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Rory McIlroy US PGA victory boosts Santander savings

golf
Guy Anker
Guy Anker
Deputy Editor & Head of Operations
13 August 2012

Over 600,000 Santander savers have reason to cheer golfer Rory McIlroy's victory in last night's US PGA Championships.

That's because those who opened the bank's Major Isa will get extra interest.

Santander promised it would up its rate if the golfer it sponsors won a 'Major' golf tournament during the two-year term of the account.

The Major Isa, which is a fixed account, pays 4% AER tax-free, savers will now earn an additional 0.1% bonus on maturity after world number one McIlroy's success.

New savers can't cash in, though. While the Isa launched earlier this year, it was withdrawn from sale last week.

Martin Lewis, MoneySavingExpert.com creator, says: "I'm not a big fan of financial product gimmicks. When it comes to savings, companies should just pay savers the highest rate possible. 

"But here, Santander's savings account was already the highest paying of its type, even without this bonus.

"And with McIlroy's victory not receiving the usual acclaim due to the dominance of the Olympics, savers with this account should be cheered their interest will be boosted by a few quid."

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