There are many different options to choose from when it comes to joint bank accounts. So, which one is the best for you? Starling Bank offers a joint statement that might be just what you are looking for.
This article will discuss the pros and cons of opening a Starling Bank joint account. We'll help you decide if it is the best option for your money!
Who is a Joint Bank Account for?
A joint bank account is for two or more people who want to share a current account. This type of account can be helpful for couples, roommates, or families where you have shared financial commitments.
How Does a Joint Bank Account Work?
When you open a joint bank account, all of the people named on the account will access the funds. You can use the account to pay bills, make purchases, and transfer money. Each person is responsible for their finances and debts. If one person makes a mistake or goes bankrupt, the other account holders are not liable.
Want to know more about Joint Bank Accounts? Check out: Best Joint Bank Accounts
What is Starling Bank?
Starling Bank is a mobile-first bank that was founded in 2014. It offers a current account, savings account, and debit card. You can use the app to manage your money, pay bills, and transfer money. It offers a stark contrast to traditional bank accounts where you need to visit a bank branch. With Starling, you can do everything from your home.
Starling's vision is to 'create a better bank for everyone'. And so far, they have lived up to this promise, Winning Best British Best Bank in 2018, 2019, and 2020!
There are a few reasons why the Starling Bank account might be a good choice for your joint account.
First, the app is easy to use and manage. You can access it on your phone or computer.
Second, the bank offers excellent features like budgeting tools and notifications when you reach your spending goals. Third, there are no fees associated with the account, and it's super easy to open.
Read everything about Starling: Starling Bank Review
Here are some of the included features of the Starling Bank joint account:
Easy Account Management
Similar transactions are automatically connected, such as shopping or dining out. This allows you to take control of your spending habits by providing insights that may help you save money in the future.
If you both plan to use your joint account cards for everyday purchases, this free built-in feature will help you know exactly where your money is going every month.
Direct debits are also tied together so you can manage subscriptions in one place.
Budgeting & Shared Goals
Within the app, you can put all of your expenses together, like rent shared bills so that you can both manage important payments from a single account.
From a budgeting perspective, Starling allows you to set up 'shared pots without having to set up a savings account, meaning if you are saving for a holiday or new car, you can do it together right within your shared history.
Related Article: Best Budgeting Apps in the UK
Round up Spending
Speaking of budgeting, Starling has the most advanced version of spare change round-up. If you're looking to save money, you will love this handy feature. Spare change round-up means when you purchase with your debit card, the app will round up the price to the nearest pound and automatically transfer that spare change into your savings account.
For example, if you spend £11.75 on lunch, the app would take 25p from your current account and put it into your linked savings account - meaning over time, this small change will add up!
The best part about Starling is that you can supercharge your savings and round up to 10x! Helping you save fast without realising it.
This could be useful if you plan to use your joint account debit card as your main spending card.
Related article: Apps that Round-Up Spare Change
Lock or Freeze Your Card
If you've ever had your card stolen or misplaced, you know how distressing it is. If this happens with a Starling bank card, all you have to do is open the Starling bank app, touch the card, and then lock it.
This will block all payments from your current account. You can do it in seconds!
You might be wondering how to get a bank statement for an internet-only current account.
It's easier than you'd believe. You may generate PDF or CSV statements within the app. If you need to validate your income for any credit checks, this is ideal because it's simple to create a spreadsheet with it.
With the app marketplace, you can integrate other services to improve your banking experience.
Related Article: Best Money Saving Apps
Instant Payment Notifications
If you're planning on using your joint account as the starling account, your salary goes into it. You will want to make sure your money is safe. With Starling Bank, you can have instant notifications for all card transactions. This will ensure that you're always in the know about what's going on with your money - and if anything suspicious happens, you'll be able to act fast.
The best part is that these notifications are free and standard with the app.
Mobile Cheque Deposits
there's a need to worry about not depositing your money with Starling. You can deposit cheques of up to £500 via the app by simply capturing a photo! If your cheque is for more than £500, you may still deposit it into your account; however, you will have to mail it.
Set up Process
To set up a joint account with Starling is straight forward. First of all, you and your joint account partner both need to have a Starling Personal account.
After both of your accounts are life, Starling says they have most of the information they already need (and you have already passed their security checks). They say setting up a joint account shouldn't take longer than 5 minutes! The best part is you can do it right from your sofa.
Starling Bank Customer Reviews
Before switching across to a Starling account, you, of course, should always check reviews. We're happy to say that Starling Bank has a very high rating on TrustPilot.
As of writing, Starling has over 20,000 reviews with an average of 4.5 stars which is incredible.
To give you an idea of how excellent the evaluations that Starling has received are, I compared all of the significant banks featured in Trust Pilot to determine where Starling fits in. As you can see, for both the quantity and quality of its reviews, Starling beats out the competition.
Starling has won best bank in the United Kingdom for the past three years from the Best British Bank Awards. The banking awards held by Money Supermarket recognise it as like an Academy Award ceremony for the banking sector!
It also received Finder's business banking client satisfaction accolade and was named a recommended current account provider by Which?.
Is Starling Bank Safe to use?
Starling is FCA regulated, has a full banking license and is protected up to £170,000 for joint accounts by the Financial Services Compensation Scheme.
FCA governance means it must adhere to strict rules on protecting money for its users and treating customers fairly. It also means you as a customer have an escalation route should you not resolve something.
From an information standpoint, Starling claims that it uses cutting-edge data encryption and storage technologies to guarantee the security of your personal information and transactions.
Starling Bank Alternatives
If you're not sure if Starling is the right bank for you or want to explore your options, here are a few similar banks that might be worth checking out.
The app-based bank that's disrupting the UK banking industry - could it work for you? Monzo also offers joint bank accounts. For more information on Monzo, check out Monzo vs Starling.
Monese isn't classed as a bank but a online account, they offer similar features to Starling and have joint accounts available. For more information read our complete Monese Review.
Nationwide Building Society
A more traditional high-street bank, Nationwide offers a joint account that could be a good option for you.
Another app-based bank, Metro Bank, is similar to Monzo and Starling in many ways. It also offers joint accounts.
The Co-operative Bank
This ethical bank might be a good option if you're looking for a bank with values that match your own. The Co-operative Bank offers joint accounts.
A more traditional high-street bank, Halifax offers a joint account that could be a good option for you.
Although a popular fintech bank Revolut do not offer joint accounts like Starling. Find out more Starling Vs Revolut.
Starling Bank Joint Account Summary
Starling Bank is the perfect choice for those who want a modern and innovative bank that offers excellent mobile app joint accounts and is FCA regulated.
Starling is a bank you can trust with an award-winning app, over 20,000 positive reviews on Trust Pilot, and entering profitability in 2020.
If you're looking for a new bank or want to explore your options, I'd highly recommend checking out Starling.
Can you get a Joint Account with Starling?
Yes, if you and the other account holder have a Starling personal account, you can both set up a starling account. To apply for a joint account, go into the starling app.
Does Starling charge for joint accounts?
No, it is free to open a joint account with Starling Bank. You must first have a personal starling bank account, then to apply for a joint account, go into the starling app.
Can you have a Starling joint account without a personal account?
No, to open a Starling bank Joint account, you must first open a personal account. The good news is that it's simple to enter your mobile number on the Starling Bank website, download the app and follow the instructions. As long as you have ID with you, it takes less than 10 minutes.
Can you have 2 Starling accounts?
Starling says you can have one additional personal GBP current account, giving you a total of two accounts in GBP held at Starling.