Major bank launches market-leading savings rate – but you need to be quick
A MAJOR high-street bank has launched a new top-rate easy-access savings account.
The move comes as banks battle it out to offer customers the best savings rates.
Santander is currently offering a 2.75% limited edition easy-access savings account.
It would mean that if a customer saved £1,000 annually, they’d expect to gain £27.50 over 12 months.
Customers can open a Santander eSaver account with a minimum of £1.
And these savings accounts do what they say on the tin – they usually allow unlimited cash withdrawals – without a fee.
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But customers will need to act quick as the deadline to apply is November 1.
Hetal Parmar, head of banking and savings at Santander UK, said: “We are delighted to boost returns on savings with best buy rates across a range of accounts that fit with different savings goals.”
But if you’re willing to lock some of your savings away you could get even bigger returns.
Coventry Building Society has today launched a market-leading one-year fixed bond saver paying 4.40% in interest.
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The fixed bond can be opened with a minimum of £1 online, by phone, post or in branch.
Matthew Carter, head of savings at Coventry Building Society, said: “We’re enhancing our product range by launching highly competitive savings accounts to give savers even more choice.
“Our new range of Fixed Bonds offer some of the best rates of interest out there on the market and are ideal for those looking for a good return on their savings over the short, medium or longer term.”
Banks have raised their interest rates because the Bank of England raised the base rate seven times in recent months.
The base rate of interest set by the central bank was hiked from a low of 0.1% to 2.25% and while it’s bad news for borrowers it’s great for savers.
Higher interest rates allow savers to get a higher rate of return when they save their hard-earned cash.
How to find the best saving accounts
With your current rates in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.
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Research websites like MoneyFacts.co.uk and price comparison websites such as Compare the Market, Go Compare and MoneySupermarket will help save you time and show you the best rates available.
These sites let you tailor your searches to an account type that suits you.