Starling Bank is raising the interest rate on its 1-Year Fixed Saver from 5.25% to 5.53% AER/Gross.
Effective from Thursday 21 September 2023, Starling Bank customers “choosing the Fixed Saver will receive a return of 5.53% on balances of £2,000 – £1 million locked in for one year.”
A Fixed Saver is managed “from the Spaces section of both the Starling Bank app and online bank for maximum visibility and control.”
Funds can be transferred immediately “from the main account balance to the Fixed Saver Space, and customers will be able to see how much interest they will accrue on their savings over the full 12 months.”
They can also hold multiple Fixed Savers “at any time.”
As clarified in the update, 5.53% AER/Gross p.a. fixed for 12 months. Minimum deposit of £2,000; maximum of £1 million. Interest calculated daily and “paid after 12 months on maturity.” This offer is available for Starling Bank personal current account customers only. A 1-Year 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 Fixed Saver “within 14 days from the date of initial opening.” Top-ups of individual Fixed Savers “are not possible.”
Subject to availability, 1-Year Fixed Saver is “a limited edition product, subject to an initial cap.”
Existing customers who have opened a Fixed Saver “in the last 14 days will be notified of the new rate change.”
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 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.”
Headquartered in London, the bank has offices “in Cardiff, Dublin, Manchester and Southampton.”