Santander Regular Saver offers 2.5% interest and £175: ‘Top account’

Martin Lewis advises on savings accounts and premium bonds

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Britons who are looking for the best savings rates may be interested in the Santander 123 Regular e-Saver because not only does it offer 2.5 percent interest but it also comes with a £175 switching bonus. The account could be the solution for savers who are looking for a good interest rate but can’t afford to lock their money away for too long.

Customers can access their money if they need to and only need £1 to open an account – the catch is they will only be able to save £200 each month.

At the end of the 12 month period, savers will have a maximum balance of £2,400 a year plus £48 in interest.

In addition, they could also get £175 for switching their account using the Current Account Switching Service (CASS).

Savers may also be enticed by the bank’s offer of cashback on bills which could help people make some money back during the cost of living crisis.

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

They can also benefit from an additional 15 percent cashback on offers at shops such as Co-op, Morrisons and Costa.

To qualify, all people need to do is go to their Santander app to switch these offers on.

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Meanwhile, there are other options availabe through Santander which allow savers to save more than £200 a month. These include:

  • One Year Fixed Rate ISA – 2.30 percent AER/ tax-free (fixed)
  • 18 Month Fixed Rate ISA – 2.50 percent AER/ tax-free (fixed)
  • Two Year Fixed Rate ISA – 2.80 percent AER/ tax-free (fixed)
  • Easy access eISA – 1.50 percent AER/tax-free (variable)

When it comes to choosing a new savings provider, many people will be interested in how it rates for customer service.

Last year 61 percent of people rated Santander as great for customer service according to a Money Saving Expert poll.

However, some banks fared much better with Starling Bank scoring 97 percent and Monzo 92 percent.

High street bank first direct often wins customer service awards and scored 85 percent.

The Money Charity has shared tips on what to consider when choosing a savings account:

  • Interest rates – is it the best interest rate available?
  • Tax – ISAs offer tax free options
  • Notice periods – are savers able to access cash immediately?
  • Time period – how long is the interest paid for?
  • How interest is paid – monthly or annualy?
  • Minimum deposits – some require savers to invest a minimum amount on opening.
  • Aditional bonuses – what else does the account offer?

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