Starling Bank has launched its first saving product aimed at small and medium businesses.
The one-year Business Fixed saver offers a 2.5 per cent AER/ Gross interest rate on balances of £2,000 to £1 million.
Starling said that account holders will be able to transfer funds immediately in-app or using Starling Online Banking from their primary business account to a dedicated savings space, while funds deposited in the fixed saver account will be inaccessible for one year.
Commenting on the news Anne Boden, chief Executive of Starling Bank, said: “We launched our first savings product for personal customers just over a month ago, now it’s time to reward our business account holders with guaranteed returns, especially in this period of economic uncertainty.”
Starling Bank recently said it expects to more than quadruple pre-tax profits in its latest financial year, which runs until the end of March. Boden said that the bank generated pre-tax profits of over £250 million in December and recorded £600 million annualised revenue.
The results come after the challenger swung to profit in 2021 following a loss of £30 million in the previous year.
Latest News
-
HSBC appoints former NatWest CEO to lead UK business
-
Allica Bank ‘waiting on sidelines’ for Open Finance due to unclear regulation
-
FCA exec says Open Banking payments ‘on cusp’ of becoming ubiquitous
-
Everywhen partners with Asda for supermarket's first business insurance offering
-
Revolut obtains Mexican banking license
-
Lloyds Bank rolls out nearly 30,000 Copilot licences
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories