Digital Banking: Starling Bank Increases Fixed Saver Interest Rates

Starling Bank Boosts Interest Rate on 1-Year Fixed Saver

Effective September 21, 2023, Starling Bank is increasing the interest rate on its 1-Year Fixed Saver from 5.25% to 5.53% AER/Gross. This move aims to provide better returns to customers who opt for the Fixed Saver option, allowing them to earn 5.53% on balances ranging from £2,000 to £1 million that are locked in for one year.

Starling Bank offers its customers the convenience of managing their Fixed Saver through the Spaces section of both the mobile app and online banking platform. This allows for maximum visibility and control over their savings. Customers can effortlessly transfer funds from their main account balance to the Fixed Saver Space, and they can easily track and determine the amount of interest they will accumulate over the course of the 12-month period.

Flexibility is a key feature of Starling Bank’s Fixed Saver, as customers have the option to hold multiple Fixed Savers simultaneously. However, it is important to note that top-ups for individual Fixed Savers are not possible.

To take advantage of this compelling offer, customers must have a minimum deposit of £2,000 and can deposit up to a maximum of £1 million. The interest is calculated daily and will be paid out after 12 months upon maturity. It is crucial to emphasize that this offer is exclusively available to Starling Bank personal current account customers.

Opening a 1-Year Fixed Saver is a swift and hassle-free process. As soon as an account is set up and funded, customers can immediately open a Fixed Saver. The tenure of the Fixed Saver commences from the day the money is deposited. Should customers decide to close their Fixed Saver, they have a grace period of 14 days from the date of initial opening to do so.

It is worth noting that Starling Bank has designated the 1-Year Fixed Saver as a limited edition product, subject to an initial cap. Therefore, its availability may be limited.

Existing Starling Bank customers who have recently opened a Fixed Saver will be promptly informed about the new rate change.

Starling Bank Limited ensures the safety and security of its customers’ deposits through the Financial Services Compensation Scheme. Deposits are protected up to a limit of £85,000 per depositor per bank. All eligible deposits are aggregated, and the total amount is subject to the £85,000 limitation.

Headquartered in London, Starling Bank is a fully-licensed and regulated financial institution specially designed to offer a fairer, smarter, and more customer-centric alternative to traditional banks. In addition to personal, business, joint, euro, and dollar current accounts, Starling Bank also provides a children’s card. Through its subsidiary Engine, the bank offers a Software-as-a-Service (SaaS) proposition, utilizing proprietary technology to power its banking operations.

With offices in Cardiff, Dublin, Manchester, and Southampton, Starling Bank continues to thrive as a trusted and innovative player in the banking industry.

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