Act now: Santander to pull its 5.2% savings rate tonight

Santander is to pull its best buy 5.2% interest rate for easy access savings today. We have all the details

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Santander's 5.2% easy access rate mentioned in this article is now off the market. See our guide to best savings accounts for the latest offers on cash savings

If you've been keeping an eye on the best savings accounts then Santander's top paying easy access account paying 5.2% certainly looks attractive. 

The high street giant Santander boosted the interest rate on its easy access savings account to 5.2% earlier this month – making it the best deal on offer by the bank in 14 years and the best buy for that type of account. 

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The limited deal was due to end 17 September, but savers hoping to secure the deal need to act fast as it will now be pulled at 11:59pm tonight (12 September). 

Act fast to secure Santander’s top rate

From midnight tonight the rate will drop from 5.2% to 2.5%. But, if you are thinking about opening the account, you still have hours left to secure the top rate – but you have to act fast. If you open the account by midnight tonight you should still get the rate for 12 months. 

The rate is the best the bank has paid in 14 years and you only need £1 to open the account.  Interest is paid annually, and the rate drops to 5.08% AER if you choose to receive interest monthly. 

The introductory rate is applicable for 12 months and once the account matures after one year, your money is transferred to a Santander Everyday Saver or another account of your choice.

You can read more about the Santander easy access account in our article

How does the Santander easy access account compare to the rest of the market? 

The Santander Easy Access Account limited edition currently tops the easy access table with its new 5.2% rate. As the account only requires £1 to open, it will be in high demand. 

If you miss the chance to open the Santander saver, here are some other easy-access accounts offering top returns, just below Santander: 

There’s a good variety of easy-access savings accounts below Santander’s rate which can be opened from as low as £1 or up to £25,000.  

What other products has Santander hiked its rates on?  

Santander has also upped the rates on its fixed ISA accounts as of 4 September. 

  • The Santander One year Fixed ISA has upped its rate from 4.15% to 5.05%
  • Santander’s Two year fixed ISA was hiked its rate from 4.2% to 5.1% 

Neither rate tops the ISA tables, as the top 1-Year Fixed ISA is offering 5.78% by Shawbrook. The top 2-year fixed ISA offered by Aldermore stands at 5.61%. 

If you are interested in putting your money away tax-free, check our best cash ISA guide for the top rates on the market.  

Nicole García Mérida

Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She joined MoneyWeek in 2019.