Santander has issued an important update to its customers regarding one of its most popular savings accounts.
The bank confirmed its Easy Access Limited Edition 3 will be withdrawn later tonight (September 12).
This means that new and existing Santander customers only have until 23:59 p.m. to apply for this savings account.
As it stands, this edition of the Easy Access product pays savers an interest rate of 5.20 percent.
From tonight, however, this savings account will now pay customers a rate of 2.50 percent for 12 months.
Any applications put forward before tonight’s deadline will be accepted for an account to be opened.
Those interested in opening the Easy Access Limited Edition 3 can visit Santander’s website or visit a local branch.
High street banks and building societies have hiked interest rates over the past year to mirror the Bank of England’s base rate.
Interest rates have been raised to mitigate the damage caused by soaring inflation on the economy which has been beneficial for savers in the short-term.
Dean Butler, the managing director for Retail at Standard Life, warned there is a “catch” people need to be aware of.
The savings expert explained: “Over the last decade returns on cash savings have been meagre.
“However, eight rate rises in the last twelve months have prompted those with cash to look again at what’s on offer and the search data suggests people are shopping around.
“There’s a catch however as higher returns have been accompanied by even higher inflation and although the gap between the two is closing, those with excess savings will want to consider investing some of their money through their pension or investment ISA as it offers the potential to generate real returns.”
Here is a full list of the bank’s savings account which can either be opened in-person or online:
- Santander Edge Saver (seven percent AER/6.78 percent gross for 12 months)
- Fixed rate ISA (5.05 percent – 5.10 percent AER/tax-free depending on term length)
- Regular Saver (five percent AER/gross for 12 months)
- Easy Access ISA (3.20 percentAER/tax-free variable for 12 months)
- Easy Access Saver (2.50 percent AER/gross for 12 months).
