Santander is offering customers a savings account with a competitive interest rate of seven percent but it is not the only high-interest product from the bank.

As it stands, the financial institution’s Santander Edge Saver provides a monthly interest of seven percent AER / 6.78 percent gross (variable) interest on balances up to £4,000.

Over the past year, interest rates have been raised by banks and building societies which have passed down to savers.

This has been a result of the constant hikes to the base rate by the Bank of England as it has attempted to rein in inflation.

However, the central bank has paused its series of rate increases for the time being which means savings accounts may not be as competitive soon.

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As a result, experts are urging customers to take advantage of the competitive offers with their banks and building societies.

One of the institutions providing savers with some of the most competitive deals on the market is Santander.

Customers need to be UK residents aged 18 or over and signed up for Online or Mobile Banking with only one Santander Edge saver per Santander Edge current account someone holds.

It should be noted that this is not the only competitive savings account from Santander currently on offer.

Here is a full list of other accounts with high-interest rates being provided by the bank:

• Fixed rate ISA (5.25%-5.10% AER/tax-free depending on term length)
• Regular Saver (5.00% AER/gross for 12 months)
• Easy Access ISA (3.20% AER/tax-free variable for 12 months)
• Limited Access Saver (3.00% AER/gross for 12 months)
• Easy Access Saver (1.70% AER/gross for 12 months).

The latest account to be launched by Santander is Limited Access Saver which can be opened for as little as £1.

Andrea Melville, the director of Current Accounts, Savings and Business Banking at Santander, broke down why this is a deal people should take advantage of.

She explained: “Throughout this year we’ve looked to deliver value to our customers with our range of savings products and we continue to build on that with our new Limited Access Saver.

“Most of our easy access savings customers typically make less than three withdrawals a month, so we have designed our new Limited Access Saver with this in mind.”