What are the Santander Easy Access Savings Accounts Rates? Our Instant Access savings guide.

Sheridan

4 min read

An easy access savings account, also known as an instant access account, is a financial savings product that allows you to save your money in an account whilst allowing you immediate access to your funds.

When it comes to looking for a flexible savings product, an instant access account might be worth considering.

In this article, we’ll review the current Santander easy access savings rates, what an easy access account is, how it works and what the benefits are when using an instant access account.

What are the current Santander easy access savings rates?

Santander currently offers four easy access savings accounts. These include an easy access saver and an easy access ISA. Here the current Santander easy access savings products to choose from:

- Santander Easy Access Saver: 1.70% AER / 1.69% gross (variable) for 12 months. Minimum deposit £1 up to £2 million. Unlimited withdrawals. At the end of the term, you'll be transferred to an Everyday Saver.

- Santander Regular Saver: 5.00% AER/ gross (fixed) for 12 months. Save up to £200 a month paid directly from your Santander current account via standing order. This account requires you to already have a Santander current account.

- Santander Edge Saver: 7.00% AER / 6.78% gross (variable) for the first 12 months from opening. This account has a 2.50% AER / 2.47% gross (variable) bonus rate. This applies to balances up to £4,000 and you must hold a Santander Edge current account.

- Santander Limited Access Saver: 2.20% AER/ 2.18% (variable) in calendar months where you make 2 or fewer withdrawals. 1.20% AER/ 1.19% gross (variable) in calendar months where you make 3 or more withdrawals. The term of the Limited Access Saver is 12 months. Minimum £1 deposit.

Source: https://www.santander.co.uk/personal/savings-and-isas. Current Santander easy access savings rates are accurate as of 30/07/24.

How to compare and find the best easy access account rates

When it comes to finding the right easy access account rates for your savings, it's important to make sure you find the best account rates that suit your personal finance goals.

Here’s a few tips when it comes to comparing easy access accounts:

1) Research high street banks, online banks and building societies: Beyond traditional high street banks, there are numerous alternatives that offer instant access accounts with competitive rates. Research competitors who may be online or app only and see how their rates compare with traditional financial institutions.

2) Consider introductory, bonus and boosted rates: When comparing easy access account rates, various providers may offer bonus rates. Whilst these may offer a higher rate initially, it's important you understand the terms and conditions, and consider if over the long-term, it's an account that can still offer a competitive rate after the introductory period.

3) Understand how the account works: Some instant access accounts may have various restrictions placed on them. This may include a certain amount of times you can withdraw, or a certain amount you can deposit into the account. Always check the account details and understand its access and potential restrictions.

Choosing the right easy access account

Before choosing an easy access savings account to help grow your savings, there are a few things you should look to consider. These factors include:

Managing the account: Consider how you want to manage your instant access account. Some accounts can be managed online, via an app or you may prefer an account where you can use a bank branch.

Access to the account: Some easy access savings accounts may have restrictions as to when you can access them. This could include the amount of times you can access the account to withdraw funds every month or year.

Interest rate: Interest rates between easy access accounts can vary between providers. Check to see which has bonus or introductory rates. Or consider if the interest rate is competitive and doesn’t have any restrictions or penalties for how you use it.

Penalty restrictions: Some savings accounts like these could lower the interest rate depending on how many times you withdraw from it. Always check the terms and conditions so that you’re aware of any potential penalty restrictions.

What are the pros and cons of an easy access account?

An easy access savings account is a popular savings account for people looking to build their savings.

Like any type of savings account, there are advantages and disadvantages of an easy access account that you should be aware of.

Instant access account pros:

Easy to set-up and getting started with. Many instant access savings accounts can be opened with just £1 and usually doesn’t require additional forms to fill out.

Instantly able to deposit and withdraw whenever you want. Easy access accounts usually allow you to deposit and withdraw without giving notice, but be wary of accounts that may have withdrawal restrictions or penalties that reduce the interest rate.

Not locked into the account for a period of time. Unlike other saving accounts, usually with an instant access account, you can withdraw your funds without consequence.

Instant access account cons:

You usually can get higher interest rates from other accounts. Some savings accounts, usually a fixed notice account, tend to offer higher interest rates as it requires you to keep funds in for a period of time as you withdraw.

Variable interest rates. This means that the interest rate of the account can go up or down with short notice. Learn more about interest rates.