Starling Bank preparing to launch "Kite" kid’s card and negative interest rate for Euro accounts
Minus 0.5 per cent for account holders with more than €50,000 in their accounts.
The bank is also preparing to introduce negative interest rates of 0.5 per cent for its Euro account holders who have more than €50,000 in their accounts.
Negative rates will begin from 4 November, but will only be charged on the Euro amount above €50,000—meaning a customer with a €51,000 balance will pay Starling 0.5 per cent interest on €1,000 of their account in order to store the funds with Starling Bank.
A number of other changes were revealed over the weekend in an email to customers detailing Starling’s newly updated terms and conditions.
The card will be aimed at children 15 and under, who don’t yet qualify for Starling’s Teen account.
Customers will also soon be able to open multiple GBP Personal and Joint Accounts, although each additional account will also be charged at £2 per account per month.
Replacement cards for Starling’s standard Personal and Joint Accounts will also soon be charged at £5 per replacement, with one free replacement a year.
Finally, for larger same-day CHAPS payments Starling will be charging £20 per payment.
All the new fees come into effect from 4 November, however it’s unclear whether Kite and Starling’s new Connected card will launch on this date or later in the year.