Banking / Credit Interest

Starling Bank increases current account credit interest rate to 3.25%

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.

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