Santander has cut rates again (Image: Getty)
Martin Lewis’ Money Saving Expert is urging Santander customers to ‘ditch and switch’ to another bank after the giant cut its savings rates again.
Santander has reduced the on its Easy Access Saver (Limited Edition Issue 3) from as much as 5.2 percent when it first launched down to just 4 percent now.
That means that several other banks and financial institutions now outstrip it for interest, including Trading212 and another account from .
:
The account was never actually a fixed rate, so Santander was always able to adjust the as it saw fit as long as it provided notice to savers, which is what it has done.
And at the end of the ‘fixed’ period it would automatically transfer to a less lucrative rate, just 1.2 percent.
But the advantage of the fact it’s not actually properly fixed is that you can easily ditch it with no penalty.
Martin Lewis’ MSE said: “The flip side of Santander’s rate being variable is that you’re not locked in and don’t have to stick with it – you can ditch and switch.”
The best paying account right now is actually an ISA – Trading212. While not technically a bank, this trading platform invests your money in one of several high street banks using its platform as the bridge, so it’s still protected by the Financial Conduct Authority for up to £85,000 of deposits.
Santander’s Simple Saver right now offers 4.85 percent, and can be opened with £1.