Santander offers ‘top rate’ savings rates of 2.5% plus cashback on bills

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Martin Lewis advises on savings accounts and premium bonds

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The savings account has one of the best interest rates available plus it’s been named as one of the best bank accounts for long term rewards.

At the end of the 12 month period, savers will have a maximum balance of £2,400 a year plus £48 in interest.

To qualify for this interest rate, customers only need £1 to open an account.

Meanwhile, with energy bills continuing to soar, cashback on bills could prove useful for many people right now.

Santander customers receive cashback on household bills including council tax and energy bills.

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

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

They can also benefit from an additional 15 percent cashback on offers at certain retailers including Coop, Morrisons and Costa.

To qualify, all people need to do is go to their Santander app to switch these offers on.

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 choosing a new bank account.

While some people will be enticed by a bank bribe, Santander isn’t currently offering an incentive for switching.

Some things to consider are whether a local branch is important or whether digital is fine.

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For some people customer service reviews are more important than offers and benefits.

Last year 61 percent of people rated Santander as great for customer service according to a Money Saving Expert poll.

However, some banks fared much better with Starling Bank scoring 97 percent and Monzo 92 percent.

High Street bank First Direct often wins customer service awards and scored 85 percent.

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