Major bank to axe key feature from all current accounts in weeks
Digital bank Starling is set to axe a key feature from all current accounts within weeks. Customers will no longer be able to benefit from the money-making feature from February.
The bank will be ending interest payments on current accounts for all customers. Currently, Starling pays 3.25% interest on balances up to £5,000.
It means that a customer with the maximum amount in their account could earn an extra £162.50 a year in interest. But this feature will be axed completely on Monday, February 10.
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A spokesperson for Starling Bank said: "We continually keep our products under review and have taken the decision to remove current account interest from February 10, 2025. Customers will still benefit from fee-free spending abroad and 24/7 customer service."
Customers who still want to bank with Starling can take advantage of its easy access savings account, The Sun reports. This pays 4% interest.
Saving £5,000 in this account would give you £200 in interest over 12 months. But customers could still get a better savings rate with other banks.