Martin Lewis pressing warning as Santander set to drop rate of interest to 2.5%

Martin Lewis has warned that the interest rate on the Santander Easy Access Saver account is ready to drop to 2.5 %.

The curiosity on its high easy-access account might drop from 5.2 % to 2.5 % at midnight.

The cash saving knowledgeable has urged savers to open an account as we speak even when they don’t deposit any funds as this could nonetheless imply they profit from the 5.25 % rate of interest over the subsequent 12 months.

He wrote on Twitter: “URGENT! I’ve just heard Santander will drop the rate of its top easy-access savings account from 5.2 percent to 2.5 percent at midnight.

“Yet open it now, even if you don’t put money in, and you ‘should’ get the facility for 12 months.”

This difficulty is meant to be accessible till September 17, 2023, nevertheless, Santander warned it may very well be closed sooner if it sells out.

The cash saving knowledgeable and his group have listed the Santander Easy Access Saver account as one of many high accounts “we would go for.”

It provides “the top easy-access rate” of 5.2 % and is “the top payer” with no restrictions on withdrawals.

Savers can open an account for as little as £1 minimal deposit and it may be managed on-line or in Santander’s app.

Twitter person @‌TomTalksMoney _replied to Martin’s tweet saying again “Strange move… They emailed me yesterday advertising the 5.2 percent account It’s a good rate for an easy-access account though.

“If anyone needs a place to put some savings it’s a good option!”

Britons can open an account in the event that they’re a UK resident aged 16 or over.

If somebody deposited £1,000 into the account, after 12 months they might obtain £52 of curiosity to take their whole to £1,052.00.

For these searching for the next charge, Santander has just lately launched the Edge Saver (Issue One) which provides seven % curiosity.

This features a 2.5 % bonus charge, month-to-month on a deposit of as much as £4,000 in whole.

It’s an easy-access financial savings account – and folks can get began with simply £1.

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

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

For extra info, individuals can go to the Santander web site.