Santander has launched a new best buy easy-access savings account, paying a rate of 5.2 per cent on balances up to £250,000 for 12 months.
But savers wishing to nab this rate must act quickly as Santander says the account is only available until 17 September and could even be withdrawn sooner if there is high demand.
Previously, the best easy-access account, offered by Furness Building Society, paid a rate of 5 per cent meaning this new account from the high street giant blows the competition out of the water.
The account is open to those with our without existing Santander accounts, and it can be opened online, in app, over the phone or in branch.
Table-topper: Santander’s new easy-access deal beats all other easy-access accounts, paying a rate of 5.2%
Any Santander customer with an existing easy-access saver can also open the new easy access saver limited edition account.
James Blower, founder of website Savings Guru, believes the account being withdrawn earlier than 17 September is ‘a racing certainty’.
He says: ‘The fact it is available via branch, online, phone and app will only add to its appeal.’
What’s more, Santander has also boosted the rates on its fixed-term Isa products. Its one year fixed-term Isa now pays 5.05 per cent and the two year fixed-term Isa pays 5.1 per cent.
However, many fixed-term Isas offer a better rate than this, with the best buy one year fixed-term Isa paying 5.8 per cent, offered by Virgin Money.
The best buy two year fixed-term Isa, from Charter Savings Bank, pays 5.78 per cent.
Andrea Melville, of Santander, says: ‘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.’
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