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.
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