Starling to lower their interest rates in May.
What a pity
It’s a shame, but not a surprise.
Oh well. Guess I’ll be moving my money that’s in goals. I see the average balance they have going down
Add to this that they’re hiking my overdraft rate from 15% up to 35%, even though I have a excellent credit history/scores, Starling are becoming less and less attractive.
Just seen that. Shifted some spare into an Atom 3-month saver. Nigh-on frictionless now.
What’s the rate? I’m considering shifting over to Marcus or Virgin
The Atom 3-month fixed is currently 0.9% AER
It’s all a bit amateur-hour with Starling’s non-compliance - one day the regulator may come down on them for only notifying some of their customers about increases to overdraft rates and reductions in savings rates.
Isn’t it better to go with Marcus then? 1.3% instant access
It is, but I need to change my linked account. Fact is, I’d forgotten about my Marcus account. Bit of an outlier now it seems…
You can get 1.65% with Moneybox’s 95-day access account.
Don’t forget, this is a current acount, not a savings account. Most current accounts don’t pay interest these days. Considering the BoE base rate has been slashed, I think it’s good that they’re paying anything at all.
Agreed - and if there was going to be movement in the interest paid it was only likely to go one way.
The ease with which we can move money around across products these days, it hardly matters anyway. And unless you’re holding a shed-load of cash with Starling, it’s no biggy either.
As you imply, there’s no longer any meaningful competition in the CA interest department, anyway, so it ceases to be a consideration.
Of course, anyone with kids under 15 can get a total of 6x £5k at 2% interest, instant access, per child
x2 with Lloyds
x2 with Halifax
x2 with Bank of Scotland
You can max out your kid’s £100 tax-free interest allowance too, then the rest will come under your own allowance.
If you have two kids, that’s 60k at 2% with an extra £200 tax-free. Not bad for instant access…
Just remember to empty the accounts before you lose control of it all hahahahahah
Trying to imagine whether that was a sardonic chuckle or a maniacal cackle…
Virgin are still paying 0.5% on CA interest and have a very easy access savings account that you can mimic goals with that’s currently paying 1% interest
Sure. But I’d rather not open any more accounts now. I’ve been trimming them back recently.
I already opened my Virgin so I’m toying around with the idea of keeping my banking with Starling and moving my savings over to Revolut/Marcus or moving to Virgin
The couple of pounds a month I’ll be losing is insignificant given the benefits I get from using Starling as our holiday account.
As long as they don’t remove the fee free overseas spending/free ATM withdrawals, I’ll be sticking with them