Question 1

What is a savings account?

Accepted Answer

A savings account is a financial account designed to hold your savings, allowing you to earn interest on the money you save. Starling offers the following three accounts to match your savings goals: A personal and joint Easy Saver for easy access, a Fixed Saver for locking money away for a fixed return and a Cash ISA for tax-free growth.

Question 2

What is an ISA savings account?

Accepted Answer

An ISA is a type of savings account that offers a tax-efficient way to save or invest. This is because the interest you earn within an ISA isn’t taxed. Key things to know about the Starling Cash ISA: Annual limit: Each tax year, the government sets an allowance that limits how much money you can pay into your ISAs. To check the current limit for this tax year, visit GOV.UK. Flexibility: The Starling Cash ISA is flexible, meaning you can withdraw money and put it back in during the same tax year without it affecting your annual allowance.

Question 3

How do I open a Starling savings account?

Accepted Answer

To open a savings account such as a personal or joint Easy Saver, Fixed Saver, or Cash ISA, you must: have an open Starling personal account (or joint account for joint Easy Saver), be aged 18 or over and be a UK resident. You may also need to meet other product-specific eligibility requirements. Log into the app, navigate to the spaces and savings section, and choose the account that fits your goals. As a regulated bank, you’ll also need to go through additional eligibility and fraud checks using the information we already hold for you.  If you need to update any of these details, make sure to do this before submitting your application.

Question 4

Can I open a savings account with someone else?

Accepted Answer

If you’re saving together, our joint Easy Saver is the way to go. It’s currently the only savings account we offer for joint current account holders.

Question 5

What is a savings rate?

Accepted Answer

A savings rate is the amount of money a bank pays you for keeping your money in a savings account with them. The Annual Equivalent Rate (AER) shows what the interest rate would be if interest was paid and compounded once a year. It’s used to help you compare between savings accounts. Compounding is when you earn interest on top of the interest you’ve already earned. The ‘gross’ rate is the actual interest rate that will be paid to you. Paying gross interest means we don’t deduct any tax you might owe. The ‘tax-free’ rate is used instead of the ‘gross’ rate when you don’t need to pay any income tax on the interest you earn. For example, we use the ‘tax-free’ rate for our Cash ISA.

Question 6

Do I have to pay tax on my savings in the UK?

Accepted Answer

This depends on how much interest you earn and your overall income. Most UK taxpayers have a Personal Savings Allowance (PSA) that allows them to earn a certain amount of savings interest tax-free each year. If your interest exceeds your allowance, you may owe tax. Because tax rules depend on your individual circumstances and can change, you can check your specific situation on the government website. We don’t give any tax, legal or investment advice.

Question 7

How much interest on savings is tax free?

Accepted Answer

If you save through Starling’s Flexible Cash ISA, any interest you earn is tax free. You can find out more in our blog post here. Tax treatment depends on your individual circumstances and can change. Further information can be found on the GOV.UK website. We don’t give any tax, legal or investment advice.

Question 8

Can I link my savings account to a Saving Space?

Accepted Answer

Saving Spaces are a feature exclusive to our Easy Saver account.

Features	Easy Saver	Cash ISA	Fixed Saver
Interest rate	4.00% AER (3.92% gross) includes a fixed bonus of 1.50% AER on balances up to £25k for first 6 months	2.50% AER (2.46% tax free) variable	4.20% AER/gross interest
Underlying standard rate	2.50% AER (2.46% gross) variable on balances over £25k or whole balance after 6 months	N/A	N/A
Interest paid	Monthly	Monthly	End of term
Access to funds	Unlimited access	Unlimited access	No access for 12 months
Account term length	N/A	N/A	12 months
Minimum and maximum deposit	£0–£1m (underlying standard rate applies on balances over £25k)	No minimum or maximum deposit (£20k tax year limit)	£2k–£1m (Initial deposit only)
Number of accounts you can open	2 (one personal and one joint account)	1	Up to 50
Available with a joint account	Yes	No	No

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Fixed Saver

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Variable

AER

Gross p.a.

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