Starling Bank has launched a tool that splits inbound payments and automatically determines the optimum acounts for storing funds.
The new feature, called ‘Split payment’, allows customers to decide how much of an inbound payment, such as their salary, to put away and where, including their saving Spaces, joint accounts, additional accounts and Kite cards.
Split payment users can organise inbound payments either by value or percentage. Funds are then redistributed instantly, with no need to make lots of individual transfers of different amounts to different accounts or Spaces.
The tool aims to make money management easier for Starling’s GBP Current Account and Business Current Account holders.
In February, Starling Bank rolled out its first savings product for small businesses offering a fixed interest rate of 2.5% over one year on balances of £2000 or more.
Helen Bierton, chief banking officer at Starling Bank says: “Our customers can take their budgeting to the next level with Split payment, and organise their finances in seconds.”