Santander release savings bonds paying up to 3.70%

Thursday, 01 March 2012 05:50

Santander has released two new savings bonds that pay a rate of interest up to 3.70 per cent gross AER.

The tracker bond is available for one year and follows the Bank of England base rate. It pays base rate (0.50 per cent) plus 2.70 per cent for the year’s duration and is open to investments from £10,000 to £2 million.

You get the full rate as long as there are no withdrawals during the term and you keep the funds in for the full year so this is only worth investing in if you know that you will not need to access the funds during the term.

The fixed rate bonds are available over a one or two year term. If you invest for one year you will receive 2.50 per cent gross AER on balances above £500, 3.00 per cent on balances above £5,000 and 3.20 per cent on balances above £25,000.

The rates for the two year fixed rate bond are 3.20 per cent gross AER on balances above £500, 3.40 per cent on balances above £5,000 and 3.70 per cent on balances above £25,000.

Customers can apply for the fixed rate bonds either by visiting any local branch of Santander, or by contacting Santander by telephone on 0800 234 6065.

Matt Hall, Head of Savings at Santander: "We recognise that in the current interest rate environment savers are searching for competitive fixed rates and our latest two year bond offers them just that with rates of up to 3.70 per cent. Customers wishing to take advantage should act now to secure these rates as they are a limited offer."

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