Santander UK will withdraw its easy access savings account paying a market-leading 5.2 per cent interest rate tonight, following “significant demand”.
New and existing customers have hours left to apply for the Easy Access Limited Edition 3, which pays 5.20 per cent AER/5.08 per cent gross (variable) on savings up to £250,000 for 12 months.
Applications received by 23.59 today will get the Easy Access Limited Edition 3 rate once opened, the bank said.
From tomorrow, the bank’s Easy Access Saver account will return to sale offering 2.50 per cent AER/gross for 12 months.
Santander says customers don’t need other accounts with the bank to be able to open this account
PA
The Easy Access Saver Limited Edition (Issue 3) lets customers put money into the account as often as they like.
They can also withdraw their funds without any fees or restrictions.
Customers don’t need other accounts with Santander to be able to open this account.
This account can be opened online, in app, over the phone or in branch.
Existing customers with an existing Easy Access Saver can also open an Easy Access Saver Limited Edition (Issue 3) account and get the higher rate.
Andrea Melville, director of current accounts, savings and business banking at Santander said of the account: “We’re pleased to deliver this top-of-market product for our customers, providing the convenience of an easy access account, to help build up their savings.
“We know now more than ever people want their money to go further and this account is one of the ways we are helping customers maximise their savings income.”
The account was initially going to be available until September 17, but the bank warned it could be withdrawn sooner if there was high demand.
Santander has also increased interest rates on its fixed-term ISA products recently, with the one-year fixed ISA now paying 5.05 per cent AER/gross and the two-year fixed ISA paying 5.10 per cent AER/gross.
Santander UK’s full range of savings products are:
- Santander Edge Saver (7.00 per cent AER/6.78 per cent gross for 12 months)
- Fixed rate ISA (5.05 per cent – 5.10 per cent AER/tax-free depending on term length)
- Regular Saver (5.00 per cent AER/gross for 12 months)
- 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)
