Despite this, savers only have days left to open the latest product from the bank as it is available for a limited amount of time. The eSaver Limited Edition from Santander is an easy access account and is one the latest to be rolled out by the financial instion amid the cost of living crisis. This account pays an interest rate 2.75 percent AER on savings of up to £250,000 for customers.

However, this “top of the market” offering is only accessible to costumes until November 1, 2022.

Santander’s eSaver gives the banks’ customers instant, penalty-free access to their cash and can be opened for just £1.

Savers in the UK have had to deal with rising inflation rate which has now reached a 40-year high of 10.1 percent.

As a result, returns on savings via interest rate have been increasingly diminished despite attempts to mitigate the situation by banks.

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To address the soaring inflation rate, the Bank of England has raised the nation’s base rate to 2.25 percent.

Among the banks and building societies to pass on this rate hike to their customers is Santander.

Hetal Parmar, the head of Banking and Savings at Santander UK, shared why the bank has increased rates at this time.

Mr Parmar explained: “We are delighted to boost returns on savings with best buy rates across a range of accounts that fit with different savings goals.

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“Savers can choose the flexibility of easy access savings as well as guaranteed rates on tax-free ISAs, all with the peace of mind that their money is earning a great return.” 

Outside of the eSaver product, Santander has recently increased rates across its Cash ISA range.

Any customers who transfer an ISA of at least £10,000 from another provider into a Santander Fixed Rate ISA will receive from a £50 retail voucher.

This can be spent on participating retailers, supermarkets, restaurants and subscription services.

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Recent research from Scottish Friendly has found that household savings in the UK have fallen to their lowest level since 1976 in light of the country’s issues with inflation.

Kevin Brown, a savings specialist at Scottish Friendly, explained: “The combined effect of rising inflation, stagnant wage growth and low interest rates means savers have been incredibly hard pressed over the past year.

“These conditions created a perfect storm for savers that resulted in real returns falling to a 46-year low and the UK savings ratio plummeting.

“Although the situation remains dire, the outlook is a little brighter after the government took action to help people cope with rising energy bills, which is set to limit the previously forecasted peak of inflation."