Compare easy access savings accounts

The Santander Edge Saver account presents an intriguing option for those looking to maximize their savings, offering a headline interest rate of 6% on balances up to £4,000. This competitive rate aims to attract savers, positioning itself as a potentially high-yield choice in the current market. However, prospective users should be aware that this advertised rate is not entirely straightforward, as a significant portion of it is an introductory bonus. A crucial detail for savers is that the 6% interest rate includes a 2.5% bonus component, which is only applicable for the first 12 months from account opening. This means that after the initial year, the interest rate will experience a reduction, as the bonus element will no longer apply. Therefore, understanding the longevity of the full rate is essential for a realistic assessment of the account's long-term earning potential. Accessing the Edge Saver account is also conditional, as it is exclusively available to customers who hold a Santander Edge current account. This linked current account comes with its own set of requirements and features. To maintain the Edge current account, customers must deposit at least £500 per month and have two or more active direct debits. While the current account offers cashback on certain spending, it also carries a £3 monthly fee, which is a key factor to weigh. The presence of the £3 monthly fee for the linked current account necessitates a holistic evaluation of the Edge Saver's true value. While the 6% savings rate is attractive, particularly for the first year, the ongoing current account fee can impact the net return, especially on smaller balances or once the introductory bonus expires. It is crucial for individuals to consider if the cashback benefits of the current account sufficiently offset this recurring charge, or if the fee erodes too much of the savings interest. Furthermore, the Edge Saver account cannot be opened jointly. However, for those with joint financial arrangements, there is a provision: if two individuals hold a joint Santander Edge current account, each person is eligible to open their own individual Edge Saver account. This allows couples or co-habiting partners to each benefit from the savings rate separately, up to the £4,000 limit per person. It is always advisable to consult comprehensive guides and compare various options to ensure the chosen account aligns best with personal financial goals.