Starling Bank is rolling out its first savings product for small businesses offering a competitive fixed interest rate of 2.5% “over one year on balances of £2,000 or more.”
The new 1-Year Business Fixed Saver is “built seamlessly into the app.”
Account holders can “transfer funds immediately in-app or using Starling Online Banking from their primary business account to a dedicated savings space.”
Funds deposited in the Business Fixed Saver “will not be accessible for one year.”
Interest accrued will be “paid at the end of the full 12 months, and customers will be able to see the final value at maturity.” Businesses will be able “to open multiple Fixed Savers to make the most of their savings.”
Anne Boden, Chief Executive of Starling Bank, said:
“We launched our first savings product for personal customers just over a month ago, now it’s time to reward our business account holders with guaranteed returns, especially in this period of economic uncertainty.”
Starling’s 1-Year Business Fixed Saver “for small and medium-sized enterprises (SMEs) is available from today.”
As clarified in the update, 2.5% AER/Gross p.a. fixed for 12 months.
Minimum deposit “of £2,000; maximum of £1 million.”
Interest is “calculated daily and paid after 12 months on maturity. Available for Starling Bank business current account customers only.” A 1-Year Business Fixed Saver “can be opened immediately on setting up and funding an account.”
The fixed term “starts on the day the money is deposited.”
Customers have “the right to close the Business Fixed Saver within 14 days from the date of initial opening.” Top-ups of individual 1-Year Business Fixed Savers are “not possible.”
Subject to availability. 1-Year Business Fixed Saver is “a limited edition product, subject to an initial cap.”
Deposits in Starling Bank Limited are “protected by the Financial Services Compensation Scheme.” Limit of protection: £85,000 per depositor per bank. All eligible deposits “are aggregated and the total is subject to the limit of £85,000.”
As covered, Starling Bank is “a fully-licensed and regulated bank built to give people a fairer, smarter and more human alternative to the banks of the past.”
It reportedly “offers personal, business, joint, euro and dollar current accounts alongside a children’s card.”
Starling also “provides a Software-as-a-Service (SaaS) proposition through its subsidiary Engine, using the proprietary technology platform that it uses to power its own bank.”
The Starling Marketplace “offers customers in-app access to a selection of third party financial services.”
Headquartered in London, the bank “has offices in Southampton and Cardiff.”