No interest is paid on credit balances on this account.
Arranged overdrafts are not available for this account although maybe in the future.
If we honour a transaction or payment that causes your account balance to drop below zero, we will charge 15% EAR on the overdrawn amount – this is the actual rate you will pay (we may update rates from time to time).
We understand that everyone can slip up from time to time when it comes to overdrafts, so If your total overdraft interest charges are less than 10p at the end of any given month, we will waive your interest charge for that month. We’ll always notify you if you need to add money to your account.
If you use an overdraft with Starling, overdraft interest is also calculated on a daily basis. We will tell you at the end of the month how much interest on your overdraft has been calculated for that month and it will come out of your account on the 15th of the following month.
Know your AER from your EAR:
Equivalent Annual Rate (EAR): a representative interest rate that shows what you would pay if you go into your overdraft and remain overdrawn for a year. Interest is accrued daily, charged monthly and it’s all updated in your app.
Annual Equivalent Rate (AER): the rate of interest a saver will receive over a year assuming the credit balance is left in the account for the full year.
Monthly account keeping fees
If you are a micro enterprise i.e. you employ fewer than 10 persons and your turnover does not exceed £1.7m then the account has zero monthly account keeping fees
Customers whose business is larger than the definition of micro-enterprise will not be charged a monthly account keeping fee during the testing period, however will be charged a monthly fee in the future. We will let you know about the charge in advance of it coming into effect.
Adding money to your account
There is no cost for receiving bank transfers into your account from any other UK bank, likewise there is no cost for making bank transfers out of your account to any other UK bank.
For transfers from overseas accounts, the originator of the payment may have instructed their bank to deduct fees from the transferred amount or charge you an additional fee. For transfers which you receive in Euros, generally we will convert your money into £ sterling at Starling’s daily conversion rate.
We will not charge you a fee for Starling’s services.
It’s free to make payments from your Starling £ account in the following ways:
• Faster payments
• Direct Debits
• Standing Orders
When we decline a payment (e.g. direct debits and standing orders) from your account because there is insufficient money in your account we will not charge you a fee.
Making international payments
When you make a foreign currency transfer within our app to another bank account via our currency service, you will see the exchange rate that will be used plus the proposed fee to be charged, before you make your transaction.
It’s free to withdraw £ from an ATM in the UK.
It’s free to withdraw cash from an ATM outside the UK, we will use MasterCard foreign exchange rates.
Starling will not charge a fee to withdraw foreign currency from an ATM but you may be charged by the ATM provider.
Using your card
Debit card payments at a point of sale or online to UK merchants are free.
MasterCard foreign exchange rates will apply for transactions outside the UK or online in foreign currency.
When you are purchasing something from a non-UK merchant (physical or on-line) or ATM and you choose to transact in £ at the point of sale, the merchant / ATM determines the foreign exchange rate and may apply fees.
When you receive a replacement card from us at your request as your original card has been lost or stolen we may at our discretion charge you a £5 fee.