Santander ups interest rates and extends regular saver eligibility
The banking giant announced that from today, all personal current account customers are eligible to open its Regular eSaver account paying 2.5% AER/gross for 12 months – up to £32.26 in interest.
It allows savers to pay in up to £200 per month, with a maximum annual balance of £2,400.
Previously, it was only available to 1|2|3, Select and Private Current Account holders, but now, those with the Everyday and Basic current accounts will be able to open the regular saver. It excludes the 1|2|3 Mini In trust customer accounts.
Santander said the move will benefit 5.4 million UK customers. It comes after it last month increased the in-credit interest rate on its 1|2|3, Select and Private current accounts from 0.5% AER/gross (variable) to 0.75% AER/gross (variable) on balances up to £20,000.
And as of today, it has also increased interest rates across the board:
1I2I3 savings accounts:
- 1 Year Fixed Rate Bond will increase from 0.7% to 1.5% AER/Gross
- 2 Year Fixed Rate Bond will increase from 0.9% to 2% AER/Gross
- 3 Year Fixed Rate Bond will increase from 1% to 2.5% AER/Gross.
Non-1I2I3 savings accounts:
- 1 Year Fixed Rate Bond will increase from 0.6% to 1.4% AER/Gross
- 2 Year Fixed Rate Bond will increase from 0.8% to 1.9% AER/Gross
- 3 Year Fixed Rate Bond will increase from 0.9% to 2.4% AER/Gross
Fixed Rate ISA accounts:
- Two Year Fixed Rate ISA will increase from 1.3% to 2% AER/tax-free for two years for savings of £500 and over
Easy Access accounts
- eSaver will increase from 0.25% to 0.75% AER/Gross (variable)
- Private eSaver will increase from 0.4% to 0.9% AER/Gross (variable)
Hetal Parmar, head of banking and savings at Santander UK, said: “Saving is important to many people for their financial wellbeing, whether it’s for a rainy-day, home renovations or something else. Santander offers a range of savings accounts, now boosted by some of the best rates from a High Street bank, to support millions of customers with their savings goals.”