Starling current account Interest Rate now 3.25%

penners324

Starling are putting the interest rate on their current accounts upto 3.25% from 1st October.

Also calling for the big banks to follow suit.

https://www.starlingbank.com/news/starling-bank-boosts-interest-rate-for-personal-and-joint-accounts/

Rob5342

Thanks. I would have considered switching from Monzo if Monzo hadn't just introduced cashback on aupermarket spends. If they withdraw that then I'll probably switch.

Lions_89

Wow that is really good. I might actually switch to a digital bank for the first time if the big boys don't pull there finger out. I will give them a month or two.

jbrassy

Still not as good as Kroo (4.35%)

Lions_89

jbrassy said:

Still not as good as Kroo (4.35%)

Is there a catch with these banks? Only for a limited period etc 

if Kroo are paying 4.35% surely a better option.

jbrassy

Lions_89 said:

jbrassy said:

Still not as good as Kroo (4.35%)

Is there a catch with these banks? Only for a limited period etc 

if Kroo are paying 4.35% surely a better option.

Kroo set their interest rate at the Bank of England base rate minus 0.9%.

Starling set it at what they want. But then again most banks do this.

There's no catch to them other than they're app only.

friolento

jbrassy said:

Lions_89 said:

jbrassy said:

Still not as good as Kroo (4.35%)

Is there a catch with these banks? Only for a limited period etc 

if Kroo are paying 4.35% surely a better option.

Kroo set their interest rate at the Bank of England base rate minus 0.9%.

Starling set it at what they want. But then again most banks do this.

There's no catch to them other than they're app only.

Starlling have a basic online banking function in addition to their app. Kroo is app only.

Rob5342

friolento said:

jbrassy said:

Lions_89 said:

jbrassy said:

Still not as good as Kroo (4.35%)

Is there a catch with these banks? Only for a limited period etc 

if Kroo are paying 4.35% surely a better option.

Kroo set their interest rate at the Bank of England base rate minus 0.9%.

Starling set it at what they want. But then again most banks do this.

There's no catch to them other than they're app only.

Starlling have a basic online banking function in addition to their app. Kroo is app only.

Starling online baking is fully featured and offers everything the app does, but you do need to use the app to log in to (taking a picture of a QR card on the webpage).

Monzo have a very basic online banking that just shows you a list of transactions and the ability to freeze and unfreeze your card. To access that you just enter your email address and click the link they send you.

pridehappy

Finally something worthwhile to attract you to Starling other than just digital features - always thought it looked a little embarrassing at 0.05% AER and probably better just not to offer it at all.

Cashmygiro

Just downloaded my Starling statement for 1st-1st October and the interest rate section at the bottom states NA.

Doh!

WillPS

pridehappy said:

Finally something worthwhile to attract you to Starling other than just digital features - always thought it looked a little embarrassing at 0.05% AER and probably better just not to offer it at all.

Let's not get too giddy - 3.25% while the base rate is 5.25% means Starling can earn 2% on account holders funds "just" by lodging them with the Bank of England.

In some ways 0.05% while the base rate was <1% was a much better deal.

It's something nice for existing users but doesn't seem to be much of a reason to make a beeline for Starling as far as I'm concerned.