You are here: Home - Saving & Banking - News -

Starling Bank hits one million accounts

0
Written by:
13/11/2019
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.

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week