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Michael Brown

Acting Editor
Published: 04/09/2023
Santander bank on the high street

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The account will sit alongside its Edge Saver, which offers a rate of 7% AER.

Santander launched a new easy access savings account today which pays 5.20% AER. The account is labelled the Easy Access Saver Limited Edition (Issue 3) and is available until 17 September, but can be withdrawn sooner.

“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,” said Andrea Melville, Director of Current Accounts, Savings and Business Banking at Santander.

Based on the provider’s calculations, a £5,000 deposit would earn £21.66 a month through this account. This works out to be £260 annually.

In comparison, its market-leading Edge Saver only pays 7% AER on balances up to £4,000, meaning its maximum monthly interest payout sits at £22.60.

What are my alternate options?

The next best rate on the market comes from Furness BS at 5% AER. However, it doesn’t facilitate internet banking and allows three penalty-free withdrawals per annum.

Exceed this threshold and the account will revert into an access account at a lower rate of interest.

Meanwhile, the next best rate from Shawbrook Bank doesn’t penalise its users for making withdrawals. Its rate of 4.93% AER can be paid monthly or on anniversary and it includes internet banking.

To compare these offers in more detail, make sure to visit our charts. Alternatively, make use of our interest calculator below to see how much you can earn by switching your savings.

Lump Sum Savings Calculator

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