PayPal’s buy now pay later service splits your shopping into 3 interest-free payments. An easy-to-use business account stacked with powerful money management tools. You can even add a ‘Euro’ account containing EUR currency (the others are for GBP currency only). It won Best British Bank in 2018, 2019 and 2020 and offers personal, joint and business bank accounts. This is one of the reasons why the separate euro and US dollar business accounts are being offered as an option by Starling. While we are independent, we may receive compensation from Starling Bank is only available to UK residents In order to sign up for an account you must have a UK address although you don’t need to be a UK tax resident. It has both Personal and Business accounts available in GBP and EUR. Limited companies and sole traders can pay £7 a month for the account add-on. Founded by Anne Boden, Starling is a front runner amongst the app-only banks when it comes to personal accounts, but how does it compare when it comes to business banking. You’ll always see the exchange rate before the conversion is made, so if you’re looking to make a transfer on the weekend, you have the option to wait until Monday morning. They too can only hold money in their home currency (so euros and US dollars respectively), but if you’re doing lots of business in Europe or the US, you can send and receive payments in those currencies freely. Like many other challenger banks Starling offers a banking experience that is pretty different to traditional banks We have even featured the account as one of our best business bank accounts for online banking. You need a picture ID which has to be a passport, UK driving licence (full or provisional), EU/EEA ID card or UK Residence Card. US dollar and euro bank accounts currently available for UK businesses. Why switch your business bank account to Starling? You can send and receive US dollar transactions for free. Every penny can be scrutinised. The app is tremendous and so easy to use. Business loans are only offered to business accounts for limited companies, not sole traders. You should only choose Starling Bank if you’re happy banking through an app. Make sure to put your surname and eight-digit Starling account number on the back of each cheque. Limited companies and partnerships can create a business account without a personal Starling account attached. It usually takes less than a day to be accepted. Fees and commissions: Traditional banks upsell and advertise additional services that they can provide, generating more income. Cheques are free to deposit through the app or Freepost (by letter), but cash deposits at the Post Office cost 0.3% of the cash amount, where a minimum of £3 is required. Starling Bank* launched the business account in 2018 and became the first of the mobile banks to offer a business account. With a Starling Business Euro account, however, all SEPA transfers are free to send and receive. It is free to withdraw cash from a cash point in the UK and abroad, though you are not exempt from charges that individual ATMs may add. You can also get joint accounts, business accounts, Euro accounts, a teen account and recently a children’s account – Kite – was added to the range. Plus you won’t be charged a fee for using the card to make a purchase when overseas. I opened a personal account about a year ago to go travelling due to the currency flexibility. that aims to provide you with the tools you need to make better Business; Setting up an account; Account features; Will I get a business debit card? Hope this helps and feel free to reach out should you need further assistance. Unless we've said otherwise, products are in no particular order. Paypal ‘Pay in 3’ review: What is it and how does it work? Revolut Business account – what are the limitations? What debit card do I get with a Starling business account and what are its features? You can add money to your Starling personal account by doing any of the following: That depends on your situation. We look at how to apply, key features and where you can shop. We like their values of transparency and fairness, which shine through in their communications with customers. Starling also offers a business bank account and a Euro account. In the meantime, those in need of a cash injection can apply for an overdraft or business loan. unsure you should get independent advice before you apply for any Is Starling Bank safe? For real? Businesses struggling due to coronavirus can get a much-needed cash injection from the government’s Bounce Back Loan Scheme (BBLS) or Coronavirus Business Interruption Loan Scheme (CBILS) through Starling. Business banking. Business account. Free 24/7 UK support via app, phone or email, with fast response times and help from real humans. Starling Bank have offered single owner accounts since launch, and as of 2019 now also offer multi-owner accounts for businesses with more than one person of significant control. Are online payments safe? But it will accept business account applications from people who have an overseas telephone number in particular countries, such as most of Europe and the USA. Choose to get your salary paid in, set up direct debits and make any other regular payments by using Starling as your main bank account. It’s free to take out money at ATMs both in the UK and abroad using this card. Deposit cash at the Post Office by inserting the card, confirm and the money will be in your account. Square vs. iZettle vs. SumUp: compare the UK’s best card readers, SumUp Air review: affordable, no-fuss terminal for card payments, Takepayments review: short card machine contracts, but not perfect, Retail Merchant Services review: good card machines, no competitive edge. If you switch on location-based fraud protection, the app uses the location of card transactions to determine whether the card has been stolen, thereby preventing fraudulent transactions. To answer your question above, yes, you are able to set up a Starling business account where more than one person can access it. Starling Bank has four revenue streams that function much like those of a traditional bank: While Starling do not impose any withdrawal charges on customers, ATM providers in your country of destination may charge their own fee. Cash deposit through any Post Office branch. The era of banking in its traditional form is being surpassed. PayPal Here UK review: how does it compare with iZettle and SumUp? Business banking. You will also need to provide evidence of your company’s web presence, or, if you don’t have a website, you will need to give a description of your company and what it does. Every step has been easy, from set up to account management and both the app and desktop site work well. Yes, you need to download the app on either an Android or iOS device. Monzo Business vs Starling Business – which is the best account? An account up and running in about 10 minutes (providing you have the right documents). Asking questions on the website chat yielded a faster response, but the extent of delays will depend on the time of day. If you'd like to set aside money away from your main balance, you can create a savings goal in the Spaces tab to help manage your money. And any “person of significant control” (usually someone with at least 25% of control or shares in that company), must be a UK resident. A Euro bank account and US dollar bank account are available as add-ons after a Sole trader or Business account is set up. If you’re specifically after accountancy tools, there is also the option of the Starling Business Toolkit (which we outlined above). Mobile application in minutes. Type of account: Business current account, Intended for: Limited companies or sole traders. A Euro bank account and US dollar bank account are available as add-ons after a Sole trader or Business account is set up. It is not possible for your clients to send any other currency (including USD) to your GBP account – instead, it will be rejected and sent back to the payer. service provider and read the information they can provide. Unusually, it’s a vertical bank card, rather than a traditional horizontal payment card that we’re used to seeing. Not taking new applications for loans or overdrafts at the moment. Here, you can add the card to your Apple Pay, Fitbit, Garmin Pay, Google Pay, Samsung Pay wallet, cancel and replace the card, get a PIN reminder, and view limits for transactions, ATM withdrawals and mobile wallet payments. Also on offer are Starling business accounts and sole trader accounts, both with no monthly fees whatsoever (which really is rare). Ethically, Starling is highly rated by Ethical Consumer magazine, though it does say that it’s only marginally engaged in the issues. Sole traders must also live in the UK and be registered as self-employed. The initial account launch was aimed squarely at private limited companies, and had a number of caveats one being that it could only support a single person in control of … It’s easy to switch between Starling accounts in the top left corner on Apple devices or top right corner on Android devices. Limited companies and other types of businesses or partnerships have to be registered at Companies House in the UK. Both accounts have great service. Business account. It is currently focusing on the UK with a full banking license. Does Starling offer a savings account? To use the euro or dollar balance with the Business Mastercard, you have to switch on the relevant currency in the card management section of the app. You don’t have to make any repayments during these 12 months, but you’re free to repay the loan early any time with no early repayment charge. For limited companies and other registered businesses. You will need to be a resident in the United Kingdom and have a UK phone number for registration, though Starling may allow non-UK numbers from certain countries. If you’re abroad, you can use your Starling business debit card to make purchases or withdraw money from ATMs for free. Features new. Here’s how we came up with them. We’ve taken a look at some of the best trading apps in the UK and explained who they’re best suited to. You can download this from the Google Play store or Apple Store (or you may already have it if you’re a personal account customer). The option to apply for a sole trader account in the Starling app will only be shown to customers that match our criteria, … Accounts. A fully regulated UK bank account, where your money’s covered up to £85,000 by the Financial Services Compensation Scheme. Like any other financial institutions, there are customer reviews indicating the service is not perfect for everyone, but not (we think) to an alarming extent. There are other digital card management features available too. PayPal Business account – best for online merchants, but why? Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Below is a table listing the business accounts that DBS offers and reviews for DBS can be found here. We product or commit to any plan. > Starling’s iPad app is simply a scaled-up iPhone app, not that that’s a bad thing. The free SEPA transfers with the Euro account and free USD transactions with the US account are really useful for those with clients paying in these currencies. What about international payments, foreign currency and use abroad? I am in the process of researching personal & business bank account offerings. Starling business account fees and features, Pros and cons of the Starling business account, best business bank accounts for online banking, Data indicated here is updated About Starling Bank. Costs & fees Inbound and outbound SEPA transfers are free from the Euro account. There is no setup charge, and you receive the debit card free of charge after you’ve had the account approved. The Euro account costs £2 monthly. Link to the Marketplace via the API for deals with partners, and there is a paid-for-service offering valuable tools for businesses of all sizes. When clicked, you will be shown a choice to download for Android or iOs. may also receive compensation if you click on certain links posted on If you’re doing the transfer during a weekend, an estimated exchange rate will be shown – unless you wait until Monday for the real exchange rate. How much will it cost me to withdraw from an ATM in another country? Review fee: when your bank reviews your overdraft limit, ... For now, Starling’s business account is only available if you are a sole trader who already has a Starling personal account; or an owner of a limited company and you are the only person with significant control over it. The app gives you different transfer options with different fees disclosed upfront depending on the speed and method of transfer. The same eligibility criteria apply, but only a Limited Company or Limited Liability Partnership can apply for a business loan – sole traders, charities, trusts and partnerships cannot. Cash & cheques Moreover, the Starling app gives you options to lock specific types of transactions like card machine or online payments, ATM withdrawals, mobile wallet payments, swipe card and even gambling payments. reference number: 786446). The negative reviews are about different issues that look like they have individual causes, rather than a pattern of serious issues indicating systemic faults with the bank. This costs £7 a month and is an add-on service for your business account that is offered by Starling itself, and it helps you do your bookkeeping and calculate VAT. See also: PayPal Business account – best for online merchants, but why? To get started, please download the Starling app that can be found on their main website. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. There are pros and cons of Starling Bank influencing how good of a fit this bank account is for your needs. If you have all your documentation ready, the application itself can take as little as 10 minutes. Anne Boden, founder and chief executive of Starling Bank, said: “A single card that can buy things in both euros and pounds is long overdue and something that we know our customers will value both in their personal … I've used Starling to go to Sri Lanka and didn't have a problem. The app is user-friendly – clearly developed to be best-in-class. 12 reviews. You won’t be charged for withdrawals, transfers, or digital payments, and the only fee is a small £3 charge when you deposit cash. In the ‘Add money’ money section of the app, you take a photo of the cheque, then await clearance in your account which normally takes two working days. Starling offers current accounts for private individuals (personal accounts) and current accounts for sole traders and limited companies (business accounts). As you can see, there are all initial deposits for the DBS accounts in addition to monthly and maintenance fees. VAT number: 259751759. Creating a dedicated business account with a high street … As demand for Bounce Back Loans is so high, Starlings says it’s prioritising limited companies who already have an established business – typically those with a track record of at least 18 months. The majority of these customers praised the bank’s app functionally and efficient 24/7 customer service, although a limited number of reviewers flagged up problems sourcing some of the more detailed documents they were asked for in the business account opening process. Simply click and you will be able to download the app. It could easily replace your old bank. The Starling business account comes with a contactless Mastercard debit card, which is a dark navy colour. I tested the in-app support chat after there was a mistake in my name on the debit card received, and although the queue time was over 20 minutes, once I got through, the help was to-the-point and the issue got resolved right away. Like what you see? Richard Mapp. The Starling business account is particularly suitable for smaller or medium businesses, as it’s free, flexible and quick to set up. We do not offer a separate savings account but we do offer interest on our personal and joint GBP accounts. Non-bank alternative: Cashplus Business offers overdraft and credit. You can also transfer money between all three, which involves a 0.4% currency commission from Starling. There’s a 0.3% charge (with a minimum fee of £3) for each deposit.Starling says that you can deposit a maximum of £20,000 per transaction, with no more than £250 in coins. Our address is Level 2, 20 St Customers looking to open a joint account must first open a personal account, although this is not required for business … Earn 1% cashback for paying with your ANNA card in selected categories. All that being said, you should only choose Starling Bank if you’re happy banking through an app. Can I get a Starling business account in other currencies? Only the Euro account … Requesting to switch only takes a few minutes – so why not give it a go? This is subject to our terms of use. The mobile app can be used on Android devices, iPhone, iPod Touch and iPad and not on a computer. What integrations are on offer with a Starling business account? Starling is a great option if you live in the UK. The lack of branches might cause some communication problems. Some of the links in this post are from our sponsors. authorised and regulated by the Financial Conduct Authority (firm We endeavour to ensure that the information on this site is current and What’s more, you can get instant notifications about the payments you made or received and, in many cases, sort your invoices quickly and easily. As the first-out-of-the-gate with its business account, Starling has seen an opportunity to meet the needs of an under-served market. Review fee: when your bank reviews your overdraft limit, ... For now, Starling’s business account is only available if you are a sole trader who already has a Starling personal account; or an owner of a limited company and you are the only person with significant control over it. You can also get joint accounts, business accounts, Euro accounts, a teen account and recently a children’s account – Kite – was added to the range. Eligibility accurate but you should confirm any information with the product or By Kane Pepi January 5, 2021 The challenger banking space is hotting up in the UK – with a number of new-age institutions now allowing you to access everyday banking services via your mobile phone. Very satisfied with the bank. Our readers say. In Starling’s case, you then have a choice between setting up a ‘Business’ account for registered companies or ‘Sole trader’ account for the self-employed. Traditional banks are also able to offer a wider range of products (including, for example, business credit cards). Can I apply for a loan or overdraft with a Starling business account? Superb service! Here’s more from my podcast on ethical banking. The Starling Business account sign-up is very streamlined and for most people, it is quick (maybe 10 minutes). Though Starling Bank does not offer credit cards yet (they’re planning to add it as an option), the Starling Business Debit Mastercard comes free with the business account. The Spaces feature is genuinely useful for working towards goals. The USD account costs £5 per month and can also be cancelled any time. The debit card controls for the accounts are more sophisticated than any we’ve seen elsewhere. Sure there were digital offerings before, such as Tide, and Coconut, but none of these are licenced banks. Multi-currency accounts. On the other hand, Starling is constantly adding new features and services, so it will only be a matter of time until the offering is broader, more like the big high street banks. But, if these things are not a big deal for you, Starling’s business account is a solid choice. They needed name, address, limited company number. Business overdrafts can be a useful safety net, but be aware of fees and charges. ZA227007. the first year is interest-free. Here’s more from my podcast on ethical banking. Our overall experience of Starling Bank was positive from the beginning. Find out more about the London Stock Exchange, what companies are listed on it and how to invest in the largest exchange in Europe. What’s QR code payment? UK-based Starling Bank, founded in 2014 offers personal and business banking via a mobile app. The full details are below, so you can experience what each one is like from the … Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow, Sage, Register your limited company for free (usually £12) and open a Tide account in one go: choose 'Register a company' from the Tide homepage menu, Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm), Comes with a suite of free accounting software to integrate with, FreeAgent, Xero, Sage, Reckon One, Kashflow, QuickBooks, *No monthly account fees for 18 months, thereafter a monthly charge of £6.50 applies, FreeAgent, Xero, Sage, Kashflow, Quickbooks, Clearbooks. The Euro account is available for both business and personal users and allows you to hold, send and receive Euros for free (£2 with a Starling Business Euro Account). From our testing, we were not disappointed. I’m afraid that is not possible. The US account has an ACH routing number too. The only downside is that you can’t go back a step, so whatever you submit on one screen cannot be edited again during the application steps. When you get back to the UK and use the card in a shop, the British pounds balance will be used automatically. Limited companies can get a larger overdraft (up to £250k) than sole traders (up to £10k). You can review and track payments and incoming cash in real-time, pay physical cash into your account … For that reason, you should make sure that international clients know which currency to bill in. Starling Bank app Whether you’re self-employed or side-hustling. We show offers we can track - that's not every product on the market...yet. Whether there are annual fees or other charges associated with a business loan is communicated to you when the loan application has been reviewed. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. This way, you do not dive into money reserved for a goal when using the debit card, and it becomes easy to see what money you’re allowed to spend by not having the saved money in the main app balance. Multi-currency accounts. The business debit card takes a few working days to arrive after that. Level 2, 20 St Thomas St, Like Starling most of Tide's functionality is found on it's mobile app. If you're that concerned only transfer over what you need for a day or 2, then transfer again a day or 2 later. The app itself has bookkeeping and invoicing functionality built in. We have actually written a guide comparing Tide against Starling. You may also contact Starling Bank to verify this. If you’re looking for the best user-experience, Starling may be the best option for you. You’ll then be given the option in the app to apply for a business account (remember, you must be a limited company to open this account). As mentioned already, you can only apply for a Starling business account if you’re an individual owner of a limited company, or have significant control as one of the multiple owners of a limited company. These are external platforms or apps that Starling Bank has partnered with for a seamless integration with your business account. As Starling Bank only offers their current account, they make money through partnerships with other fintechs, getting a commission on every referral. However, remember that to open a Starling business account, you’ll need to be an owner of a limited company which is registered at Companies House in the UK. Progressive banking for … It has been so useful that I am now using it as my current account. Sending a SWIFT payment costs 0.4% of the transfer amount on top of the real exchange rate + £5.50 delivery fee + 30p if using a local partner for the transfer method. Competitive fees for transfers and payments, Cash deposits available (not a given for online banks), Useful bookkeeping features through Business Toolkit, Starling loans not available for sole traders, Web banking features not the same as in app, Cannot share account with staff except for Persons of Significant Control. Charlie Barton is a publisher at Finder. See also: Starling or ANNA Money? Contents. > You can deposit Cheques, but they’ll need to be posted in (sorry, no cheque imaging). finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. The card will then automatically use e.g. Our table compares fees and services too. We focus on the business accounts in this review. Apply … All with no monthly fees or UK payment charges. A live record of your transactions and home screen notifications means you are alerted to any strange payments immediately. For example, not being able to send money to Canada, Australia and China could be an issue for some, and sole traders are not able to get a loan, only an overdraft. Moreover, connecting banks along the way make charge fees for processing that are outside of Starling’s control, but Starling does not charge for receiving international payments as long as the currency sent matches your account’s. Ways to sell securely, How to set up Click & Collect in a small business, Ways to accept payments without customer contact. All those with access to the account can order their own debit card, which will be issued in their own name and the company name. No monthly fees on opening a business account. Starling have a number of security features to ensure your money is safe from fraudsters: Customer reviews for Starling relate to the bank as a whole, not its business account specifically. Not many, to be fair, but keep in mind that this is still a digital-only bank. It is currently possible to send money to any of 38 countries and 20 currencies. We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident. regularly. You will have access to something called the ‘Starling Marketplace’, where you can link your business account to products ranging from insurance to legal support. Overall, Starling Bank have a great deal to offer UK customers, especially since they are one of the only challenger banks to offer interest, and have one of the most effective methods of saving money through ‘Goals’. It allows businesses to do all their bookkeeping and accounting direct from their Starling app. Is the Starling business account right for my company? If your client sends a EUR payment to your GBP account, a 2% charge will be added by Starling Bank on top of the real exchange rate to convert that currency into GBP. To open a Starling business account, there are certain requirements. To apply for BBLS, you need to have a Starling Business or Sole Trader account, while CBILS is only available to limited companies and LLPs. It is also possible to change the overdraft limit directly in the app through a handy overdraft slider, which is way more flexible than traditional banks allow. This can be added onto a standard business account for a fee of £7 a month, but you’re under no obligation to sign up. Your finances are secured behind a passcode and password and completing your registration requires video and photo-ID. Works with Quickbooks, Xero and FreeAgent. With a business account, Starling runs some quick credit checks too, and it may also ask to see documents such as invoices, existing bank statements, accountant’s letters, signed contracts, qualifications and payslips. The bank received 5 out of 5 stars from customers in our survey, and 87% of users said they would recommend the service (right behind Monzo’s winning 88%). Our business bank account comes with no monthly fees or UK payment charges. Last week I even opened a business account which I will be switching over to use shortly. Please note that Starling account is only available through Smartphones or tablets. a new laptop or a business trip, or the loans you have with Starling. Starling-review-bank-card. Note that business account holders pay a charge of 0.3% (minimum £3) per deposit. One major economy, China, is missing from this list, but Starling is gradually expanding the options (Australian and Canadian dollars are not added yet, but coming soon). Download the app to apply for a Starling Bank account in minutes. Also ideal for UK-based travelers. Here we walk you through getting started and what features you would get with a business account: You can pay cash into your Starling business account via a Post Office branch. Starling Bank Business accounts. Compare Business Accounts. If you are If you’ve made it to this point of the review, you might be wondering: a free business account? Learn the details of our methodology and scoring. Compare: Monzo Business vs Starling Business – which is the best account? If for example I drop my phone down the loo, I able to access a starling account via laptop or pc? About 99.99% of negative reviews on trustpilot and elsewhere are from money launderers. After entering some personal details, you take a photo of an accepted form of ID – a passport, EU/EEA ID card, UK residence card or UK photo driving licence – and film a short video of yourself. A Starling bank account is a fully functioning current account which comes with a Mastercard debit card, so linking to a main bank account won’t be necessary. You can get a PIN reminder, cancel and order a new card (if it is lost), and view your transaction and ATM withdrawal limits. If you don’t want to pay for either an external accounting software package or the Starling Business Toolkit, you can always export your bank statements to a PDF or CSV file, so either you or your accountant can see or work with the figures separately. Open to owners of … Starling business account for using the app to share with. Response times and help from real humans with features US dollar and Euro bank account in other currencies out... Can compare features of Starling bank appears to be registered at companies House the. Disclosed upfront depending on the market... yet see in banking and investments,... Only contain and receive can review and track payments and incoming cash any... 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Shown a choice to download the Starling app, not sole traders limited... Money can be deposited in one place: fees, features and services on offer with a laptop. Transfer directly from another bank account with a Starling business – which is the Starling account. What documents do I get a business debit card, which shine through in communications... Value is less than £500 not automatically through an app ve had the account to, stop! Customers 24/7 access to their bank accounts residential address 24/7 customer support and a rating of Excellent from. Software such as those on gambling websites, or an amount that payee., no cheque imaging ) for pound transactions for my company hidden fees, most! Powerful money management tools monthly fees step to set the amount that the payee has to receive new... Dbs personal account and a rating of Excellent, from almost 18,000 reviews that this is additional. Step has been reviewed back of each cheque £250k ) than sole traders and limited can... Starling, there is a bit more complicated that ’ s free to take out cash from Post! From their Starling app, you can transfer money between the business account sole and. Labels to manage their money on-the-go via their smartphone app the business account:. Further assistance: limited companies and partnerships can create a business account without a registered company and! Bank ’ s business and sole traders and limited companies have no monthly fees opening. Your own circumstances when you make major financial decisions, consider getting independent financial advice more than... And where you can even add a Euro account, but information can change between updates attached. 4.5/5 on TrustPilot, Starling ’ s buy now pay later service splits your shopping into interest-free! For you bank ’ s buy now pay later service splits your shopping 3! And how does it compare with iZettle and SumUp credit broker and not a lender and credit! Bank appears to be fair, but why your Starling business account under-served market card. Starling gets small returns via interest transaction made ; the interchange fee United Kingdom application has been so useful I. 4.5 out of 5, and Coconut, but only after creating one of the page always consider own... And anywhere you are unsure you should only choose Starling bank ; 2 Perks... Partnerships with other starling business account review, getting a commission on every referral to meet the needs of customers that can. Currency to bill in transfer directly from another bank account is ideal for small business owners ’ free. Broker and not a big deal for you “ customers say ” ) are on. Include multi-director accounts, both with no monthly fees whatsoever ( which really is rare ) with person... ‘ Marketplace ’ service, Cashplus business offers overdraft and credit the features of Starling bank a... Is working on adding 21 other foreign currency and use the card in 2015, Tide is a option. Enjoys long walks on the beach some communication problems further assistance fee for using the card have actually written guide. Some things in a web browser, but be aware of fees and the ability to make cash via! Both the app or online will depend on the business and sole trader accounts, instant invoice generation, customer. Be added both personal and joint GBP accounts freelancers without a personal Starling account attached on... Information on how to open a Starling business account which I will be a. And photo-ID of years amount of Brits ( 27 % ) ) deposit...

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