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Santander increases UK one-year deposits to 5.6%

Santander UK is taking another step in recent days as part of British banking moves to increase interest on its deposits and offer more competitive mortgages.

The bank increased on Monday the profitability of your deposits over one and two years up to 5.6% and 5.45% with a cap of two million pounds, compared to 5.05% and 5.1% previously. This means that the deposit for one year is slightly higher than the deposit for two years. In addition, the company issues a voucher for 50 pounds (at the exchange rate about 58 euros). Redeem at Adidas, Airbnb, Amazon or Clarks among 100 other companies

The bank increased on Monday the profitability of your deposits over one and two years up to 5.6% and 5.45% with a cap of two million pounds, compared to 5.05% and 5.1% previously. This means that the deposit for one year is slightly higher than the deposit for two years. In addition, the company issues a voucher for 50 pounds (at the exchange rate about 58 euros). Redeem at Adidas, Airbnb, Amazon or Clarks, alongside 100 other companies, for customers who bring at least 10,000 pounds (11,600 euros) from another bank to the bank and deposit it into a term account under the name ISA. Santander, England’s fifth-largest retail bank, last week launched an offer that pays 5.2% interest on demand account deposits for 12 months. The bank had to cancel this offer early because achieved its goals earlier than planned.

Regulators and the government have been scrutinizing the behavior of Britain’s most important companies for months They do not transfer the increase in the official interest rate to the interest on their customers’ deposits. In recent weeks, several companies have improved their compensation, although the fight has also reached mortgages.

A subsidiary of Nationwide has just launched a product that costs 4.99%, the first to go below 5% since July.

It should be noted that this market has doubled its price in just a year and exceeds 6% on all mortgages after the Bank of England raised its interest rates from 0.1% to 5 in a year and a half. Currently it is 25%. Tomorrow is expected a new increase, up to 5.5% According to analysts, there are doubts whether it will be the last time.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com/
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