Santander UK increases interest rates on three bank accounts in good news for savers | Personal Finance | Finance
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Banks are now fighting it out in a popularity contest for the best interest rates on the market. The move by Santander is therefore a bold step in enticing savers who want a greater return, especially given the cost of living crisis.
Santander has increased rates on its 1I2I3, Select and Private Current Accounts.
They all now pay 1.00 percent AER/gross (variable) on balances up to £20,000.
The accounts previously had an interest rate of 0.75 percent with the same maximum balance.
Santander has explained the increase means customers can earn up to £200 per year in interest.
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This must, however, be done using the official Current Account Switching Service (CASS).
CASS is designed to be simple and easy with professionals taking the reins on switching bank accounts.
Within seven working days, Britons should see all their financial affairs moved across from their old provider to their new.
Santander customers will also be able to benefit from double cashback on their gas and electricity bills.
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Santander has explained to be eligible for cashback, customers must pay in at least £500 per month.
They are also required to have at least two active Direct Debits in order to benefit from the offer.
The offer is limited and only applies to requests to switch received from August 2, and can be withdrawn without notice.
Anyone who has benefitted from a previous Santander switch offer will not be eligible.
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