Santander gives high 7 % rate of interest on easy accessibility financial savings account

Santander is providing a market-leading seven % interest rate on its easy accessibility savings account – and folks can get began with simply £1.

The Edge Saver (Issue One) pays curiosity, which features a 2.5 % bonus fee, month-to-month on a deposit of as much as £4,000 in whole.

Withdrawals might be made at any time freed from cost, which makes it possibility for these needing extra flexibility to dip into their pots when they should.

However, sure standards have to be adopted with the intention to apply. For instance, savers have to be aged 18 or over and have a Santander Edge present account.

Just one Santander Edge saver might be held for every Santander Edge present account, which might come nearly as good news for joint savers. This means a most of two might be held if an individual has each a single and a joint Santander Edge present account.

With rising charges and the affect of the price of residing disaster, nearly three in 5 savers now admit to purchasing round to seek out the very best fee for his or her money financial savings, Investect analysis exhibits.

Deciding to change comes after half of savers (49 %) had held their cash in the identical financial savings account for a yr or extra till they moved it right into a better-paying account. Seven % admitted to holding it in the identical account for 5 years or extra.

David Hunt, head of retail financial savings at Investec, mentioned: “Traditionally many savers can be put off switching due to the perceived hassle and time it takes – and in the recent past low interest rates have meant it often wasn’t worth their while.”

However, he famous: “The affect of the price of residing disaster signifies that everybody must make their cash work as arduous because it probably can and, coupled with a rising rate of interest atmosphere, there are some unbelievable charges for savers on the market now – and lots of are making the swap to reap important monetary advantages.”

Santander is also offering an attractive interest rate for easy access savers who do not have a Santander Edge current account. Its recently launched Easy Access Saver Limited Edition (Issue Three) pays an AER of 5.2 percent on savings up to £250,000 and recently earned a Moneyfactscompare.co.uk “excellent” rating.

Commenting on that deal, Rachel Springall, finance expert at Moneyfactscompare, said the account “takes a prominent position” in the easy access savings sector paying an “attractive” rate.

She said this “may entice savers looking for flexibility with their cash as the account allows unlimited withdrawals. Overall, the deal earns an Excellent Moneyfacts product rating.”

Cynergy Bank and Shawbrook Bank are also offering high easy access interest rates of five percent and 4.93 percent respectively. Elsewhere, Investec’s Online Flexi Saver pays an interest rate of 4.47 percent AER monthly on balances of between £5,000 and £250,000, provides instant access to savings, and allows unlimited deposits and withdrawals to a linked current account.

Mr Hunt said: “We’d encourage all savers to take a second to evaluation their financial savings and what rate of interest they’re at the moment getting – and verify if you will get extra elsewhere.”