ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Advertisement

Image of Ella Mower

Ella Mower

Senior Content Writer
Published: 15/08/2023
Santander bank on the high street

News contents

The rate includes a 2.50% AER bonus for the first 12 months.

Santander increased the rate paid by its Santander Edge Saver (Issue 1) to 7.00% AER today, which includes a 2.50% AER bonus for the first 12 months.

Currently market leading within the easy access sector, this rate applies to balances of up to £4,000, with amounts over this threshold not earning any interest. This means customers with £4,000 deposited will typically earn £22.60 in interest each month, according to calculations from Santander.

How does this rate compare?

To find out how this rate compares to other savings products on the market, you can visit our dedicated savings charts. Also be sure to read our weekly savings roundup which provides more detail on some of the best rates currently available.

Both new and existing customers are able to take advantage of this latest increase, but will either need to already have, or be prepared to open, a Santander Edge current account and sign up to online or mobile banking.

Meanwhile, existing Santander Edge Saver account holders who opened their account within the past year will also receive the 2.50% AER bonus rate from today, applied until 12 months have passed from the date their account opened.

After opening, this simple, easy access account allows you to add funds via the Santander Edge current account, and withdraw funds without encountering any fees or restrictions.

About the Santander Edge current account

As mentioned, you’ll need to already have or open a Santander Edge current account in order to access the Santander Edge Saver. While this current account comes with a monthly maintenance fee of £3, it also includes some additional benefits.

With the Santander Edge current account, you’ll have the opportunity to earn up to £20 cashback a month from essential spending and household bills. Furthermore, using the Santander Edge debit card, you’ll be able to enjoy fee-free spending when travelling abroad.

The account can be opened online or in branch and requires you to pay at least £500 into it each month, as well as have two active Direct Debits. More information on this and other current accounts can be found within our chart.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.