Warning for Santander customers as bank slashes savings rate

manchestereveningnews.co.uk:

Some Santander customers will see a cut to their savings rates in a couple of months. The bank confirmed that it will slash the rate of its Easy Access Saver Limited Edition account from 5.20 per cent AER on balances up to £250,000 to 4.20 per cent AER.

Santander has already began contacting customers who will be affected by the changes on May 20 of this year. The bank claims the cut in rates is due to 'the current market conditions' and highlighted that other terms of the account, such as how much money customers can access, will remain unchanged.

Money-savers previously praised the account when it launched in September 2023 for its better rates than many other accounts. Read more: One in three Mancunians admit ditching morning habit as energy costs rise Savvy Santander customers who may be turned off by the rate change do have some other options from Santander, however, differing limits and terms may make them less desirable.

This includes the following: However, if you're not worried about being leaving Santander, there are a wide range of competitive options, such as Cynergy Bank with 5.1 per cent AER and unlimited withdrawals.