Santander UK increases interest rate on easy access account to seven per cent
Santander UK will offer a bonus rate taking the interest rate to 7% for 12 months upon account opening
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Santander UK has increased the interest rate on its Santander Edge Saver to seven per cent AER (6.78 per cent gross variable) on balances up to £4,000.
This includes an underlying rate of 4.5 per cent AER (4.41 per cent gross variable) plus a 2.5 per cent AER (2.47 per cent gross variable) bonus rate upon opening the account for the first 12 months.
Balances over £4,000 do not earn any interest.
Existing customers who opened an Edge Saver in the past year will also benefit from the 2.5 per cent AER (2.47 per cent gross variable) bonus rate.
Santander said customers with £4,000 deposited in the account will typically earn £22.60 in interest each month
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The bonus rate for existing Edge Saver customers will apply from today until 12 months have passed from the date their account opened.
Andrea Melville, director of current accounts, savings and business banking at Santander, said: “Whether saving for something specific like a holiday or simply putting funds aside for a rainy day, the Edge Saver allows our customers to benefit from the convenience of an easy access account, combined with a fantastic interest rate.
"We know that in the current economic climate every penny counts and we are pleased to be able to offer our customers both cashback and interest benefits on our Edge account.”
Customers with £4,000 deposited in the account will typically earn £22.60 in interest each month, the bank said.
The Edge Saver is an easy access account, with no limits on withdrawal or deposit limits.
Customers need to have a Santander Edge current account to open the Edge Saver.
Santander Edge offers up to £20 a month in cashback from essential spending and household bills, but the account has a monthly fee of £3.
The Santander Edge current account and the Santander Edge Saver can be opened online or in branch.
LATEST DEVELOPMENTS:
The Santander Edge current account and the Santander Edge Saver can be opened online or in branch
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Santander’s full range of savings products, which can all be opened online or in branches, are:
- Santander Edge Saver (7.00 per cent AER/6.78 per cent gross for 12 months)
- Regular Saver (5.00 per cent AER/gross for 12 months)
- Fixed rate ISA (4.15 per cent to 4.20 per cent AER/tax-free depending on term length)
- Easy Access ISA (3.20 per cent AER/tax-free variable for 12 months)
- Easy Access Saver (2.50 per cent AER/gross for 12 months)