Can You Open a Starling Current Account If You Have a Joint Account?
Can You Open a Starling Current Account If You Have a Joint Account?
Switching bank accounts has become easier than ever, thanks to the Current Account Switch Service (Cass). With enticing cashback offers and competitive interest rates, many customers are reevaluating their banking options. But what happens if you already hold a joint account with Starling? Here’s everything you need to know.
Switching to a Starling Individual Account
The Current Account Switch Service simplifies moving your bank account, completing the process in just seven working days. Since its launch, over 11 million people have switched accounts across more than 50 participating banks and building societies.
For those wondering if having a joint Starling account precludes opening an individual one, the answer is no. According to Cass, you can open an individual Starling current account and switch from another bank—such as Barclays—even if you already have a joint account with Starling.
Andrew Hagger, founder of Moneycomms, confirms:
“Even if you have a joint account with Starling, you can still switch your Barclays current account to a new individual account with Starling. Just keep in mind that any overdraft on your Barclays account won’t be transferred automatically. You’ll need to set up a new overdraft arrangement with Starling Bank.”
This flexibility makes Starling an appealing option for those seeking a hassle-free switch while maintaining existing banking relationships.
Exploring the Best Bank Switching Offers
If you’re considering switching banks, it’s worth exploring the incentives on offer. Starling stands out for its 3.25 percent interest rate on balances up to £5,000 and a reputation for excellent customer service. However, other banks also provide compelling benefits.
- First Direct
- £175 cash incentive for switches via Cass.
- Interest-free overdraft of up to £250.
- Regular savings account with a market-leading 7 percent interest rate.
- Known for top-tier customer service.
- NatWest Reward Account
- £180 cash incentive for switches via Cass.
- £2 monthly fee, offset by rewards:
- Earn £4 monthly for setting up two or more direct debits (£2 minimum each).
- Earn an extra £1 monthly by logging into the NatWest app.
- Potential total reward of £5 monthly.
- Additional 1 percent cashback on purchases at selected retailers.
- Nationwide FlexDirect Account
- £175 cash incentive for switches to FlexPlus, FlexDirect, or FlexAccount.
- 5 percent interest on balances up to £1,500 for the first 12 months.
- 1 percent cashback on debit card purchases (capped at £5/month) for the first year.
- For those considering the FlexPlus account, note that the monthly fee will rise from £13 to £18 starting December 1.
Key Considerations When Switching
When selecting a new bank, consider your financial priorities:
- Interest Rates: If you maintain a high balance, accounts like Nationwide’s FlexDirect or Starling’s offering may be more rewarding.
- Overdraft Needs: First Direct’s interest-free overdraft and excellent customer service make it an attractive option for those who occasionally rely on this feature.
- Rewards and Incentives: NatWest’s cashback and app-based rewards program can effectively offset fees and provide added value.
The importance of evaluating long-term benefits:
“While switching incentives are attractive, it’s crucial to consider fees, ongoing rewards, and interest rates to ensure your choice aligns with your financial goals.”
Switching banks isn’t just about the upfront rewards; it’s about finding an account that suits your needs now and in the future. Whether you prioritize interest rates, rewards, or superior customer service, options like Starling, First Direct, NatWest, and Nationwide provide diverse solutions tailored to different preferences.
