Banks are improving their offerings for savers amid heightened pressure from regulators
Santander is offering savers a market leading 7pc interest on up to £4,000 in an easy access account – but there are a few catches.
The chart-topping rate on the Edge Saver account is far higher than the 5pc rate offered by bank Tandem but savers will need to hold an Edge current account to be eligible for the offer.
The current account, which was launched to replace the 123 Lite current account withdrawn by Santander in 2022, requires a deposit of £500 a month and two direct debits and charges a £3 monthly fee.
And there’s another catch. The eye-catching 7pc interest rate includes an underlying rate of 4.5pc and a 2.5pc boost received for the first 12 months when an account is opened.