Santander urges customers with £1 balance in savings account to act now

Santander has issued a message to customers who have £1 or more in a savings account - as it encourages them to make the most out of their savings. The bank has circulated a message of its Regular Saver as we head deeper towards Christmas.

Santander said: "Hi [customer name]. Whatever your goals, saving money can help you reach them. And getting into the habit of saving regularly can help you reach them sooner. Our Regular Saver has an interest rate of 5.00% AER/gross (fixed) for 12 months.

"This means the interest rate won't change. So you can watch your savings pot grow in no time at all. With our Regular Saver you're in control. You can choose to save up to £200 per month by standing order from your Santander current account. If you need to, you can change the amount of your standing order at any time. So sticking within your budget is easy.

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"You'll manage your account in Online or Mobile Banking at a time that suits you. You can register for these by visiting our Ways to bank webpage. After 12 months, we'll automatically renew your Regular Saver for another year, as long as your standing order continues to pay money into the account.

"We'll do this at the interest rate and on the terms and conditions which apply at that time. If you don't have a standing order in place when the term ends, we'll transfer your final balance (as well as any interest you've earned) to an Everyday Saver account."

It says: "If you pay in £200 per month for the full 12 months and make no withdrawals, you'll get back what you paid in plus up to £65.01 in interest, depending on your standing order date. We reserve the right to transfer your account to an Everyday Saver if you don't fund it from a Santander current account or if you deposit more than £200 per month.

"Our Everyday Saver currently pays 1.20% AER/Gross (variable) for balances of £1+. You can only have one open Regular Saver at any time. Minimum balance: £1. This product is subject to availability and can be withdrawn at any time."