Overview and background

Revolut, founded in 2015, aimed to create a global financial super-app. It began with a focus on low-cost currency exchange and has since expanded to offer a broad range of financial services, including personal and business accounts, cryptocurrency trading, and investment opportunities. Revolut’s global approach has made it a popular choice for users who travel frequently and seek diverse financial tools.

Starling Bank was launched in 2014 with the aim of providing a user-centric banking experience through its app. It has since expanded its offerings to include business accounts, joint accounts, and various saving tools. Starling's commitment to a seamless digital experience has earned it a strong reputation in the fintech sector.

Key features

• Spending Abroad: Both Revolut and Starling offer competitive services for overseas spending and withdrawals. Revolut provides fee-free foreign transactions up to a certain limit, after which a small fee is applied. It also supports over 150 currencies at the interbank exchange rate. Starling offers fee-free foreign transactions and ATM withdrawals, making it an attractive option for travellers.
• Budgeting and Analytics: Revolut provides a variety of budgeting tools, including real-time notifications, spending analytics, and monthly spending reports. Starling’s app includes features such as instant notifications, spending insights, and goal-setting capabilities. Both platforms help users manage their finances effectively.
• Savings and Interest: Starling’s savings products include interest-bearing current accounts and savings spaces, which help users organise their money. Revolut offers vaults for savings, where users can set aside money and earn interest on certain plans. Revolut also collaborates with third-party partners to provide additional savings options.

Fees and charges

Both Revolut and Starling maintain a transparent fee structure. Revolut offers various account tiers, including a free standard account and premium accounts that come with additional benefits such as higher withdrawal limits, travel insurance, and access to cryptocurrency trading for a monthly fee. Starling offers most of its services free of charge, including fee-free foreign transactions and domestic transfers, with minimal fees for certain features like cash deposits.

User experience

User experience is a crucial factor for both Revolut and Starling. Revolut’s app is designed to be comprehensive and user-friendly, featuring tools for currency exchange, budgeting, and savings. Starling’s app is also intuitive, with real-time spending insights, savings goals, and easy money transfers. Both apps provide a seamless and engaging user experience.

Security and regulations

Security is a top priority for both Revolut and Starling. Revolut offers features such as card freezing, biometric authentication, and spending controls. As an authorised e-money institution, it ensures customer funds are safeguarded. Starling, as a fully licensed UK bank, provides fund protection up to £85,000 through the Financial Services Compensation Scheme (FSCS). It also offers robust security features like instant card freezing, biometric login options, and spending controls.

The verdict

Choosing between Revolut and Starling depends largely on your specific banking needs. Revolut is ideal for users seeking a global financial service with a focus on currency exchange and diverse financial tools. Starling, with its fee-free international spending, comprehensive business account options, and seamless digital experience, offers a compelling option for those looking for a traditional banking approach in a modern app.

In conclusion, both Revolut and Starling provide compelling features for digitally-savvy users. Your individual banking requirements will determine which provider is best suited to you. Nonetheless, both are leading the charge in the fintech revolution, continuing to innovate and reshape the financial services landscape.