Overview
- Santander has launched a Regular Saver that pays a headline 8% AER made up of a 5% variable bonus for the first 12 months and a 3% variable rate thereafter.
- The account is open to Santander current account holders, requires a £1 minimum to open, and limits customers to one saver account each.
- Customers may deposit up to £200 per month, so savers can earn the boosted rate on at most £2,400 in a year and cannot place large lump sums at the 8% rate.
- Santander allows penalty-free withdrawals from the account and is offering a possible £180 switching cash bonus for eligible new current-account customers who move their banking to Santander.
- The deal sits within a competitive savings market shaped by the Bank of England base rate and could prompt short-term switching by people who can make regular monthly deposits while larger savers continue to compare lump-sum options.