Published On: Tue, May 31st, 2022

Santander offers attractive interest rates of 2.5 percent on savings | Personal Finance | Finance

Savings rates are beginning to creep up again with Santander offering one of the best interest rates on the market. Its savings account is offering 2.5 percent interest as well as long term rewards.

Santander’s 123 Regular e-Saver now offers those looking to build their savings pot an attractive rate of 2.5 percent interest but only for the first 12 months.

Existing 123, Private and Select current account customers will automatically receive this appealing interest rate but only on savings of up to £200 a month.

Santander customers will receive up to three percent cashback on selected household bills, capped at £5 in each cashback tier each month.

However, Santander isn’t currently offering a £140 bank bribe to incentivize people to switch current accounts.

READ MORE: Universal Credit: When you can expect £650 Cost of Living payment

The account offers a further 15 percent cashback on offers at certain retailers including Co-op, Morrisons and Costa.

Although these offers are available to everyone, customers will need to go to their app to switch these offers on.

Santander isn’t currently offering an incentive for switching but its cashback on bills offer is piquing many people’s interest.

Money saving expert Martin Lewis recently named it as a top account for long term rewards.

When choosing a new savings account people should consider:

  • Identify your ideal account – current, savings, easy access?
  • Does it have a monthly fee?
  • Do you need a local branch?
  • Could you manage with just digital?
  • Would you benefit from budgeting tools?
  • Consider Credit Unions
  • Would you benefit from enhanced digital features?
  • Read the reviews.

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