Santander launches best buy easy-access account paying 5.2%

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

But savers who want to grab this rate need to act quickly, as Santander says the account is only available until September 17 and could even be withdrawn earlier if there is high demand.

Previously, the best easy-to-access account, offered by the Furness Building Society, paid a rate of 5 per cent, meaning this new account from the street giant beats the competition.

The account is open to those without existing Santander accounts and can be opened online, in the app, over the phone or at a branch.

Any Santander customer who has existing easy access savings can also open the new limited edition easy access savings account.

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

He says, “The fact that it’s available through branches, online, on the phone, and on the app will only add to its appeal.”

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

However, many fixed-term Isa’s offer a better rate than this, and the one-year best-buy fixed-term Isa pays 5.8 percent, offered by Virgin Money.

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

Santander’s Andrea Melville says, “We are pleased to offer this market-leading product to our customers, giving them the convenience of an easily accessible account to help them grow their savings.”

“We know that now more than ever people want their money to go further, and this account is one of the ways we help clients maximize their savings income.”