Is Starling Bank safe?

If you’re thinking of opening a new bank account, security will always be an important consideration. You need to be sure that the bank will take all required measures to protect your money and your personal data.

So, how good is Starling Bank when it comes to security? Find out everything you need to know here in this guide, where we’ll cover regulation, FSCS protection and security measures.

We’ll also show you an alternative which could save you money on international transfers - the Wise account.

Starling Bank regulation and FSCS protection

Starling Bank is a fully licensed independent bank in the UK. You can find out more about how they’re regulated here.

The bank offers up to £85,000 protection per person under the Financial Services Compensation Scheme (FSCS).¹

So if you open a joint account with Starling, you’ll be protected up to £170,000 across both account holders. This protection is in place so that account holders are covered just in case anything should happen to the bank.

Starling Bank security features and technology

Starling Bank also offers a number of sophisticated security measures to protect your account, including:¹

• Biometric identification and a mandatory passcode to safeguard access to your account through the Starling mobile banking app
• 3D Secure for online payments made with your card
• Extra card controls in the app, including freezing your card if you lose it and the option to set personalised spending limits
• Real-time notifications and alerts for payments
• Video ID identification when signing up for an account
• Confirmation of payee - so you can double-check that you’re paying the right person before sending money.
• Virtual cards - designed to keep your main card details private, especially when shopping online.

Wise - a secure alternative for managing your money internationally

If you regularly make and receive international payments, you might find it a little expensive with many banks. But the good news is that there’s a great alternative out there - Wise.

Open a Wise account and you can send and receive money worldwide for low tiny fees and the mid-market exchange rate. Plus, you can hold and manage your money across 40+ currencies. There’s even a Wise debit card for spending like a local in 150+ countries, making it a great choice for travellers.

And Wise takes security extremely seriously. As well as being strictly regulated, Wise uses 2-factor authentication for extra-secure transactions, has a dedicated anti-fraud team and is committed to keeping your personal data safe.

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So, is Starling Bank safe? After reading this, you should be reassured by the stringent security measures the bank has in place.

So, you should be able to bank with Starling in confidence. Just make sure to take reasonable steps to keep yourself safe when banking. This includes keeping your passwords private, signing out of accounts when not in use and watching out for the signs of fraud.

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Sources used:

1. Starling Bank - Mobile banking security

Sources last checked on date: 07-Aug-2023