A major bank has launched a new Cash ISA with a huge bonus for customers. This week, Santander announced a lineup of new Fixed Rate ISAs, with returns as high as 4.7%.
The new products span between one and five years. The one-year and two-year ISAs offer 4.5%, the three-year 4.65%, and the five-year 4.7%. Customer who transfer their ISA from another provider can also bag a £400 TLC hotel voucher if they have a balance of £25,000.
The full balance must be moved over as partial transfers will not qualify. The vouchers can be redeemed at over 1.5 million hotels around the world, including Marriotts, Hilton, and Millenium.
To be eligible for the voucher, customers must open a Fixed-Rate ISAs and transfer the contents of their existing ISA within 14 days. Applicants must be UK residents aged 18 and over.
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.
“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.”
This comes after Santander announced it will stop sending annual fee statements to customers from August. The statement provides customers with a breakdown of all charges they may have incurred over the last 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 vast overhead costs associated with printing, stationery, and postal delivery.
Once it is scrapped, Santander customers will have to check their banking costs online. But the bank says it will remain straightforward, adding: “Your statements already show any fees or charges on your account.”
Customers can view fees for a specific account by looking at their Fee Information Document. Santander says this can be done “anytime, wherever you are”.