Santander has issued a warning to customers, letting them know that it is slashing the rate on Easy Access Saver Limited Edition accounts, from 5.20 percent to 4.20 percent AER
Santander has sent out a rather disappointing text to its customers, revealing a significant cut in their savings rate. The Spanish bank had previously launched an attractive easy access savings account last autumn, boasting a generous 5.20 percent savings rate.
The text detailed: "The interest rate on your Easy Access Saver Limited will reduce from 5.20 percent AER/gross to 4.20 percent AER/gross on 20 May 2024." This rate reduction means that for those who have taken full advantage of the account's limits, there's a potential loss of £200 in interest over a year that they would have otherwise earned, reports the Express.
But with a 1 percent cut to the rate, you'll now only pocket £800 on the same amount, which is a £200 drop.
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