Santander ISA ‘a great option for savers’

The Flexible ISA from Santander offers one of the best rates on the current market and comes recommended by online financial magazine

The Santander Flexible ISA offers savers the chance to earn an impressive rate of 2.85 per cent, tracking at 2.35 percentage points above the base rate for the first 12 months.

Flexible Isa holders can open an account with as little as £1 and save up to the annual Cash ISA maximum allowance of £5,100 with instant access to their cash online, at a cash machine, by branch or over the phone, so you won’t be tied into a fixed term.

The account does not permit transfers in from other ISAs, so those looking to move funds from existing ISAs may wish to consider Santander’s other Direct ISA account.

Like any ISA, if you deposit your full allowance then withdraw against it throughout the year, you cannot pay that money back in until the start of a new tax year.

After the 12 month introductory period your ISA will automatically pay a variable rate, currently 0.50% AER tax free, so it may be wise to search for a higher paying account after this time.

Savers can choose to have interest paid into their Flexible ISA accounts or into a different Santander bank account, whichever is the most convenient.

The banking group has also extended its Zero current account package to include other customers.

Those looking for the most attractive current account deals available in the UK may need to look no further than one financier.

In an offer which may also be of interest to those with Santander savings, the lender has extended its Zero account privileges to customers who have a minimum of £10,000 stored in one of its savings accounts.

This development means that some 60 per cent of all current account holders in Britain could qualify for the deal, which also comes with a fee-free debit card for use abroad and has no charge on its overdraft facility.

Vim Maru, director of retail products at Santander, commented that “every one” of the financier’s customers should look into the taking advantage of this deal, as the possibility to save more money should appeal to them.

This comes after Santander recently cut rates on a wide range of its mortgage products.

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