Starling Bank launches first savings account

Digital challenger Starling Bank is set to launch its first Fixed Saver product offering 3.25% interest.

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The fixed one-year saver account will give the 3.25 per cent on balances of £2,000 or more, available from 15th December.

The account can be set up in the Starling app and is only available for Starling personal current account customers.

Current account members can set up the One-Year Fixed Saver within the Spaces section of the app, which will take only a few minutes.

Any funds can be transferred immediately from their primary account balance to the savings space but cannot be accessed for one year.

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While seeing up their One-Year Fixed Saver account, customers will be able to see how much interest they will accrue on their savings over the full 12 months.

Anne Boden, Chief Executive of Starling Bank, said: “Starling customers can start saving instantly and receive guaranteed returns with our introductory 1-Year Fixed Saver while getting a full picture of their personal finances all in one app.”

On the same topic, Atom Bank’s CEO Mark Mullen said: “In contrast to most banks, who continue to offer rock bottom rates to savers, we have increased the rates across our savings range for the second time this year. Savers have had it rough for a long time, and traditional high street banks have done very little to support them for many years.”