Santander UK increases interest rates on three bank accounts in good news for savers | Personal Finance | Finance
Banks are now fighting it out in a popularity contest for the best interest rates on the market. The move by Santander is therefore a bold step in enticing savers who want a greater return, especially given the cost of living crisis.
Santander has increased rates on its 1I2I3, Select and Private Current Accounts.
They all now pay 1.00 percent AER/gross (variable) on balances up to £20,000.
The accounts previously had an interest rate of 0.75 percent with the same maximum balance.
Santander has explained the increase means customers can earn up to £200 per year in interest.
READ MORE: Pensioner’s mortgage to rise by £300 due to rate rise
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