Santander providing 7 % financial savings rate of interest

Dec 10, 2023 at 6:37 PM

Santander is providing prospects a savings account with a aggressive interest rate of seven % however it’s not the one high-interest product from the financial institution.

As it stands, the monetary establishment’s Santander Edge Saver gives a month-to-month curiosity of seven % AER / 6.78 % gross (variable) curiosity on balances as much as £4,000.

Over the previous yr, interest rates have been raised by banks and constructing societies which have handed right down to savers.

This has been a results of the fixed hikes to the bottom price by the Bank of England because it has tried to rein in inflation.

However, the central financial institution has paused its sequence of price will increase in the meanwhile which suggests financial savings accounts might not be as aggressive quickly.

As a end result, consultants are urging prospects to make the most of the aggressive affords with their banks and constructing societies.

One of the establishments offering savers with a few of the best offers in the marketplace is Santander.

Customers have to be UK residents aged 18 or over and signed up for Online or Mobile Banking with just one Santander Edge saver per Santander Edge present account somebody holds.

It must be famous that this isn’t the one aggressive financial savings account from Santander at present on supply.

Here is a full record of different accounts with high-interest rates being supplied by the financial institution:

Fixed price ISA (5.25%-5.10% AER/tax-free relying on time period size)
Regular Saver (5.00% AER/gross for 12 months)
Easy Access ISA (3.20% AER/tax-free variable for 12 months)
Limited Access Saver (3.00% AER/gross for 12 months)
Easy Access Saver (1.70% AER/gross for 12 months).

The newest account to be launched by Santander is Limited Access Saver which may be opened for as little as £1.

Andrea Melville, the director of Current Accounts, Savings and Business Banking at Santander, broke down why this can be a deal individuals ought to make the most of.

She defined: “Throughout this year we’ve looked to deliver value to our customers with our range of savings products and we continue to build on that with our new Limited Access Saver.

“Most of our easy access savings customers typically make less than three withdrawals a month, so we have designed our new Limited Access Saver with this in mind.”