Overview
- Santander officially launched the Regular Saver on Tuesday, June 23, offering an advertised 8% AER that comprises a 5% variable bonus for the first 12 months and a 3% variable rate thereafter.
- Customers may deposit up to £200 each month, can open only one account and may withdraw money to their Santander current account without penalties, so the most that can be saved at the promotional rate in year one is £2,400.
- Because the product requires monthly 'drip‑fed' deposits, experts calculate the maximum interest in year one is roughly £100–£110, making the account unattractive for savers with large lump sums who could earn more elsewhere.
- The saver is available only to Santander current account holders, including the fee‑free Everyday account, and Santander is promoting a separate £180 switching bonus for eligible customers who move their current account with CASS.
- The rate is variable and temporary, so competitiveness will depend on future market moves and base‑rate decisions; savers should compare rival regular savers and easy‑access accounts and be prepared to move funds after the 12‑month bonus ends.