Overdrafts With Starling 💷


#1

Hi everyone :raising_hand_man:t2:

I just wanted mention some of the work we’ve been doing around overdrafts recently here at Starling. As you know, we believe that money is emotional and that your bank should be doing more to give you peace of mind and help you live a healthy financial life.

For too long overdrafts have been a (deliberately) confusing offering, with a sea of fees that’s often difficult to navigate. There’s been a lack of clarity and transparency, and we want to change that.

That’s why last week we launched our overdrafts calculator, so you can see how our overdrafts compare with other UK banks, and today we’ve put out a post on our blog which debunks the jargon and acronyms of overdrafts. We hope that helps, and as always, if you want to discuss this with a real person we’re just a tap away with in-app chat.


#2

First Direct beats all banks according to your calculator. :open_mouth:


#3

I think I found an interesting bug, search:
Borrowing £10 for 30 days will cost you

Look at Santander - Everyday Current Account’s APR for that. :smile:


#4

I really love the honesty in being transparent and showing when a competitor is actually cheaper. :heart:


#5

Couple of points…

Think this is good BUT…

You can’t get the slider to stick on multiples (ie of 10 or 100).

Closet i can get to £100 for example is £97 or £102 - do many people have £97 or £102 overdrafts?

It’s inaccurate - take Lloyds -
“this new charging tariff is active from November”

  • oh right - you know it’s September? -why dont you update the charges in November?
    Whilst you’re actually showing lloyds as cheaper then it is currently it makes me wonder what else is wrong with it.

It also is a bit misleading that it misses some accounts out
Club lloyds is interest free for the first £100 if you pay in enough.
Cant see M&S which is also interest free on £100
B (youandb.co.uk) which is cheaper then starling etc

Also cant see monzo


#6

I haven’t ever used an overdraft with any bank and I ask this out of pure curiosity. When I signed up to Starling nothing about a overdraft was mentioned; over two months later I’ve had no notifications about whether I can or can’t have an overdraft and for how much? I wouldn’t apply for it, but it’d be nice to know if it’s an option or not.

I’m totally confused by the whole situation if I’m being honest.


#7

Go to “more”(iOS) and select overdraft


#8

I’m on Android and I don’t see that option. :frowning:


#9

Hey @thom_horne - On Android just go to Account Management > Overdraft :slightly_smiling_face:


#10

@lee Monzo won’t be on comparison for overdrafts as they haven’t officially launched their accounts or overdraft yet it’s all in preview.


#11

@JamesPratley I don’t have that option available. :frowning:


#12

I believe the overdraft option only shows if you have been pre-approved.


#13

@Gallifreyangirl They’ve launched them in beta and made the charges known.

People are using current accounts and overdrafts with monzo already.

And its probably the most direct competitor.


#14

Makes sense, I’ve never had any credit products bar paying a mobile and broadband contract. Would possibly explain why I wasn’t offered one with no real credit history to speak of.

With my legacy bank after a few months I was offered an overdraft and even a credit card. I wonder if Starling would in the future maybe offer an overdraft option to those like me who had little credit history but have been with Starling for a while?


#15

I have been pre-approved for an overdraft at a sum so high that surprised me.

I don’t have an overdraft with First Direct and, personally, I prefer to operate my account entirely in credit.

That said, there’s been two occasions in nine years with FD where I’ve dipped into O/D by a couple of quid and have been charged more for it than the amount overdrawn.

In that basis, it is useful to know that a limit is there if I need it. Just in case.

I wonder if there’s a way to reduce it to one tenth of the pre-approved amount? That would still be 5-10 times what I envisage if ever need.


#16

The Monzo overdraft isn’t yet available to anyone according to their customer support.


#17

@Rjevski just iOS users i think currently (and signed up for current account preview). Not on the prepaid cards


#18

There certainly is @Johnny! Much like the overdraft calculator on our website, with overdrafts in app you can drag the slide to change the amount to one that suits you.

Overdraft_Calculator

You can see it in action in this video:


#19

I’m an iOS user on the current account preview and they’ve told me they have yet to roll it out so I don’t know…


#20

@Rjevski fairplay then (i’m not on preview) but read a couple of people on the forum saying they’d had stuff about them.