Starling Bank is rolling out its first savings product for small businesses offering a fixed interest rate of 2.5% over one year on balances of £2000 or more.
The new 1-Year Business Fixed Saver is built into the app. Account holders can transfer funds immediately in-app or using Starling online banking from their primary business account to a dedicated savings space.
Funds deposited in the Business Fixed Saver will not be accessible for one year. Interest accrued will be paid at the end of the full 12 months.
Anne Boden, chief executive, Starling, says:: “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.”