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