Cost of living: Why Bank of England has increased interest rates
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From today, the rates have been increased on four of Santander’s 1 Year Fixed Rate ISA, 18 Month Fixed Rate ISA, 2 Year Fixed Rate ISA, and Easy access eISA. The high-street bank has increased the rate on its 1Year Fixed Rate ISA from 1.5 percent to 2.3 percent AER and its 18 month ISA has gone from a rate of 1.7 percent to 2.5 percent.
Santander’s 2 Year ISA has increased from two percent to 2.8 percent AER and its Easy access ISA has doubled from 0.7 percent to 1.5 percent.
Hetal Parmar, head of Banking and Savings at Santander UK, said: “We understand saving for the future is important for many people and our increased cash ISA rates will make customers’ money work harder, helping with their savings goals.
“We make it simple to transfer an existing cash ISA to Santander in a way that keeps it tax-free.”
The bank said it would give customers some of the “best returns in the market on their tax-free savings”.
To open one of Santander’s Fixed rate ISAs, a person will need a minimum of £500 and be over the age of 16 years.
The bank’s fixed rate ISA is part of the ISA transfer service which the bank states make it “quick and easy” for people to transfer their existing Cash ISA from other providers to Santander.
People can also combine multiple cash ISAs in a single cash ISA with Santander.
The bank says this service helps customers keep their “tax-free wrapper” on the ISAs.
More to follow…
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