Starling Bank has announced that from 1st October, it will increase its in-credit current account interest rate to 3.25%.
The new rate is payable on balances up to £5,000 for sole accounts and £10,000 for joint accounts.
It’s big change from Starling, which until now was paying just 0.05% on balances up to £85,000 so their customers will no doubt be delighted to see this shift change.
Interest rates apply to the first £5,000 in a customer’s account, inclusive of money held in Spaces and children’s Kite cards connected to an adult account.
Customers with joint accounts will earn interest on joint balances of up to £5,000, as well as on balances of up to £5,000 in their personal current account.
According to Starling, most of its retail customers will benefit from the interest on the entirety of their current account balance, with 94% holding £5,000 or less.
Interest is paid monthly on the first day of the following month.
The 3.25% interest rate is available to new and existing customers.
Find out more about Starling Bank here.
