Starling 0% joint account wtf

[sunnyb13]

x

Edited by sunnyb13 on Friday 26th April 10:14

[POIDH]

?

[lizardbrain]

What interest rate is paid on current account balances? 
If you have a joint account, you’ll get 3.25% AER (variable) interest on account balances up to £5,000.

[sunnyb13]

lizardbrain said:

What interest rate is paid on current account balances? 
If you have a joint account, you’ll get 3.25% AER (variable) interest on account balances up to £5,000.

its a 0% pot apparently. didn't know this for over a year. what a waste. thought consumer duty would ensure people would get a more suitable account/interest rate.


https://help.starlingbank.com/joint/topics/zero-pe...

[lizardbrain]

Any chance you can describe in more detail what pays interest and what doesn’t?

[sunnyb13]

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

[OoopsVoss]

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.

They are providing you a free banking service currently. If you wanted an actual return you should have shopped around.

[lizardbrain]

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.

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

[sunnyb13]

lizardbrain said:

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.

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

the issue is I haven't even got 3% for £5k

[lizardbrain]

sunnyb13 said:

the issue is I haven't even got 3% for £5k

worth contacting them about that

Mine is paid in first day of the month example reference 'march interest earned'

[Challo]

lizardbrain said:

sunnyb13 said:

the issue is I haven't even got 3% for £5k

worth contacting them about that

Mine is paid in first day of the month example reference 'march interest earned'

Im with starling and have a joint account but thats just to manage the household bills and rainy day fund.

I get interest on my current account similar to lizard.

[silentbrown]

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 £5K

[OoopsVoss]

Yep. Its pretty clear they only pay up to 5k....

[mikey_b]

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 £5K

Starling website says:

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.

[mcflurry]

Did you select the sharia compliant 0% interest option when setting up the account?

[sunnyb13]

mcflurry said:

Did you select the sharia compliant 0% interest option when setting up the account?

It says the 0% interest account is not sharia compliant. I find this option so strange

[NerveAgent]

This thread is pretty confusing!

For what it’s worth my wife and I have personal and joint Starling accounts and get the 3.25% on £5k in each of the 3 accounts.

[Gordon Hill]

At what point did you think that this was a good idea?

[POIDH]

If you're saving £5k a month then I would have put effort into working out the best savings account(s) and most tax efficient returns. Not assumed/didn't read.
I'm sorry in this case you should be frustrated with yourself, not Starling.