Santander Introduces High-Yielding Easy-Access Account with 5.2% Interest

Santander has launched a new high-yield easy-access savings account, offering a 5.2% interest rate on balances up to £250,000 for a period of 12 months.

However, this account is only available until September 17 and may be withdrawn earlier due to high demand.

Compared to the previous best easy-access account offered by Furness Building Society, which paid a rate of 5%, Santander’s account outperforms the competition.

The account is open to both existing and new Santander customers and can be opened through various channels including online, in-app, over the phone, or in branch.

Table-topper: Santander’s new easy-access deal beats all other easy-access accounts, paying a rate of 5.2%

Existing Santander customers with an easy-access saver account can also open the new easy access saver limited edition account.

According to James Blower, founder of website Savings Guru, the account is highly likely to be withdrawn before September 17 due to its popularity. He adds that its availability through multiple channels will only enhance its appeal.

In addition, Santander has increased the rates on its fixed-term Isa products. Its one-year fixed-term Isa now offers a 5.05% interest rate, while the two-year fixed-term Isa offers a 5.1% interest rate.

However, other fixed-term Isas still offer better rates, such as the best buy one-year fixed-term Isa from Virgin Money, which pays 5.8% interest, and the best buy two-year fixed-term Isa from Charter Savings Bank, which pays 5.78% interest.

Andrea Melville, of Santander, states, “We’re pleased to offer this market-leading product to our customers, providing them with a convenient and accessible account to help grow their savings. We understand the importance of maximizing savings income, especially in today’s economic climate.”