Santander UK has today launched a new savings account, the Limited Access Saver, which combines the benefits of immediate access while also rewarding customers with a higher interest rate for limiting their withdrawals.
The account offers 3.00% AER/ 2.96% gross (variable) to customers who make no more than two withdrawals a month1. If a customer makes three or more withdrawals in a month, their rate will drop to 1.20% AER/1.19% gross (variable) for that month, before returning to 3.00% the following month.
As an example, a customer with £10,000 deposited in the account for an entire year will earn £300 in interest2.
The Limited Access Saver can be opened with just £1 and anybody looking to open an account can do so using mobile banking, online banking, or in branch.
Andrea Melville, Director of Current Accounts, Savings and Business Banking, Santander said: “Throughout this year we’ve looked to deliver value to our customers with our range of savings products and we continue to build on that with our new Limited Access Saver. Most of our easy access savings customers typically make less than three withdrawals a month, so we have designed our new Limited Access Saver with this in mind.”
Anybody who opens the Limited Access Saver before 30 November 2023 will also be eligible to enter Santander’s £100,000 prize draw for customers who have at least £100 deposited in their Santander current and instant access accounts3.
As of 21st November 2023, Santander’s full range of savings products, which can all be opened online or in branch, are:
- Santander Edge Saver (7.00% AER/6.78% gross for 12 months)
- Fixed rate ISA (5.25%-5.10% AER/tax-free depending on term length)
- Regular Saver (5.00% AER/gross for 12 months)
- Easy Access ISA (3.20% AER/tax-free variable for 12 months)
- Limited Access Saver (3.00% AER/gross for 12 months)
- Easy Access Saver (1.70% AER/gross for 12 months)
More information about Santander’s Limited Access Saver and other savings products can be found on the Santander website and in branch.
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Notes to editor
- Withdrawals are monitored within calendar month periods, rather than 30 days periods from when the account was opened. For example, a customer could make two withdrawals on November 30th, a further two withdrawals December 1st, and still benefit from the 3.00% rate for both months provided they don’t make any other withdrawals in either month.
- £300 interest on a £10,000 deposit assumes:
- No more than two withdrawals per month are made from the account and the balance remains at £10,000 for the year.
- The account is opened and the initial payment into the account is made on the 1st day of the month.
- No more money is paid in or taken out.
- There is no change to the interest rate with the interest paid yearly into the account.
3. Details on Santander’s prize draw can be found online here.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 30 June 2023, the bank had around 19,400 employees and serves around 14 million active customers, 7 million digital customers via a nationwide 445 branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of the third quarter of 2023, Banco Santander had €1.3 trillion in total funds, 166 million customers, 8,700 branches and 212,000 employees.
