Starling Bank: kid’s card and negative interest rates
Starling bank is launching a children’s Space and debit card (called Starling Kite) designed for kids aged 15 and under that will be charged at £2 per month. The card will be linked to the parents’ Starling account.
Challenger bank Starling is also introducing new fees that come into effect on 4th November. An interest rate of -0.5% AER for holding deposits over €50,000. For example, if you’ve got €51,000 in your account, you’ll only be charged interest on that extra €1,000. Interest will be accrued daily, and charged monthly.
Moreover, same-day CHAPS payments will cost £20 per payment
Other new charges include a £5 fee for replacing more than one lost bank card a year on personal or joint accounts. The same was announced by Monzo last week.
A new version of Starling’s Connected card (balance-limited card you can give to a trusted person), with extra features, will be charged at £2 per month. Any existing Connected Cards will continue to be free.
Finally, customers will be able to open additional GBP account (available on Personal and Joint Accounts) at £2 per month.