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Starling introduce negative interest rates on their Euro account

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


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Comments

  • gt94sss2
    gt94sss2 Posts: 6,081 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Not a suprise, the ECB base rate is also -0.5% 

    Has been for the past year
  • colsten
    colsten Posts: 17,597 Forumite
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    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
    TheMightySwordfish Posts: 176 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    edited 4 September 2020 at 5:10PM
    I switched from Starling to Metro Bank for £50 and Monzo to Halifax for £100 and a Fiver a month. No regrets 😏
  • 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
    Ballard Posts: 2,981 Forumite
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    Starling will have been charged for their long balances for some time and I suppose that they couldn’t keep ignoring the expense forever. 
  • 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:
  • 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
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    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
    wmb194 Posts: 4,920 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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
  • 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.
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