Starling introduce negative interest rates on their Euro account

colsten

It's incredibly easy to avoid the negative rate for now but not a good development.

gt94sss2

Not a suprise, the ECB base rate is also -0.5% 

Has been for the past year

colsten

It was a surprise to me as this is the first time that I have seen negative interest rates on personal accounts. I do hold accounts in Euroland, none of which have negative rates, and I don't know of any Euroland-based banks that do, for personal accounts.

TheMightySwordfish

I switched from Starling to Metro Bank for £50 and Monzo to Halifax for £100 and a Fiver a month. No regrets 😏

notveryeducated

TheMightySwordfish said:

I switched from Starling to Metro Bank for £50 and Monzo to Halifax for £100 and a Fiver a month. No regrets 😏

And now you could switch one to RBS for £100 if you are able to

Ballard

Starling will have been charged for their long balances for some time and I suppose that they couldn’t keep ignoring the expense forever. 

TheMightySwordfish

notveryeducated said:

And now you could switch one to RBS for £100 if you are able to

... and Ulster Bank if they don't cross reference :thinking:

[Deleted User]

TheMightySwordfish said:

notveryeducated said:

And now you could switch one to RBS for £100 if you are able to

... and Ulster Bank if they don't cross reference :thinking:

Probably more of the T&Cs question

colsten

TheMightySwordfish said:

I switched from Starling to Metro Bank for £50 and Monzo to Halifax for £100 and a Fiver a month. No regrets 😏

I did the switches to Metro and Halifax and RBS and Ulster and still have my treasured Starling account, and also a Monzo one, just in case it might become useful one day. No regrets 😏

Sorry not sorry for the brag encouragement to think outside the box

wmb194

colsten said:

It was a surprise to me as this is the first time that I have seen negative interest rates on personal accounts. I do hold accounts in Euroland, none of which have negative rates, and I don't know of any Euroland-based banks that do, for personal accounts.

On its personal current and savings accounts ABN Amro in The Netherlands does at -0.5% but only on balances above €2.5m.
https://www.abnamro.nl/nl/prive/rente/actuele-rente.html

jonesMUFCforever

It could well come to us here in the UK if things get worse.
Japan have had negative interest rates since 2016.
If it did happen it would be a 'tax grab' for the government to help pay for the bailouts.