Fixed rate savings accounts launched by Santander
02 December 2009 09:18:16
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| The savings accounts take a minimum balance of £10,000. |
Santander, owners of Abbey, Alliance & Leicester and Bradford & Bingley savings, is to offer a one-year cash bond at 3% gross/AER.
Previously, these savings accounts carried a rate of just 2.75%.
Santander's two-year fixed-rate offer, with accounts carrying 4% gross/AER, has also been extended.
The range is available in branches of all three banks from today (December 2nd).
However, top rates are only available for those with over £10,000 to put into the accounts.
Penalties are also charged for early withdrawals.
Reza Attar-Zadeh, director of savings and investments at Santander, said: "We're pleased to offer these increased rates and believe that this bond provides excellent value for customers looking for a fixed income."
Other products currently on the market include the 2 Year Fixed Rate Savings Account from the AA, carrying 4.25% gross/AER for balances of at least £500.
Those willing to leave their deposits untouched for three or more years can also gain access to rates of 5% or more.
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