History
Santander is a relative newcomer to the British savings market, although its history in Europe, Latin America and other areas of the world dates back much further. The acquisition of Abbey in 2004, as well as the acquisitions of Bradford & Bingley and Alliance and Leicester in 2008, brought this large global bank into the UK financial market.
Current Information
Today, Santander has more than 1,300 branches across the UK, and customers also have the ability to perform banking over the phone or online. Santander is the third largest deposit taker and second largest lender in the UK. The company is currently based in Spain, but has branches across the globe in numerous countries, including South America and the U.S. This bank offers a wide range of products, including loans, insurance, credit cards and savings accounts.
Cash ISAs Available
Santander offers a variety of cash ISAs, depending on the customer’s needs and budget. Current choices include a Direct ISA, Flexible ISA, Easy ISA and Super Flexible ISA. All the accounts can earn interest on balances as low as £1, although higher balances earn higher rates of interest on some of the account types. The Easy ISA offers easy access to your cash and very simple account terms, although the interest rate is not as high. Interest is calculated daily and paid annually. The Easy ISA is a good place to start if you are new to the ISA market and need plenty of liquidity in your savings product.
The Direct ISA also allows customers the option of paying in deposits monthly or making a single lump sum deposit each year. Interest rates are tiered at £1 and £9,000. Customers can make deposits in minimum monthly amounts or a single lump sum. The Flexible ISA pays 3.00% over the Bank of England base rate for the first 12 months after the account is opened.
The account allows for withdrawals at any time, although withdrawals may affect your contribution limit at the end of the year. This account does not allow ISA funds to be transferred in from other products or banks. The Super Flexible ISA offers the best interest rate with a bonus rate for the first 12 months. It is only available when you open a quality investment at the same time.
Stocks and Shares ISAs to Choose From
In addition to a variety of cash ISAs, Santander also offers an Investment ISA that allows you to make a greater potential return on your money. The Investment ISA is available for a minimum monthly investment of £25 or a lump sum deposit of £500. This account is provided by Santander ISA Managers Ltd., and it is channeled into one of Santander’s investment products for the highest possible returns. Of course, investments can either grow or fall in price, and therefore, the better potential return is weighed against the possible risks associated with the investment.
Santander is a reputable bank to choose if you are looking for a large institution with many options in ISAs. Whether you are seeking a cash ISA to save your money or an investment ISA with a greater possible return, Santander may just have the right product for you.
Important Risk Information:
This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.
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