Barclays and Santander target first-time buyers with mortgage changes
This means they can put away more to take advantage of the eye-catching interest rate. Nationwide also pays 5 per cent to customers on its Flexclusive Regular Saver. However the Santander account does offer more flexibility than some rival accounts. The regular eSaver also allows withdrawals without penalty and you can top up your account again before the end of the month. To get your hands on the top rate, Santander requires that you either be signed up to its Select service or hold a product from its range.
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The World accounts come with much easier hoops to jump through, but there are annual fees. It also offers cashback of up to 3 per cent on household bills read more about the account in our round up here.
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Those without any of the above products will be paid just 2. Is it still worth taking out a regular savings account?
Savings rates have been miserably low for a while now, meaning dedicated savers must find more creative ways to get decent returns. At first glance, regular savings accounts seem an attractive option - paying much higher rates. Easy access savers will currently struggle to find deals paying more than 1 per cent. And fixed rates are not much better - the top five-year fix from Ikano Bank pays just 2. But while regular savers pay much better rates, they won't be the best option for all savers and you will usually only get the top-paying accounts as an existing customer.
This means that you cannot accrue large amounts within the 12 month term and you would effectively be earning interest on just the amount you have in the account each month.
So you only benefit from the 5 per cent rate on your full balance for one month. Remember, to maximise your pot with any regular saver you will need to be on the ball and ditch the account at the end of the first year. But this is particularly true of the Santander deal. Adams says: 'After 12 months, you will need to look for an alternative, otherwise your account will be transferred to an Everyday Saver account paying a dismal 0. Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use.
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This was true in April Santander tends to offer a couple of different types of ISAs depending on your needs. Also, what kind of account you have with Santander can open up different ISAs. You have to be an existing customer to apply for most Santander savings accounts. Usually you have to be a current account holder.
Yet non-customers can apply for certain fixed-rate bonds and cash ISAs from Santander. Generally speaking though, current customers get more favourable Santander savings accounts interest rates. Santander came 31st of 36 savings accounts providers in Fairer Finance's spring review. But it came fifth in the Telegraph's favourite regular savings accounts list in September What about awards?
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