Starling Bank is aiming to simplify saving with the launch of Easy Saver, a savings account linked to a Starling personal current account.
This account offers “penalty-free, immediate” withdrawals, as well as an interest rate of “4% AER / 3.92% GROSS” variable on balances “up to £1 million.”
The account is open to “eligible” Starling personal current account holders and will be introduced at the end of this month.
Easy Saver customers will earn daily interest, “paid monthly,” on their balances and can make immediate, fee-free unlimited deposits and withdrawals “to and from a Starling personal current account.”
Customers will be able to apply for Easy Saver in a matter of “minutes” via the Starling app.
It will sit under the Spaces section of their current account, bringing all their Starling products together in one place for ease of accessibility.
Spaces are already used for money management, with Starling’s personal account customers “having on average at least two Spaces attached to their account, used for everything from putting aside money for Christmas to holiday spending overseas using a Starling virtual card with no fees.”
Maria Vidler, Chief Customer Officer of Starling Group said that Easy Saver helps customers with a “competitive interest rate, penalty-free access and full integration into their Starling app so they can see everything in one place.”
While these new product updates may help consumers, there’s still a lot more that needs to be done when it comes to assisting UK customers with enhancing their financial literacy and overall education. Learning to budget, effectively manage personal and business finances, and coping with the increase cost of living / inflation remains a key challenge.
Many households across the globe are living paycheck to paycheck due in part to poor money habits. With a more comprehensive product offering, which educates UK consumers on the benefits of saving for the long-term, Starling Bank and other Fintechs can really start to help consumers cope with the challenging socioeconomic environment.
Vidler added that Easy Saver is the latest in “a suite of new products and services at Starling, following the recent launch of Call Status Indicators, an in-app service” helping to protect potentially vulnerable clients from bank impersonation fraud, with more to follow in the coming year.
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 provides personal, business, joint current accounts alongside Kite, a debit card for kids.
Starling provides a Software-as-a-Service (SaaS) proposition via its subsidiary Engine, using the tech platform that powers its own bank.
Based in London, the bank maintains business offices in Cardiff, Dublin, Manchester as well as Southampton.
