Starling 0% joint account wtf
Discussion
sunnyb13 said:
Have a current account with starling.
Opened a joint with the wife to save some money. We’ve been putting away £5k a month each in starling joint - and I’ve just realised it’s 0% interest.
What is the point of a 0% joint account. How bloody annoying
To make money off you? The accounts don't just magic interest, the bank onward lends it to generate said interest. The fact they paid nothing to get your funds in just ups the profit.Opened a joint with the wife to save some money. We’ve been putting away £5k a month each in starling joint - and I’ve just realised it’s 0% interest.
What is the point of a 0% joint account. How bloody annoying
They are providing you a free banking service currently. If you wanted an actual return you should have shopped around.
sunnyb13 said:
Have a current account with starling.
Opened a joint with the wife to save some money. We’ve been putting away £5k a month each in starling joint - and I’ve just realised it’s 0% interest.
What is the point of a 0% joint account. How bloody annoying
It's pretty clear it's 3% up to 5k. Opened a joint with the wife to save some money. We’ve been putting away £5k a month each in starling joint - and I’ve just realised it’s 0% interest.
What is the point of a 0% joint account. How bloody annoying
I can't see what 'joint' has to do with it. It's one of the better interest rates for such a functional current account. Sounds like this one is entirely on you
If you want better rates open a proper savings account
lizardbrain said:
sunnyb13 said:
the issue is I haven't even got 3% for £5k
worth contacting them about thatMine is paid in first day of the month example reference 'march interest earned'
I get interest on my current account similar to lizard.
silentbrown said:
lizardbrain said:
worth contacting them about that
Mine is paid in first day of the month example reference 'march interest earned'
0% interest on any balance over £5K, surely? Not just 0% on the amount above the first £5KMine is paid in first day of the month example reference 'march interest earned'
If you have a personal current account, you’ll get 3.25% AER (variable) interest on account balances up to £5,000. You’ll earn interest on the first £5,000 in your account, but not on any amounts over £5,000. So, if you had £5,100 in your account, you’d get interest on £5,000 and no interest on £100.
If you have both a personal and joint account, you’ll earn this interest rate on both accounts.
It does seem very clear to me that account holders won't be getting 5% on the full amount in the account, which will be quite a lot of money if OP and partner have been putting £10k a month in there between them. But it does seem odd to get nothing at all - perhaps it's simply that a relatively small interest payment a year or so ago has got lost in the noise of other transactions.
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