Santander launches a best buy account with easy access and pays 5.2%

Santander has launched a new easy-to-access savings account, which pays 5.2 per cent interest on balances of up to £250,000 over 12 months.

But savers looking to get their hands on this rate should act quickly, as Santander says the account is only available until September 17 and could be withdrawn even earlier if demand is high.

Previously, the best easy-to-access bill offered by Furness Building Society paid a 5 percent rate, meaning this new bill from the major retail giant blows the competition out of the water.

The account is open to people with or without existing Santander accounts, and can be opened online, in the app, over the phone or in a branch.

Any Santander customer with an existing Easy Access Saver account can also open the new limited edition Easy Access Saver account.

James Blower, founder of the Savings Guru website, believes withdrawing the account before Sept. 17 is “a race certainty.”

He says, “The fact that it’s available through the branch, online, phone and app only adds to its appeal.”

In addition, Santander has also increased the rates for its fixed-term Isa products. The one-year fixed-term Isa now pays 5.05 percent and the two-year fixed-term Isa pays 5.1 percent.

However, many fixed term ISAs offer a better rate than this, with the best buy ISA one year fixed term paying 5.8 percent, offered by Virgin Money.

The best buy for Isa with a two-year fixed term, from Charter Savings Bank, pays 5.78 percent.

Andrea Melville from Santander says: ‘We are pleased to be able to provide this top product to our customers, with the convenience of an easily accessible account, enabling them to build their savings.

“We know now more than ever that people want their money to go further and this account is one of the ways we help customers maximize their savings income.”