{"id":43470,"date":"2023-09-19T19:39:41","date_gmt":"2023-09-19T19:39:41","guid":{"rendered":"https:\/\/histarmar.net\/?p=43470"},"modified":"2023-09-19T19:39:41","modified_gmt":"2023-09-19T19:39:41","slug":"santander-raises-savings-interest-rates-to-5-60","status":"publish","type":"post","link":"https:\/\/histarmar.net\/world-news\/santander-raises-savings-interest-rates-to-5-60\/","title":{"rendered":"Santander raises savings interest rates to 5.60%"},"content":{"rendered":"

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Santander has recently announced further increases to the interest rates of its savings accounts.<\/p>\n

Earlier this week, the bank confirmed that it was raising the rate of its one and two-year fixed-rate ISAs.<\/p>\n

This follows a series of interest rate boosts from the bank over the past year to better support savers.<\/p>\n

From yesterday, Santander\u2019s one-year fixed rate ISA now pays customers a rate of 5.60 percent AER\/tax-free.<\/p>\n

As well as this, the financial institution\u2019s two-year fixed rate ISA is paying savers 5.45 percent AER\/tax-free.<\/p>\n

Read more… <\/strong> Bank boosts rates on ISAs and other savings accounts[LATEST] <\/strong><\/p>\n

Martin Lewis discusses interest rates<\/h3>\n

The bank is giving customers switching in an ISA with at least \u00a310,000 in value from another provider a \u00a350 e-voucher.<\/p>\n

Those interested in opening up a fixed-rate ISA with the financial institution can so online or by visiting their local Santander branch.<\/p>\n

Interest rates have been raised by central banks over the past year in a bid to tackle the impact of inflation.<\/p>\n

Despite the recent wave of rate increases across the world, savers have still been straddled with record-high inflation which has diminished returns.<\/p>\n

Don’t miss… <\/strong>
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Interest rates could \u2018be held\u2019 at 5.5 percent for another six months<\/strong><\/p>\n

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Andy Mielczarek, the founder and CEO of SmartSave, outlined why savers may not be getting the benefit of these hiked interest rates.<\/p>\n

He explained: \u201cWith inflation remaining stubbornly high, the money most people have in savings is losing value in real terms.<\/p>\n

\u201cEven though interest rates have risen notably since the end of 2021, and may again tomorrow, millions are not seeing any significant benefits from this.<\/p>\n

\u201cThis is because too many banks are still failing to pass better rates onto customers, particularly where easy access and current accounts are concerned.\u201d<\/p>\n

Here is a full breakdown of all the updated savings interest rates for Santander products in September 2023:<\/p>\n