Santander UK has today announced changes to its savings and mortgage products, following the Monetary Policy Committee decision to increase the Bank of England base rate by 0.75% to 3.00%.
Santander UK will make the following changes:
Mortgages:
- The Santander and Alliance & Leicester Standard Variable Rates (SVRs) will increase by 0.01% to 6.25% from the beginning of December.
- All Santander and Alliance & Leicester tracker mortgage products linked to the base rate will increase by 0.75% from the beginning of December. This includes the Santander Follow-on Rate (FoR) which will increase to 6.25%.
Savings:
- Santander savings products that are linked to the Bank of England base rate will increase by 0.75%, effective from 2 December. The products linked to the base rate are the Rate for Life and Good for Life savings accounts.
Santander is also increasing rates on a range of accounts that aren’t linked to the base rate.
These changes listed below are for new and existing customers and took effect from 2 November 2022:
- Junior ISA from 1.50% to 2.00%
Santander is, in addition, increasing the rate on accounts paying 0.20% to 0.40% from 2 December including its Everyday Saver, Instant Saver, ISA Saver and Easy ISA accounts.
These changes listed below are for existing customers and will take effect from 2 December 2022:
- Flexible Saver for Kids Account from 0.85% to 1.25%
- First Home Saver Account from 1.25% to 1.65%
- Help to Buy ISA from 1.25% to 1.65%
Any future changes made to other savings products which are not linked to the base rate, will be communicated to customers separately.