Santander Launches Best Buy Easy Access Account and Pays 5.2%

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

But savers who want to lock in that interest rate will need to act quickly because, according to Santander, the account is only available until September 17 and could be withdrawn even earlier if demand is high.

Previously, the Furness Building Society’s best easy-access account paid an interest rate of 5 percent, meaning this new account from the high street giant puts the competition to shame.

The account is open to anyone with or without a Santander account and can be opened online, in the app, by phone or in-store.

Leader: Santander’s new Easy Access offer outperforms all other Easy Access accounts, paying a rate of 5.2%

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

James Blower, founder of website Savings Guru, believes withdrawing the account before September 17 is “an absolute certainty”.

He says: “The fact that it’s available in-store, online, by phone and by app will only increase its appeal.”

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

However, many fixed-term Isa offer a better interest rate than this, with the Best Buy fixed-term Isa paying 5.8 percent for one year and offered by Virgin Money.

The best fixed-term two-year Isa from Charter Savings Bank pays 5.78 percent.

Andrea Melville from Santander says: “We are delighted to be able to offer our customers this top-notch product that gives them the convenience of an easy-to-access account to build their savings with.”

“We know now more than ever, people want their money to keep flowing, and this account is one of the ways we’re helping clients maximize their savings.”