Santander is offering attractive savings rates of 2.5% ‘top for rewards’

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Chelsea Pensioners feature in Santander anti-scam campaign

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Savings rates are beginning to creep up again with Santander offering one of the best interest rates on the market. Its savings account is offering 2.5 percent interest as well as long term rewards.

However, Santander isn’t currently offering a £140 bank bribe to incentivize people to switch current accounts.

Almost 200,000 current accounts were switched between January and March 2022 – and Santander was the bank which benefited the most with (36,494) new customers.

It was closely followed by Nationwide with 33,691 new customers and Starling Bank with 10,364.

As the cost of living crisis continues to put a burden on Britons’ finances, people might be attracted by cashback on bills.

Santander customers will receive up to 3 percent cashback on selected household bills, capped at £5 in each cashback tier each month.

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The account offers a further 15 percent cashback on offers at certain retailers including Co-op, Morrisons and Costa.

Although these offers are available to everyone, customers will need to go to their app to switch these offers on.

Santander isn’t currently offering an incentive for switching but its cashback on bills offer is piquing many people’s interest.

Money saving expert Martin Lewis recently named it as a top account for long term rewards.

When it comes to choosing a savings account there is no one-size-fits all solution.

However, there are some typical questions people should ask themselves before making a decision.

For some people, having a local branch will come higher up on the list than whether it offers digital features.

For others, customer service reviews will be most important.

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When choosing a new savings account people should consider:

  • Identify your ideal account – current, savings, easy access?
  • Does it have a monthly fee?
  • Do you need a local branch?
  • Could you manage with just digital?
  • Would you benefit from budgeting tools?
  • Consider Credit Unions
  • Would you benefit from enhanced digital features?
  • Read the reviews.

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