Santander offers ‘top rate’ savings rates of 2.5% plus cashback on bills

The savings account has one of the best interest rates available plus it’s been named as one of the best bank accounts for long term rewards.

Savings rates are beginning to creep up again after the Bank of England increased interest rates by 0.25 percentage points to 1 percent last month.

Currently, Santander’s 123 Regular e-Saver offers an attractive rate of 2.5 percent interest but this is only for the first 12 months.

Customers with a 123, Private and Select current account will automatically receive this interest rate on savings of up to £200 a month.

At the end of the 12 month period, savers will have a maximum balance of £2,400 a year plus £48 in interest.

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Santander customers will receive up to 3 percent cashback on selected household bills, capped at £5 in each cashback tier each month.

They can also benefit from an additional 15 percent cashback on offers at certain retailers including Coop, Morrisons and Costa.

To qualify, all people need to do is go to their Santander app to switch these offers on.

Money saving expert Martin Lewis recently named it as a top account for long term rewards.

For some people customer service reviews are more important than offers and benefits.

Last year 61 percent of people rated Santander as great for customer service according to a Money Saving Expert poll.

However, some banks fared much better with Starling Bank scoring 97 percent and Monzo 92 percent.

High Street bank First Direct often wins customer service awards and scored 85 percent.

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