This particular account from Santander is easy access which means account holders will be able to deposit money into it as often as they like.
In order to open this savings product with the bank, customers must have a Santander Edge current account.
Those who already opened an Edge Saver in the last 12 months will also be able to benefit from the account’s bonus rate.
This rate boost for existing customers will apply until 12 months have passed from when their account was opened.
Don’t miss…
Santander Edge customers are also able to benefit from up to £20 monthly in cashback from household bills and other important spending.
It should be noted that this specific account has a monthly fee of £3 and can be opened either online or in branch.
Andrea Melville, the director of Current Accounts, Savings and Business Banking at the bank, broke down why the financial institution opts to hike rates at this particular time.
She explained: “Whether saving for something specific like a holiday or simply putting funds aside for a rainy day, the Edge Saver allows our customers to benefit from the convenience of an easy access account, combined with a fantastic interest rate.
“We know that in the current economic climate, every penny counts and we are pleased to be able to offer our customers both cashback and interest benefits on our Edge account.”
Here is a breakdown of the full range of savings accounts offered by Santander, as well as their corresponding interest rates:
- Santander Edge Saver (seven percent AER/6.78 percentgross for 12 months)
- Regular Saver (five percent AER/gross for 12 months)
- Fixed rate ISA (4.15 percent to4.20 percent AER/tax-free depending on term length)
- Easy Access ISA (3.20 percent AER/tax-free variable for 12 months)
- Easy Access Saver (2.50 percent AER/gross for 12 months).
