Starling Bank hikes fixed savings rate to 5.25%

Starling Bank has hiked the rate on its fixed savings which has shot up from 3.25% to 5.25% - but how does it compare to the rest of the market?

BRITAIN-MOBILE-TECHNOLOGY-APP-BANKING-STARLING BANK
(Image credit: ADRIAN DENNIS / Contributor)

Starling Bank has hiked the rate on its one-year fixed savings account for the first time since quietly coming into the saving market last year - up from 3.25% to 5.25% AER.

Alexandra Frean, chief corporate affairs officer at Starling said the jump in the rate was "in response to Bank of England changes in interest rates”.

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Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.