Santander has issued an essential replace to its prospects relating to one in every of its hottest savings accounts.

The financial institution confirmed its Easy Access Limited Edition 3 shall be withdrawn later tonight (September 12).

This implies that new and current Santander prospects solely have till 23:59 p.m. to use for this financial savings account.

As it stands, this version of the Easy Access product pays savers an interest rate of 5.20 p.c.

From tonight, nonetheless, this financial savings account will now pay prospects a rate of two.50 p.c for 12 months.

Any functions put ahead earlier than tonight’s deadline shall be accepted for an account to be opened.

Those all in favour of opening the Easy Access Limited Edition 3 can go to Santander’s website or go to an area department.

High road banks and constructing societies have hiked rates of interest over the previous 12 months to reflect the Bank of England’s base charge.

Interest rates have been raised to mitigate the harm attributable to hovering inflation on the economic system which has been helpful for savers within the short-term.

Dean Butler, the managing director for Retail at Standard Life, warned there's a “catch” folks want to concentrate on.

The savings skilled defined: “Over the final decade returns on money financial savings have been meagre.

“However, eight charge rises within the final twelve months have prompted these with money to look once more at what’s on supply and the search knowledge suggests persons are procuring round.

“There’s a catch nonetheless as larger returns have been accompanied by even larger inflation and though the hole between the 2 is closing, these with extra financial savings will wish to think about investing a few of their cash by way of their pension or funding ISA because it presents the potential to generate actual returns."

Here is a full listing of the financial institution’s financial savings account which might both be opened in-person or on-line:

• Santander Edge Saver (seven p.c AER/6.78 p.c gross for 12 months)
• Fixed charge ISA (5.05 p.c - 5.10 p.c AER/tax-free relying on time period size)
• Regular Saver (5 p.c AER/gross for 12 months)
• Easy Access ISA (3.20 percentAER/tax-free variable for 12 months)
• Easy Access Saver (2.50 p.c AER/gross for 12 months).