Santander UK has today announced that it is increasing the in-credit interest rate on its 1I2I3, Select and Private Current Accounts for the fifth time this year from 1.50% AER/1.49% gross (variable) to 1.75% AER/ 1.74% AER/gross (variable) on balances up to £20,000.(1)
The new rate of interest will automatically apply from 8 November 2022, meaning customers can now earn up to £347.22 in interest per year, in addition to any cashback they earn on selected household bills paid by direct debit.(2) Customers will also continue to have access to preferential rates on other Santander products through 1I2I3 World.(3)
Santander remains the only bank in the UK to offer customers both cashback on household bills and interest on in-credit balances through a current account.(4)
The full list of Santander UK’s current accounts can be found here.
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Notes to Editors
1) The interest rate on the 1I2I3, Select, and Private Current Accounts is variable and does not track the Bank of England base rate.
2) Cashback on household bills is paid monthly via direct debit, capped at £5 in each of the following categories:
- 1% cashback:
- Council tax bills
- Mobile and home phone bills, broadband and paid-for TV packages
- Santander monthly mortgage payments
- 2% cashback:
- Gas and electricity bills
- Santander Home Insurance premiums (policies administered and underwritten by Aviva Insurance Limited)
- Santander Life Insurance premiums (policies administered and underwritten by Aviva Life & Pensions UK Limited)
- 3% cashback:
- Water bills
3) More information on 1I2I3 World Offers can be found here.
4) The monthly fee for maintaining the 1I2I3, Select and Private Current Accounts is £4 and will remain unchanged.