Santander Instant Access Saver

alanq

I have just seen an advert for Santander Instant Access Saver (Issue 3). It pays a variable rate (currently 1%) + a variable bonus (currently 1.5%). It can be operated by phone or in branch but has no passbook.

Why the variable bonus? Why not just an account with a variable rate of 2.5%?

http://www.santander-products.co.uk/savings/ias/more.html

McKneff

Personally i would wait a little while until nearer month end,
the world and his brother will be offering instant Isa;s at far more interest than that.

G_M

OP hasn't said he wants an ISA! He's asking about a (non ISA) savings account.

Lots of banks offer accounts with bonuses - usually for a year, sometimes less, occassionally longer. the point is they entice you in with the high (2.5%) rate and then know that 65% of the new customers (or whatever the statistic is) will keep the account after a year, when the rate has dropped.

This one is unusual. Usually the bonus rate is fixed for a year. This one, even the bonu bit could drop during the year.

Advice? Open it but monitor the rate regularly, and definately close it in 12 months time.