Starling Bank Chat (Part 2)

I logged into my old profile for a nosey. Doesn’t let me apply for anything.

2 Likes

Same.
I do wonder what the hold up with letting returning customers is.

How long has it been now? I left like 4 years ago. :sweat_smile:

3 Likes

£29m fine from FCA is a huge hold up.

Plus their burn rate probably is upsetting the investors, hence the stalled activities past couple of years.

Combine with the plan to move to Cardiff for lower operation cost, there might be no option for anyone to return while they clear up their operation.

3 Likes

I applied a few months ago with a different email and mobile number, they spotted it and declined. Going to wait until they hopefully let new customers back again.

2 Likes

Just checked mine, last time it listed the different accounts types but personal account was greyed out, now nothing is listed.

3 Likes

That’s a much better screen than you get if you try and sign-up for Monzo again at least

1 Like

Yup, at least starling don’t beat around the bush in saying no :joy:

1 Like

So…has anyone checked yet what the limit is on the number of easy saver spaces that you can have?

If it’s like normal Spaces then I don’t think there is a limit, I have 8 so far.

2 Likes
4 Likes

Couple of snippets about their plans in there:

In Britain, he says the bank is a “coiled spring, which is now going to be going into growth mode”. He sees Starling as being in the “foothills of opportunity” in this country. “The new digital banks put together have less than a 5 per cent share of deposits in the UK. So that gives you a perspective that we are only getting started.”

The bank holds more money in deposits, £12.1 billion, than it lends out, £4.8 billion, and it needs to lend more. Before Bhatia arrived, Starling bought a couple of mortgage lending books, and it is on the lookout for more deals: “We see everything that’s in the market. No concrete plans yet, but we are active in that space.”

7 Likes

1 Like

About time; always wondered why it was 4 digits. Monzo needs to adapt theirs so it’s not the card pin :skull:

4 Likes

So long as it’s not your phone unlock code, I personally feel using your card PIN code is acceptable.

People can only retain and recall so much and you need to find the right balance.

You only get a limited number of chances and if someone has shoulder surfed the numbers, 4 or 6 digits won’t matter.

I think Monzo should allow people to change it, if they don’t want to use their pin but I suspect that will drive up calls from people who’ve forgotten.

1 Like

The piece in the Sunday Times is interesting, first time I’ve seen someone from Starling be honest about Engine being a smallish in the grand scheme of things revenue stream. Yes £100m isn’t to be sniffed at, but it’s not game changing as they’ve been claiming for a long time.

The product will need to improve a lot before that coil unwinds.

4 Likes

There is a similar piece in the FT today about their Engine product and their desire to try and grow that product into the US small to medium banking arena.

£100m is their target but Engine made a loss last year, apparently, the article also mentions that it’s only a small part of their overall business. Last years revenue for the group was £714m

3 Likes

:face_with_monocle:

1 Like

She’s making some good money then.

2 Likes

Were you meant to be able to do round ups to savings for easy saver.