Santander customers could earn a boosted 6% interest rate on their savings for a year through one of the bank’s linked easy access accounts. The Santander Edge Saver currently pays 6% AER variable on balances of up to £4,000, with the rate including a 2.5% AER bonus for the first 12 months after opening.
The account is available to people with a Santander Edge or Santander Edge Explorer current account, meaning savers will need to meet the eligibility requirements for one of those accounts before they can access the higher rate. Interest is paid monthly and Santander says the headline 6% rate applies only to money held up to the £4,000 limit. Anything above that amount does not benefit from the same rate.
MoneySavingExpert highlights the deal as one of the ways current account customers can access a higher savings return than is available through many standard easy access accounts.
Its guidance notes that linked savings accounts can sometimes offer significantly stronger rates, although they often come with restrictions over who can open them or how much money earns the headline rate.
The difference is particularly stark compared with Santander’s standard Easy Access Saver, which currently pays 2% AER variable for 12 months.
Santander Select customers can receive a slightly higher 2.5% AER, but that is still well below the rate offered by the Edge Saver.
However, savers should be aware that the 6% figure is variable rather than fixed, meaning Santander could change the underlying rate.
The 12-month bonus forms part of the overall rate and is designed to boost the return during the introductory period.
The account is also limited by its relatively modest £4,000 interest-bearing ceiling. Someone keeping the full £4,000 in the account for an entire year at an unchanged 6% rate would earn roughly £240 in interest, although the exact amount can vary because interest is calculated and paid monthly.
MoneySavingExpert’s latest savings tables show why shoppers may want to compare deals rather than automatically leaving cash with their existing bank.
The site currently lists easy access accounts paying around 5%, while some fixed savings deals are also offering rates approaching that level.
Santander’s offer therefore stands out on its headline rate, but the £4,000 cap and requirement to hold an eligible current account mean it will not necessarily be the best option for people with larger savings pots.
