Santander has launched a new Regular Saver account offering 8% AER for the first 12 months, including a 5% bonus. The bank says customers could build up £2,504 in a single year by depositing the maximum £200 per month, earning £104 in interest. Additionally, new customers switching to a Santander current account can receive a £180 cash incentive.
Account Details and Eligibility
The account is available exclusively to Santander current account holders, including those with Everyday, Edge, Edge Student, Edge Up, and Explorer accounts. New customers can switch to a Santander current account using the Current Account Switching Service to qualify for the £180 bonus. The minimum balance is £1, and only one account per customer is allowed. Applicants must be aged 16 or over and reside in the UK.
Santander assumes the account is opened on the first day of the month with an initial £200 deposit on the second day, followed by £200 on the second of each subsequent month for 23 months, with no withdrawals. After 12 months, the interest rate drops to 3%.
Switching Offer Requirements
To receive the £180 switching offer, customers must switch from an external provider (excluding Santander, cahoot, or Cater Allen) and meet eligibility criteria. The offer is available to new current account customers who complete the switch via the Current Account Switching Service.
Market Leading Rate
João Soares, Head of Savings at Santander UK, said: “We know customers want savings accounts that are easy to understand, offer a competitive rate and deliver value. That’s why our new Regular Saver rewards customers with a market leading rate, while supporting customers’ who want to build up a habit of saving regularly. New customers who switch their current account to us using the Current Account Switching Service can enjoy even more benefits, such as £180 to save or spend.”
