Santander cash Isa launched with Alliance & Leicester

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Santander cash Isa launched with Alliance & Leicester

Reza Attar-Zadeh, director of savings and investments at Santander, said there has been a "phenomenal demand" for the flexible cash Isa, which currently offers a variable rate of 3.20 per cent AER over a one-year period.

He added: "We are pleased to continue offering a highly competitive rate for the new tax year, which currently remains market leading for savers looking for a flexible, easy access cash Isa."

The product will be launched on April 6th and Santander pledges to pay 2.70 per cent over the Bank of England base rate for the first year.

A complaint from the organisation Consumer Focus has asked the Office of Fair Trading to investigate initial one-year Isa rates, which it thinks merely tease customers into using the account before reducing the interest rate.

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