These Amazing Savings Rates Are Worth Snapping Up

By Simon Lambert, updated on 9 September 2023

Just when we thought savings rates were slipping back, a couple of absolute humdingers have arrived.

Santander and NS&I have both released blockbuster savings accounts with rates that are too good to miss.

The new Santander Limited Edition Easy Access Saver offers a fantastic 5.2 per cent interest rate, while last week NS&I launched a one-year bond with an incredible 6.2 per cent rate.

These savings accounts have quickly climbed to the top of This is Money’s best buy tables and have been met with great enthusiasm from readers.

But be warned, these hot rates won’t last long. In fact, Santander’s account has a Limited Edition tag, indicating that it will only be available for a short time until 17 September.

Therefore, it’s important to act quickly to take advantage of these deals.

While the NS&I Guaranteed Growth Bond and Santander Limited Edition Easy Access Saver may be time-limited, our Savings Alert emails provide a way to stay up-to-date with the best savings rates.

You can rely on our Savings Alerts to bring you the latest information on the top savings accounts as soon as they become available.

To receive Savings Alerts, sign up using the form below and don’t miss out on these great deals:

So, how good are these deals and does the recent flurry of high rates indicate more to come?

In my opinion, the NS&I Guaranteed Growth Bond is an exceptional offer. With a guaranteed rate of return of 6.2 per cent over one year, it is likely to beat inflation soon. Plus, you can invest up to £1million, and the account is government-backed, providing greater peace of mind for larger savers.

On the other hand, Santander’s Easy Access Saver at 5.2 per cent is also an attractive option. You only need £1 to open the account, and you can invest up to £250,000. Furthermore, you have instant access to your money with no withdrawal limits. However, it’s important to note that the 5.2 per cent rate is based on annual interest, and the rate drops slightly to 5.08 per cent for monthly interest.

While these accounts are impressive, it remains to be seen if they signal a resurgence in the savings market. The rapid increase in rates we saw earlier this year during the inflation panic may not be repeated. However, it’s still worth keeping an eye on your savings and being prepared to move your money.

Many banks are still offering low rates below 2 per cent, so it’s important not to let your bank profit from your apathy. Consider switching to a better savings account instead.

Reference

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