Santander’s easy access account now paying 7.00% AER

The rate includes a 2.50% AER bonus for the first 12 months.

Santander increased the rate paid by its Santander Edge Saver (Issue 1) to 7.00% AER today, which includes a 2.50% AER bonus for the first 12 months.

Currently market leading within the easy access sector, this rate applies to balances of up to £4,000, with amounts over this threshold not earning any interest. This means customers with £4,000 deposited will typically earn £22.60 in interest each month, according to calculations from Santander.

Both new and existing customers are able to take advantage of this latest increase, but will either need to already have, or be prepared to open, a Santander Edge current account and sign up to online or mobile banking.

Meanwhile, existing Santander Edge Saver account holders who opened their account within the past year will also receive the 2.50% AER bonus rate from today, applied until 12 months have passed from the date their account opened.

After opening, this simple, easy access account allows you to add funds via the Santander Edge current account, and withdraw funds without encountering any fees or restrictions.

As mentioned, you’ll need to already have or open a Santander Edge current account in order to access the Santander Edge Saver. While this current account comes with a monthly maintenance fee of £3, it also includes some additional benefits.

With the Santander Edge current account, you’ll have the opportunity to earn up to £20 cashback a month from essential spending and household bills. Furthermore, using the Santander Edge debit card, you’ll be able to enjoy fee-free spending when travelling abroad.

The account can be opened online or in branch and requires you to pay at least £500 into it each month, as well as have two active Direct Debits. More information on this and other current accounts can be found within our chart.