Starling’s new multi-PSC account comes 16 months after it launched its mobile business bank account for single-person businesses
Starling Bank has opened up its business account to hundreds of thousands more UK small and medium-sized enterprises by inviting companies with more than one person of significant control (PSCs) to sign up.
Starling’s new multi-PSC account comes 16 months after it launched its mobile business bank account for single-person businesses, which now has almost 60,000 customers. It follows the award to Starling in April of a £100 million grant from the Capability and Innovation Fund (CIF), a body created to boost competition in SME banking. Starling says it is using the grant to build a full suite of digital banking products, intelligent forecasting tools, and digitally-enabled relationship management functions as well as lending products.
PSCs typically own 25% or more shares of a business and/or 25%+ of the voting rights. This new account has been built for businesses where multiple PSCs who are also directors of the company need access to the account, such as husband and wife and civil partnership teams.
Starling’s business account has no monthly fees, no fees for making a payment to another UK bank account and no fees for withdrawing cash via ATMs. PCSs, who are also directors in the business, will be able to gain full access to the account and development is underway to make it suitable for more complex businesses which require greater control and individual access permissions, the bank says.