Santander pays 6% on savings

Santander pays 6% on savings

Santander’s UK banks are offering interest rates of up to 6% on monthly savings accounts and current accounts.

Abbey’s Super Fixed Rate Monthly Saver and Alliance & Leicester’s (A&L) Premier Regular Saver are both paying the headline rate to savers who invest a fixed amount between A?20 and A?250 per month.

However, there’s a catch.

To open these top paying savings accounts, customers must either open an Abbey Reward Account, an Abbey Preferred In Credit Rate account, an A&L Premier Direct account or an A&L Premier 50 account.

The Preferred In Credit and Premier Direct are free accounts, but the Reward Account and the Premier 50 come with a A?10 monthly fee.

All four current accounts also pay 6% interest as long as the account holder pays in a minimum of A?1,000 per month.

Money put into the savings accounts cannot be withdrawn until the account matures.

Andrew Hagger of price comparison site Moneynet.co.uk said the offer is “definitely worth a look” for savers who are comfortable that they can contribute 12 monthly payments.

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