Every Wednesday, we delve into the latest fintech updates from across the UK. This week brings updates from Trading Browser, CityIndex and Starling Bank.
UK curious about potential digital pound
Google search data shows that online searches for “digital currency” drastically increased by 434 per cent in the UK on 7 February 2023, after the Bank of England and Treasury released a consultation for a digital pound.
A spokesperson for crypto trading guide Trading Browser also commented on the finding. “The spike in search for digital currencies indicates that the public is eager to familiarise themselves with this trend. Digital currencies are fast becoming common in the central banking environment,” they explained.
“However, we can also ensure the acceptance of it by implementing measures that make all transactions occur in a highly secure digital eco-system.”
GDP is the most confusing financial term
‘GDP’ is considered the most confusing financial term in the UK – revealed financial services and investment company CityIndex in a recent study.
CityIndex’s study found that ‘GDP’ had the highest average number of searches for its definition, with an average of 1,995,600 yearly searches.
CityIndex also found other highly searched financial terms. These include: ‘Acquisition’ (1,568,400); ‘Equity’ (1,336,800); ‘Principal’ (1,152,000); Asset (884,400); ‘Net worth’ (769,200) and ‘Amalgamation’ (750,000).
Starling Bank launches business offering
Starling Bank has launched a new savings product for small businesses: the ‘1-Year Business Fixed Saver’ account. It offers a fixed interest rate of 2.5 per cent for one year on balances over £2000.
Funds deposited into the business account are not accessible to spend or withdraw for one year. Starling Bank also pays all interest earned at the end of the full 12 months.
Anne Boden, CEO of Starling Bank, explained the decision to launch the product for businesses. She said: “We launched our first savings product for personal customers just over a month ago. Now it’s time to reward our business account holders with guaranteed returns, especially in this period of economic uncertainty.”