Replace your RBS business account with an app from Starling bank?

Starling Bank is a digital, mobile-only Challenger Bank, operating current accounts, business banking and a payments service scheme for merchants. With headquarters in London, Starling Bank is a licensed and regulated bank - but with no branches, can it really provide an alternative for RBS business bank customers who have found they need to move their accounts?

it is a question you may need to answer - because if your business banks with RBS, you will probably already know they may not be able to be your bank for much longer.

RBS has a problem rooted in the banking and financial nightmare of around ten years ago. Back then, it had found itself in financial difficulties so severe that it had to be saved by the Government. Now, the Government wants a return on its investment - of more than £45billion of taxpayers money.

It has instructed RBS to help support creating a more competitive and versatile banking system.

What this means in practice is that that RBS will need to transfer thousands of small business customers to other banks and be forced to pay all the costs of the move. The Business Banking Switch scheme will assist the transfer of thousands of its small business customers - with £275m given to market challengers to support their offers to small business customers.

It’s not good news for RBS - but it could be good for you and your business - and the bank you choose for your business in future.

You will able to make your choice of a list of 11 Challenger Banks who will be receiving RBS cash under the scheme - and will use it to provide improved incentives and services they offer. RBS will get in touch directly with all businesses affected, but if you've got specific questions about how your business will be affected and want to talk to independent experts, you can call us on 0330 808 8802 or email switchrbs@rangewell.com to talk to us.

What about Starling Bank?

The banks taking part in the scheme range from long-established high street banks who just happen to be smaller than the big three, to newcomer banks which are offering a new twist on traditional banking - to complete iconoclasts who are turning the banking world upside down.

Starling Bank is very definitely in the last category.

Established just 5 years ago, Starling now offers a full range of banking services, with access to personal, joint, euro and business banking with instant notifications when you spend or get paid, useful insights to help you see your spending habits, no overseas fees, 24/7 customer support and an application that only takes minutes.

What makes it really stand out from the traditional banks is that it all take place on your mobile. Instead of popping into your bank when you have a question about your money, you can just put your hand in your pocket.

It is certainly a revolutionary approach to banking, and turns the traditions that have grown up over the last 600 years or so on their heads. But is it right for your business?

Call us on 0330 808 8802 or email switchrbs@rangewell.com to get the answers you need.

The questions you need to ask

Having banks competing for your business may be flattering but, remember, your business depends on your bank. Choosing the right bank now could very well be crucial to your future.

Can a mobile-only bank offer the services and the support you and your business need?

You need to make a considered choice.

You might prefer something more traditional. Instead of an app, you might want, for example, the convenience of personal service, from a business manager who knows you and your business. You might want to be able to drop into a local branch. You might prefer an entrepreneurial approach that matches your own, or simply want the lowest possible costs. You need to get some help to find the bank the offers what you are looking for.

Fortunately, at Rangewell, we are uniquely qualified to provide the help you need.  

As business funding experts, we work with all the leading banks throughout the UK. We also have a team of experienced former RBS Business Bankers and Relationship Managers who know the business banking market inside out. It means we can take an objective view of how each bank works and exactly what they offer. 

We can discuss your business and needs, and look at what all the banks are offering  It might be that Starling and its app is the future for your business - or you might be better choosing a more traditional supplier.

Our help is completely free. We receive no commission if we help you transfer your business - and we will not let it affect what we recommend if we are offered any commission for lending from your new bank.

After all, whatever bank you choose now, we want you to become a Rangewell client, and help you get the business funding you need when the time comes.

We are always keen to help businesses find financial answers. So call us now and ask about the business bank you want to do business with. You can't afford to make the wrong choice, so call 0330 808 8802 or email switchrbs@rangewell.com to talk to us about your specific questions and issues.