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 £20 and £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 £10 monthly fee.

All four current accounts also pay 6% interest as long as the account holder pays in a minimum of £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Money put into the savings accounts cannot be withdrawn until the account matures.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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