Santander has unveiled a new range of Fixed Rate ISAs, offering returns as high as 4.7%. The new products, available for terms from one to five years, provide guaranteed and competitive rates for savers.
ISA rates and bonus details
The one-year and two-year ISAs offer an interest rate of 4.5%, the three-year option pays 4.65%, and the five-year ISA yields 4.7%. Customers who transfer an existing ISA from another provider can also receive a £400 TLC hotel voucher, provided they transfer a balance of £25,000 or more.
To qualify for the voucher, customers must open a Fixed Rate ISA and transfer the full balance of their existing ISA within 14 days. Partial transfers are not eligible. Applicants must be UK residents aged 18 and over.
Hotel voucher redemption
The vouchers can be redeemed at over 1.5 million hotels worldwide, including Marriott, Hilton, and Millennium properties.
Joao Soares, head of savings at Santander, said: "At a time when many savers are looking for both certainty and value when it comes to their money, our new Fixed Rate ISA range offers customers guaranteed and competitive longer-term rates."
He added: "For eligible customers who choose to transfer an external ISA to Santander, the added benefit of up to £400 in hotel vouchers means they can enjoy a reward today, while continuing to build their savings for tomorrow."
Changes to annual statements
This announcement follows Santander's decision to stop sending annual fee statements to customers from August. The statements provided a breakdown of all charges incurred over the past year, including interest on overdrafts and overseas fees.
The UK banking industry historically sent over 5.2 billion paper documents annually. Digitising these processes reduces overhead costs associated with printing, stationery, and postal delivery.
Once the statements are scrapped, Santander customers will need to check their banking costs online. The bank assures that this remains straightforward, stating: "Your statements already show any fees or charges on your account." Customers can view fees for a specific account through their Fee Information Document, accessible "anytime, wherever you are."
