Starling and Revolut are financial companies that engage in online banking and fund transfers. The daily transactions of these banks meet the various needs of their customers. Their main functions include boosting banking methods and digital financial services.
The UK banking system licensed Starling bank. This license aids the Financial Services Compensation Scheme (FSCS) in protecting funds deposited by customers. Revolut, on the other hand, keeps funds in another bank account that is licensed. Both banks each possess a wide range of features in their mobile apps.
In this guide, we will review the features of each bank and provide a broad look at the services they offer.
Starling vs. Revolut: Comparison Chart
Starling and Revolut are among the highly competitive sectors in the UK banking system. Both banks operate a similar account and offer digital banking services without charging monthly fees. They each provide the following alternatives:
- Their mobile app is easy to use and navigate.
- A system that allows anyone conducts digital and global fund transfer.
- A means for receiving online payments.
- Their transparent banking system could replace your current bank.
The table below offers more comparison between both banks:
|App||It offers instant messages, card control, and countless payments.||It features affordable banking services and messages.|
|Fees||Do not charge monthly fees.||Their charges include small fees for virtual currency and commodities.|
|Security||Their security system includes real-time messages and biometric verification.||Their app has customizable features and fingerprint identification.|
|Interest rates||It offers up to 0.05% interest rates on savings.||It offers 0.40% interest rates on savings.|
|Account||They offer a free, joint, and premium business account.||They offer a free, business, and premium account.|
Overview of Starling
Anne Boden founded Starling as a digital-based financial bank in 2014. The company is registered in England and Wales as Starling Bank. This bank operates an app that is available on iOS and Android devices. On the outside, it runs its transactions much like a regular bank but with added benefits.
You can process digital payments, withdraw funds, and deposit money. You also get real-time messages when you deposit, transfer or withdraw funds.
There are four main types of account in Starling, namely:
Euro Account: A Euro account is ideal for people who wish to receive euro payments with their UK bank account. The euro account is perfect for UK citizens who own a property abroad or European newcomers based in the UK. There are no monthly fees attached, and it is free to send and receive euros.
Personal Account: It is completely free to open a personal account with Starling. You will not be charged for transfers, ATM withdrawals, or online payments.
Teen Account: The Teen account is explicitly made for teenagers in the UK. A teen account gives a better online banking experience for 16 and 17 years old.
Joint Account: A joint account is ideal for people who share financial obligations like rent, bills, and savings. As long as you have a personal account with Starling, you can open a joint statement in less than 5 minutes.
As long as you’re above 18 and a UK resident, you can easily open an account. Some requirements for opening a personal account with Starling include:
- UK driving license
- Your smartphone, and
- A form of ID card
After getting these requirements, follow the steps below to open an account with Starling:
- Log into the app.
- Input a valid mobile number.
- Verify the number through a code sent to you.
- Enter your details in the space provided.
- Submit a photo of your ID and a short video of yourself for confirmation.
- After this procedure, a quick review is conducted to verify your identity.
Some advantages of Starling’s online services include:
- You get to save money in a fun and exciting way.
- You get real-time messages when you send or receive funds.
- You get to send funds to others without asking for their account details.
- You can send links to debtors to request payments.
- You can conduct monthly breakdowns of spending and other transactions.
Overview of Revolut
Revolut is a UK-based banking firm founded in 2015 by Niklay Storonsky and Vlad Yatsenko. It provides currency exchange services, monetary apps, and online banking services. Over 2.2 million people have signed up and currently operate verified Revolut bank accounts. Revolut has also conducted over 149 million transactions at a total cost of up to £14.7billion.
The company operates three main accounts for its customers. These accounts are:
Standard Account: This type of account comes with a few benefits. It includes a free UK account, a free Revolut card, and access to 5 virtual currencies.
Premium Account: A premium account comes with all the features of a standard version. However, it also includes free monthly withdrawals of up to £450 and a virtual card for global fund transfer.
Metal Account: The metal account comes with all the standard and premium account privileges. This account also comes with access to overseas medical insurance.
Some of the steps in opening a Revolut account include:
- Download the app.
- Enter your details correctly.
- Verify your identity by uploading a photo of your driving license or passport.
- After your information is confirmed, you can order a debit card.
Some advantages of a verified Revolut bank account include:
- Ability to conduct global fund transfers in over 28 currencies.
- You receive real-time messages for any money you send or withdraw.
- You can exchange any of the 28 currencies into Bitcoin.
- The mobile app has a various facial ID, password, and fingerprint recognition options.
- Revolut imposes weekend charges which can be expensive.
- The signing-up and onboarding process can be slow due to document uploads.
- The app can be challenging to use on different devices.
Starling Vs. Revolut: What Are The Differences?
The standard accounts of Starling and Revolut do not have monthly prices. However, Revolut does have different other fees. You can avoid additional charges even if you’re not exchanging an amount greater than £1,200.
We will compare the differences between them based on the following factors:
- Card Option
- Apps Features
Below are some features of Starling bank:
- You get instant real-time messages whenever you transfer, withdraw or receive funds.
- You can create or download account statements each month.
- You can conduct deposits with the mobile app.
- You can connect your debit card with others.
- You have access to the digital marketplace to choose from various services.
Below are some features of Revolut:
- They offer instant access to virtual currencies.
- Free global delivery to over 180 countries.
- They offer free overseas medical insurance.
- Access to premium cards for free.
- Access to disposable virtual cards.
The personal account for Starling users is free of charge. However, additional fees are attached to its other unique features. These extra features and their charges are as follows:
- UK transfers cost around £20 per transfer.
- United States dollar account costs around £6 per month to maintain.
- A Business account costs around £8 per month.
- A Euro account costs £3 per month.
The additional costs of Revolut banking services are as follows:
- The cost of running the Business Enterprise account depends on the features used.
- The Business Grow account costs £25 per month.
- The Business Scale account costs £100 per month.
You can order a MasterCard debit card with the app once your account is opened. This process usually takes between 3-5 working days for the card to arrive.
The card options supported for a Revolut account are Visa and MasterCard debit cards.
Some features of the Starling mobile app include:
- Contactless payments
- Instant messages
- Saving spaces
- Connected cards
- Card controls
Some features of Revolut include:
- Stock trading
- Freezing and Unfreezing debit card
- Real-time messages
- Support from Apple and Google Pay
- Crypto purchase
Starling vs. Revolut: Which One Is Right For You?
Online companies like Revolut and Starling have capitalized on other banks’ failure to provide excellent banking services. The free business accounts from Revolut and Starling are similar. Both are managed using an app. They each have budgeting features and can be used to make global transfers.
These features usually make it hard to pick one above the other. However, if we had to pick one to open an account, it would likely be Starling bank.
On balance, Revolut is more extensive in card spending and digital banking. It also comes with some helpful bonus features attached. You can also pick Starling if you like to see them as a reliable brand. Their financial savings alternatives and less expensive services are beautiful contributors to their industry.
Ultimately, each of these digital banks has its strengths and weaknesses. The proper preference will rely on what you’re searching for in a bank.