Starling Bank has introduced a monthly prize draw in which 10 qualifying personal account holders will receive £3,000 tax-free, paid as 12 monthly instalments of £250 deposited directly into their account. The bank announced the initiative on Tuesday, describing it as an effort to "help Brits build regular savings habits".
Eligibility for the £3,000 prize
To be eligible, personal account holders must have their salary paid into their Starling account. Each month, the institution will randomly select 10 qualifying customers to receive the £3,000 reward. The offer is available to UK residents aged 18 and above, and requires an eligible Bacs salary payment of £1,500 or more each month into a personal current account by the final day of the month. Customers must opt in, with one entry per individual per month, and additional terms and conditions apply.
Savings features and rates
The prize scheme follows research from the institution showing that only one in 10 Britons (11%) puts money aside every month, despite nearly half of the population (45%) expressing a desire to develop sound savings practices. Starling's prize scheme seeks to "bridge this savings disconnect".
The bank has also introduced a 5% AER (4.878% gross) variable interest rate on deposits up to £25,000 for new account holders, alongside a range of AI-driven saving features that can examine customers' expenditure patterns, assist them in steadily building an emergency fund, and help them manage their student maintenance loan.
Customer response and terms
Bernadette Smith, chief customer and banking officer at Starling, said: "We want to help our customers build good money habits, and saving money regularly is one of the most effective skills to learn. Our bonus scheme aims to give select customers a head start on building a savings fund, while other customers can get a boost from our market-leading savings rates."
Starling highlighted that the £3,000 tax-free bonus exceeded the average full-time UK salary of £39,039 pro rata, which, following tax deductions, amounts to £2,635.64 monthly, based on ONS figures. The 5% savings rate is available to UK residents aged 18 and over with interest paid monthly, and a Starling personal current account is necessary. Customers are restricted to one personal Easy Saver account, and the introductory bonus rate is only available for new personal Easy Saver accounts opened within 30 days of establishing a new personal current account. Personal current accounts must be opened from October 1, 2026, and customers will be ineligible should they have closed a personal current account after September 30, 2026.
