The bank is offering customers switching to an ISA with at least £10,000 in value from another provider a £50 e-voucher which can be spent online at a wide variety of retailers.

Santander has also increased the interest offered on its one-year and two-year fixed rate ISAs.

From today, Santander’s one-year fixed rate ISA pays 5.60% AER/tax-free and Santander’s two-year fixed rate ISA pays 5.45% AER/tax-free. Customers can open a fixed rate ISA online or in branch.

Although competitive, Santander’s rates aren’t the best on the market. Savers can earn 5.85% on a one-year fixed rate cash ISA with Virgin Money and 5.81% on a two-year fixed rate ISA with Close Brothers.

Saving with Santander

Other savings products offered by Santander include:

• Santander Edge Saver (7.00% AER/6.78% gross for 12 months)
• Fixed rate ISA (5.45%-5.60% AER/tax-free depending on term length)
• Regular Saver (5.00% AER/gross for 12 months)
• Easy Access ISA (3.20% AER/tax-free variable for 12 months)
• Easy Access Saver (2.50% AER/gross for 12 months)