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Santander to pull market-leading easy access savings deal tonight

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17/10/2022
Santander confirmed it will withdraw its market-leading easy access savings deal tonight following “unprecedented demand”.

The Santander eSaver Limited Edition (Issue 1) easy access account will be pulled after 23:59 on Monday 17 October 2022.

The online savings account currently pays the top rate of 2.75% AER/gross (variable) for 12 months on a minimum £1 deposit and a maximum £250,000.

It was meant to be available until 1 November 2022 but will be withdrawn due to “unprecedented demand”.

As such, new and existing savers may want to move quickly to open this account before it is removed from sale.

Santander confirmed any applications received by 23:59 on 17 October will receive the eSaver Limited Edition (Issue 1) rate once opened. Applications will be processed in the following days.

New easy access deal coming

A new eSaver Limited Edition (Issue 2) will be launched on Tuesday 18 October paying 2% AER/gross (variable) for 12 months.

This product will be available until 1 November 2022.

Based on Savings Champion data, a 2% easy access savings rate would not make Santander’s offering market-leading.

Currently, Cynergy Bank offers 2.75% AER on a minimum £1. It can be opened and managed online only. The next top-payer is Al Rayan Bank paying an expected profit rate of 2.35% AER.

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