Santander has leapt to the top of the best buy savings tables after increasing the rate of its easy access e-saver account to 3.2 per cent.
The 0.2 per cent hike means the newly-labelled e-saver Issue 5 overtakes the Post Office Online Saver 5 account as the best easy access rate on the market, with the latter offering savers a rate of 3.17 per cent rate.
The Santander account, which can be opened with a minimum of £1, also comes with a 2.7 per cent bonus for the first 12 months, compared to a 1.52 per cent bonus on the Post Office account .
Interest is paid on a monthly or annual basis and savers can chose to have it credited into the account, or to another Santander account. Annual interest can also be credited to a non-Santander account, if it is the account nominated.
Santander UK customers are covered under the Financial Services Compensation Scheme (FSCS), which means savers are protected up to £85,000 – rising to £170,000 for joint savers – if anything goes wrong.
