Santander UK is now offering a new easy-access savings account, paying an interest rate of 5.20 percent.
The Easy Access Saver Limited Edition (Issue 3) pays 5.20 percent AER/5.08 percent gross (variable) on savings up to £250,000 for 12 months.
Money can be deposited as often as people would like and there is no restriction on the amount of withdrawals permitted.
The account is open to those with or without an existing Santander account.
It can be opened online, in app, over the phone or in branch.
Santander has warned the issue is available until September 17, 2023, unless it is sold out sooner.
The estimated balance after 12 months based on a £1,000 deposit would be £1,052.00. The interest earned would total £52.
To open an account savers must be a UK resident and aged 16 or over.
Savers can open the account with a minimum of £1. Interest is paid up to £250,000 only.
The maximum balance at any time is £2 million. Deposits can be made at any time via standing order, one-off payments or online transfers.
Andrea Melville, director of current accounts, savings and business banking at Santander said: “We’re pleased to deliver this top of market product for our customers, providing the convenience of an easy access account, to help build up their savings.
“We know now more than ever people want their money to go further and this account is one of the ways we are helping customers maximise their savings income.”
Previously, the best easy-access account, offered by Furness Building Society, paid a rate of five percent. Savers are urged to act fast as this new account tops the market.
Santander has also boosted the rates on its fixed-term Isa products.
Its one year fixed-term Isa now pays 5.05 percent and the two year fixed-term Isa pays 5.1 percent.
