Santander has boosted the interest rates on several accounts while also increasing the ways people can manage their savings.
The bank has also renamed a number of products in its efforts to provide a “streamlined range” of savings products.
The rates increases include the rate on the eSaver going up by 0.5 percent to 2.5 percent for 12 months, with this product to be rebranded as the Easy Access Saver.
Also increasing is the rate on the Everyday Saver and the Easy ISA, which is going up by 0.15 percent to one percent for existing customers.
The rate on several off-sale products is also increasing with the rate on all accounts that previously paid 0.85 percent going up to one percent.
The Regular eSaver is also to be renamed the Regular Saver while the eISA is to be renamed the Easy Access ISA, with the rates on these accounts to stay unchanged.
With the new rates and the rebranded accounts, these are the current full range of savings products from Santander:
- Regular Saver – Five percent for 12
- Fixed rate ISA – 4.15 percent to 4.25 percent
- Santander Edge Saver – Four percent for 12 months
- Easy Access ISA – 3.20 percent for 12 months
- Easy Access Saver – 2.50 percent for 12 months.
Andrea Melville, director of Current Accounts, Savings and Business Banking at Santander, said: “We’re pleased to launch a streamlined range of savings products, with our lowest on-sale product now paying 2.50 percent interest, available in branch, over the phone or online.
“We have a range of savings products to fit our customers’ different needs and we will continue to work with customers to ensure that they are aware of our full range of accounts and can pick the right product for their needs.”
Customers will also get increased flexibility with the Easy Access Saver and Easy Access ISA, as they can now carry out transactions on all channels, including online, in branch or via telephone banking. These products could previously only be managed online.
Santander contacts customers coming to the end of a fixed term to let them know of the alternate savings products that are available.
Customers also get annual statements showing their product rates, which can also be seen when accessing online or mobile banking.
Savers can also get in-credit interest with an Edge Up current account, which pays 3.5 percent interest on balances up to £25,000.
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