Santander increases interest rates on three bank accounts in good news for savers

Cost of living: Why Bank of England has increased interest rates

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Banks are now fighting it out in a popularity contest for the best interest rates on the market. The move by Santander is therefore a bold step in enticing savers who want a greater return, especially given the cost of living crisis.

Santander has increased rates on its 1I2I3, Select and Private Current Accounts.

They all now pay 1.00 percent AER/gross (variable) on balances up to £20,000.

The accounts previously had an interest rate of 0.75 percent with the same maximum balance. 

Santander has explained the increase means customers can earn up to £200 per year in interest.

However, that is not all the benefits these accounts provide.

Individuals can also secure cashback on their households bills for a fee of £4 per month.

Santander is also offering a solid, market-leading switching offer as part of its efforts to entice savers further.

It is providing a £160 switcher cashback to both new and existing customers who switch their current account to a 1I2I3, 1I2I3 Lite, Everyday, Select or Private current account.

This must, however, be done using the official Current Account Switching Service (CASS).

More to follow…

WASPI women won’t get compensation if Liz Truss becomes next PM [INSIGHT]
Attendance allowance will be replaced for more than 124,000 people [UPDATE]
‘Don’t miss out!’ Britons urged to check £20 & £50 notes [LATEST]

Source: Read Full Article