest on the first £500 of your overdraft for 90 days, starting from the day your application is accepted. You’re eligible for an interest holiday if:

  • Starling is your main bank account that you pay your main income directly into
  • You’re experiencing difficulties meeting payments to keep your account in order or bringing it up to date
  • Your income has decreased as a result of coronavirus. For example, you’ve been furloughed, work has dried up, you’re self-isolating and can’t work or you have new caring responsibilities

If you want to apply, simply get in touch with Starling Bank’s customer service team who are contactable 24/7 via phone, email or the in-app chat. If you’re accepted, your interest will instantly be waived for three months. You’ll be contacted 30 days before the end of the holiday to remind you of the date that your payments will resume.

4. Business Bounce Back Loan Scheme (BBLS)

As a result of coronavirus, the government announced lending schemes to help support businesses. The scheme allows businesses to access loans from £2,000 up to £50,000. If you have a Starling business or sole trader account that you use as your primary business account, you’ll be eligible for the BBLS.

Key features of the Bounce Back Loan Scheme

  • The interest rate is fixed at 2.5%
  • The loan will be interest free for the first 12 months, as the interest will be claimed by Starling form the government, on your behalf
  • The loan will be free of capital repayments for the first 12 months, you won’t need to make a repayment during this time
  • The loan term is six years, but you can pay it back sooner with no early repayment charges

Find out more here

5. Business support eligibility tracker

During these unprecedented times, the government has launched many new schemes to offer financial support to businesses. Starling Bank has gathered together all of the information from the government and created a handy tool for business owners to help them find the parts that apply to them. By answering a few simple questions, business owners will be able to get a much clearer idea of what financial support is available to them to help them get back on their feet during the outbreak.

Find out more here

6. Dedicated coronavirus information hub

To further help customers navigate through this difficult time, Starling Bank has created a dedicated section on their blog for customers to access information, news and updates relating to coronavirus.

Find out more here

How does Starling Bank compare to other app-based banks?

Due to the great service Starling Bank provides its customers, we ranked them number one on our comparison table with a CBR score of 9.72.