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Starling Bank hits one million accounts

Joanna Faith
Written By:
Joanna Faith

Challenger bank Starling has hit the one million account mark, the company has confirmed.

The bank, which was awarded its banking licence in July 2016, unveiled its app-based current account in May 2017.

It has since launched business and joint accounts as well as a dual currency debit card, which enables customers to spend in either pounds or euros.

While Starling has passed one million accounts, it is still some way off its rival Monzo, which has more than three million users.

Anne Boden, chief executive and founder of Starling, said: “We launched the Starling app in 2017 with the aim of creating a fairer, more open and more transparent bank, and the one million accounts that have since been opened with us shows just how much appetite there is among consumers for a better banking experience.”

While the slew of challengers that have entered the market in recent years continue to attract more customers, many people are not making the complete switch away from mainstream banks.

Data from comparison site Finder, published in May, revealed just over one in 10 (12 per cent) Brits have fully switched to a digital only bank.

Apathy and mistrust are two of the reasons people appear hesitant to move their primary account to a new digital challenger.

Another reason is people are using their digital bank account for everyday spending as they can easily monitor how much is going in and out.