Santander offers customers ‘exclusive account’ paying four percent | Personal Finance | Finance
The Santander Edge saver allows customers to benefit from four percent AER / 3.93 percent gross (variable) interest. The four percent applies on balances up to £4,000 and includes 0.50 percent AER (variable) bonus rate for the first 12 months from opening.
Interest is calculated daily and added to this account monthly. No interest is paid on balances above £4,000.
The estimated balance after 12 months based on a £1,000 deposit would be £1,040.00 – an increase of £40.
People can open an account with a minimum of £1.
Deposits can be made at any time via standing order, one-off payments or online transfers.
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The interest rate savers can get without the bonus rate is 3.50 percent AER / 3.45 percent gross (variable).
The interest rate with a 0.50 percent AER (variable) bonus rate for the first 12 months from opening £1 – £4,000 is four percent AER / 3.93 percent gross (variable).
On their website, it states explains that the Santander Edge saver is an online savings account “exclusive for Santander Edge current account customers”.
The Edge saver can be managed online and via mobile banking.
Savers can get one percent cashback (up to £10 a month) on selected household bills when they pay by Direct Debit.
Additionally, they can get cashback on their essential spend. One percent cashback (up to £10 a month) at supermarkets and on travel costs when they use their debit card.
To apply for the current account, customers must pay a £3 monthly fee to maintain the account.
They also need to pay at least £500 into their account each month and have two active Direct Debits.
Applicants must be over 18 and live in the UK permanently to earn interest with Santander Edge.
Santander offers a ‘Boost up your life’ session which offers cashback, discounts and special offers that match one’s interests.
All they need to do is sign up for Boosts through their Mobile Banking app or in Online Banking and you’ll be able to choose the offers you like and earn rewards when spending at someone’s favourite retailers.
For more information, people can visit the Santander website.
