Santander offers bumper 6% interest savings | U.Okay.Finance News
Martin Lewis has highlighted a Santander account that offers 6% interest and cashback on payments. The Money Saving Expert has revealed the highest bank accounts for cashback and perks. Included within the record is Santander’s Edge account, which offers 1% cashback on water, vitality, council tax, cell, broadband, telephone, and paid-for TV payments (most £10 a month). There’s additionally 1% debit card cashback on grocery, fuel, and journey spending (most £10 a month) – however this shall be ending in September. The Money Saving Expert says this debit card additionally provides “near-perfect” exchange charges overseas. You can open it, with out switching, and use it alongside your important account – “great to use as a bills account”, although you do need to pay a minimal £500 a month in. You additionally get a linked 6% easy-access saver (most £4,000, cannot be opened collectively), plus the debit card is fee-free for abroad spending and ATM withdrawals. To get the interest and cashback, you need to pay in £500-plus a month and have two or more direct debits.Also included within the Money Saving Expert’s record of prime bank accounts for cashback and perks is Zopa’s Biscuit account, Chase’s present account, and Lloyds’ Club Lloyds.Zopa’s Biscuit pays 2% fixed cashback on direct debits for a 12 months (most £30 cashback over the 12 months). This contains payments equivalent to vitality, broadband and cell, but additionally contains any funds produced from the account through direct debit. It additionally pays 2% fixed interest on the present account stability for a 12 months with no most. You can even open a linked 7.1% variable interest common saver, which you’ll put up to £300 a month in. Maxed out, that provides £138 interest over the 12 months. Its debit card offers fee-free abroad spending, in addition to fee-free ATM withdrawals up to £200 within a 30-day period (2% charge above).Chase’s present account offers 1% cashback when spending on UK groceries, transport, and fuel (most £15 a month). You will need to have the cardboard for one 12 months and pay in £1,500 a month for this. You additionally get a “near-perfect rate” for spending overseas, although you will not get any cashback.New clients can even open their linked easy-access saver within 31 days of opening the account, which supplies 5% (2.75% variable and a couple of.25% fixed 12-month bonus). Plus, there’s a ’round-up’ account which pays 5% interest.Club Lloyds has no cashback accessible however as an alternative offers rewards together with 12 months’ Disney+ (with adverts), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine.There’s a £5-a-month charge until you pay in £2,000-plus a month. You additionally get entry to a linked common saver paying 6.25% fixed interest for a 12 months on up to £400 a month (maxed out, it is £161 a 12 months interest), and the debit card has no charges on abroad spending with “near-perfect” exchange charges.Plus, there’s 1.5% interest paid in your present account stability falling between £1 and £3,999 and three% paid on any half of the stability between £4,000 and £5,000 whenever you pay out two or more direct debits a month.
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