Notice of interest rate change

14th March 2020

London, 14 March 2020: Starling, the leading digital bank, is revising the interest rate it pays on credit balances on its free current accounts, following the Bank of England’s ("BoE") decision to cut interest rates to shore up the economy amid the coronavirus outbreak.

The BoE reduced its Base Rate from 0.75% to 0.25% on 11 March 2020.

To reflect this, Starling will be making a change to the interest rate offered to customers holding credit balances on their personal current accounts. From 18 May 2020 the interest rate on all personal current accounts will be 0.05% AER on credit balances up to £85,000.

At present Starling pays 0.5% AER on balances of up to £2,000 and 0.25% AER on balances up to £85,000 on personal current accounts. It pays no interest on business and sole trader current accounts.


Notes to Editors The AER, or Annual Equivalent Rate, takes account of the interest rate paid and how often that interest is paid, in Starling’s case it is calculated and accrued daily and paid monthly.

About Starling Bank Starling is a leading digital bank, founded in 2014 and voted Best British Bank in 2018, 2019 and 2020. Its retail banking app offers personal, business and joint current accounts on Android and iOS. Starling also offers groundbreaking B2B banking and payments services as well as a Marketplace for third party financial products and services. It has opened 1.3m accounts.

Starling is a fintech business with a banking licence, fully regulated by the FCA and PRA. It is directly connected to major payment schemes, including Faster Payments, SEPA, Bacs and MasterCard.

Contacts

Alexandra Frean

alexandra.frean@starlingbank.com

media@starlingbank.com

+44 7973 668363

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