Santander has increased the interest rate offered on its linked easy access Edge Saver to 7% for both new and existing customers.
This is the introductory paragraph. would be good to have option to do bullet points a la daily mail style for features to break down the sections
let’s see what happens here4
The banking giant confirmed that from today, the interest rate on the Santander Edge Saver will rise to 7% AER (6.78% gross variable) on balances up to £4,000.
This is split between an underlying rate of 4.5% AER (4.41% gross variable) and a bonus rate of 2.5% AER (2.47% gross variable) for the first 12 months of the account being opened.
Santander said for existing customers who opened the Edge Saver when it was paying 4% AER (3.93% gross variable), the higher rate will be applied automatically so they don’t need to do anything to get it.
Based on a £4,000 deposit in the account, savers will typically earn £22.60 in interest every month. You can deposit and withdraw funds without any fees or restrictions. Balances above £4,000 do not earn any interest.
For new customers considering this easy access account, you first need to open its current account online or in branch as the Edge Saver is a linked product.
The Santander Edge Up current account costs £3 a month but allows customers to earn up to £20 a month in cashback on essential spending and household bills, as well as offering fee-free international and UK CHAPS transfers.
Further, customers need to have a minimum £500 credited into the account each month and at least two active direct debits need to be set up.
