Starling T&C and product changes

colsten

Highlights:

• A children's Space and debit card (Starling Kite) will be charged at £2 per card per month - cheaper than Go Henry (though may be not as functional)

• If you don't have a Connected card yet but think you might need one at some time, now is the last opportunity to get a free one

• Replacement card costs £5 (renewals are still free of charge)

Further details:

Pricing changes to existing services from 4th November We’re introducing some new fees that come into effect on 4th November, but they’ll only affect you if you use these features. Updates to the terms for Personal and Joint Accounts (GBP Accounts only): On the rare occasion that you need to send a CHAPS payment, it will cost £20 per payment. CHAPS is a payment system for sending large, same-day payments. You can continue to send payments via Faster Payments for free. Updates to the terms for Personal and Joint Accounts (including GBP and Euro Accounts): Replacement cards will be charged at £5 per card. You’ll get one free replacement per year, and we won’t charge you when your old card expires.

Updates to the terms for Personal Euro Accounts: We’ve updated our Euro Account terms to introduce an interest rate of -0.5% AER on deposits over €50,000. From 4th November, you’ll be charged interest for holding deposits over €50,000. For example, if you’ve got €51,000 in your account, you’ll only be charged interest on that extra €1,000. Interest will be accrued daily, and charged monthly.

New products for Personal and Joint Current Accounts We’re excited to be launching a number of new products very soon. As such, we’ve updated our terms to outline how we’ll be charging for them. These new products are optional, and you’ll only be charged if you choose to subscribe. A children's Space and debit card (Starling Kite) will be charged at £2 per card per month. A new version of our Connected card, with extra features, will be charged at £2 per card per month. If you already have a Connected card, it’ll continue to be free. An additional GBP account (available on Personal and Joint Accounts) will be charged at £2 per account per month.

mazzetti

Are they the first to start charging negative interest rates on personal deposits ?

colsten

It seems so, yes. Though I doubt there will be many people who will want to keep more than 50k Euros in a current account.

[Deleted User]

colsten said:

It seems so, yes. Though I doubt there will be many people who will want to keep more than 50k Euros in a current account.

Because the Euro saving/deposit rates available are so good?!

wiseonesomeofthetime

@colsten You appear to have only quoted the T&Cs effective from 4 November 2020.

There are a separate set that came effective yesterday, 3 September 2020, and the new connected cards are covered in that one and cost £2 per card per month already.

Only those that held them prior to 3 Sep 2020 retain the (first) connected card for free.

The 4 November 2020, look almost identical to me, except for the introduction of the £20 CHAPS charge.

T&Cs

Edit:
I have just received the email from Starling and nowhere in it makes reference to the T&Cs for 3 September 2020, so that is probably why not covered in OP.

They become apparent when you follow the email link to Legal Documentation and then select the fees pdf, that I have linked to above!

Sneaky 🧐

colsten

@wiseonesomeofthetime I either did not receive notification of the changes that came into effect yesterday, or I somehow didn't pay attention to them. Both are equally possible!

Ballard

colsten said:

It seems so, yes. Though I doubt there will be many people who will want to keep more than 50k Euros in a current account.

What options do you see for people with particularly long EUR balances at the moment?

colsten

Ballard said:

colsten said:

It seems so, yes. Though I doubt there will be many people who will want to keep more than 50k Euros in a current account.

What options do you see for people with particularly long EUR balances at the moment?

Haven't given this much thought but I would think investments of whatever kinds and/or spending

TheMightySwordfish

We have a Euro account with Barclays. No interest and the closest branch closed not long ago. Not sure if there is a better option though. 

wiseonesomeofthetime

colsten said:

@wiseonesomeofthetime I either did not receive notification of the changes that came into effect yesterday, or I somehow didn't pay attention to them. Both are equally possible!

You did not miss them. They were not there in the email.

I only picked up on it via the Monzo forum, then following the link from today's email.