Santander launches new account which could give you free £1,000
Santander has launched a new savings account that can pay you up to £1,000 in cashback.
The new account is a self-invested personal pension (SIPP) which is a "do it yourself" pension that allows you to choose how much you want to pay into it. It also lets customers consolidate multiple pensions together, which they can then access, manage, and monitor directly through the Santander app.
SIPP customers can either pick their own funds to invest in or allow their provider to choose for them with Santander savers able to choose from up to 850 funds to invest in, depending on their preferences. There are also four ready-made Santander investment funds for those who prefer their portfolio to be selected. In addition, savers can earn cashback on their investments.
This starts from £50 cashback for those investing between £5,000 and £9,999 into the pension pot and goes up in tiers. Customers investing £10,000 to £24,999 can earn £100, while those investing £25,000 to £49,999 will receive £250.
Higher investment tiers include £350 cashback for £50,000 to £74,999, and £500 for £75,000 to £99,999. The maximum cashback of £1,000 is available for investments of £100,000 or more. To be eligible for the cashback incentive, you will need to open a Santander Personal Pension before April 25, 2025, and the cashback will be paid on or before July 1.
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As this is a pension pot, there are fees on the account, and they start at 0.35% on balances up to £50,000, 0.2% on balances between £50,001 and £500,000, and 0.1% on balances above £500,001. To be eligible to open an account, you will need to be at least 10 years away from retirement. For those wanting more support with this type of savings account, then Santander will be launching an advice service in 2025.
Ashlin Brack, UK head of digital investing at Santander, said: “At Santander, we want to support our customers through all stages of life, helping them save and invest so they can live life to the fullest; that’s why we have designed our new SIPP to make managing a pension simple and give people greater control over their retirement.”
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