High-Interest Santander Edge Saver, Earn 7% AER on Balances up to £4,000 + Bonus, Santander Edge current account, Interest rate increase
Santander UK has hiked the interest rate for its Santander Edge Saver to an impressive seven percent AER (6.78 percent gross variable) on balances up to £4,000.
This includes a core rate of 4.5 percent AER (4.41 percent gross variable) along with an additional 2.5 percent AER (2.47 percent gross variable) bonus rate, which is applicable for the initial 12 months after the account’s opening. However, balances exceeding £4,000 will not generate any interest.
Even customers who have already opened an Edge Saver within the last year will enjoy the 2.5 percent AER (2.47 percent gross variable) bonus rate. This bonus rate for existing Edge Saver customers will remain in effect from today until a full year has elapsed since their account’s commencement.
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Andrea Melville, who serves as the director of current accounts, savings, and business banking at Santander, emphasized the advantages of the Edge Saver. She highlighted, “Whether individuals are saving for specific goals, such as a holiday, or simply creating a financial cushion, the Edge Saver enables our customers to experience the convenience of an easily accessible account, complemented by an outstanding interest rate. In these challenging economic times, we recognize the significance of every monetary unit and are delighted to extend both cashback and interest benefits through our Edge account.”
Santander estimates that customers maintaining a £4,000 balance in their account can typically earn around £22.60 in interest per month.
Designed as an easy access account, the Edge Saver provides the flexibility of unlimited withdrawals and deposits. However, its initiation requires holding a Santander Edge current account.
Under the Santander Edge package, customers can potentially gain up to £20 in monthly cashback for essential expenses and household bills. It’s important to note that the account does come with a £3 monthly fee.
Both the Santander Edge current account and the Santander Edge Saver are available for opening through online channels or at a physical branch location.