Starling launches COVID-19 support scheme for those struggling financially

Wednesday 1 April 2020 14:38 CET | News

Challenger bank Starling has introduced a COVID-19 support scheme, offering a three-month overdraft interest holiday for those struggling financially, reports Verdict.

Customers can apply for the three-month interest holiday from 1 of April 2020 until 30 of June 2020. During the interest holiday, the bank will waive all interest charges on arranged overdrafts.

In addition, Starling will not add the interest at the end of the holiday period and will resume interest payments the day after the holiday ends. Because of this, successful applicants will not pay any arranged overdraft interest for 90 days from the day the application is accepted. After 60 days, Starling will send a reminder for when interest charges resume.

Furthermore, for customers with no arranged overdraft, Starling has removed the interest rate and maximum monthly charge. Starling has changed the monthly charge from £2 to £0.

The announcement comes after a series of UK banks, such as Barclays, RBS, TSB and Lloyds, have waived interest fees and offered payment holidays.

More: Link

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Keywords: Starling, COVID-19, overdraft, challenger bank, interest charges, UK, Barclays, RBS, TSB, Lloyds
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech