Santander UK has today announced updates to its savings products, increasing interest rates by between 0.15% and 0.50% and streamlining its offering to customers. The updates follow the bank鈥檚 comprehensive review of its products, in line with the Consumer Duty principles coming into effect at the end of July and will see the lowest on-sale rate move to 2.50% AER/gross variable.
From today, 17 July 2023, Santander鈥檚 full range of savings products are:
- Regular Saver (5.00% AER/gross for 12 months)
- Fixed rate ISA (4.15%-4.25% AER/tax-free depending on term length)
- Santander Edge Saver (4.00% AER/gross for 12 months)
- Easy Access ISA (3.20% AER/tax-free variable, for 12 months)
- Easy Access Saver (2.50% AER/gross for 12 months)
Andrea Melville, Director of Current Accounts, Savings and Business Banking, Santander said:
鈥淲e鈥檙e pleased to launch a streamlined range of savings products, with our lowest on-sale product now paying 2.50% interest, available in branch, over the phone or online.
鈥淲e have a range of savings products to fit our customers鈥 different needs and we will continue to work with customers to ensure that they are aware of our full range of accounts and can pick the right product for their needs.鈥
In more detail, the changes announced today are:
- increasing the rate on the eSaver by 0.50%, to 2.50% AER/gross variable, for 12 months. This product will, from today, be called the 鈥淓asy Access Saver鈥;
- renaming the Regular eSaver, 鈥淩egular Saver鈥, paying interest of 5.00% AER/gross fixed for 12 months;
- renaming the eISA, 鈥淓asy Access ISA鈥, paying interest of 3.20% AER/tax-free variable for 12 months;
- increasing the interest rate on the Everyday Saver and the Easy ISA by 0.15%, from 0.85% to 1.00% for existing customers. From today, these products will no longer be available to new applicants;
- increasing the rate on a range of off-sale products, including on all other savings accounts paying 0.85% to 1.00%.
To add increased flexibility customers with an Easy Access Saver or Easy Access ISA will, from today, be able to access and transact on their accounts via all channels 鈥 online, in branch or via telephone banking. Previously, these products could only be managed online.
Santander UK has contacted its savings customers to update them of the changes to their accounts and the bank has a contact programme for customers rolling off their fixed-term products to let them know of the alternative savings products available. In addition, customers receive annual statements showing their product rates, which are also visible when accessing online or mobile banking.
Alongside it鈥檚 updated savings range, Santander UK offers customers in-credit interest to customers through the Edge Up current account which pays 3.5% on balances up to 拢25,000.
- Ends -
The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2022, the bank had around 19,000 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers鈥 eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US, BNC LN)鈥痠s a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank鈥檚 purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising 鈧220 billion in green financing between 2019 and 2030. In the first quarter of 2023, Banco Santander had 鈧1.2 trillion in total funds, 161 million customers, 9,000 branches and 210,000 employees.