Santander updates savings and mortgage products following change to base rate

Santander UK has today announced changes to its savings and mortgage products following the Monetary Policy Committee’s decision to increase the Bank of England base rate by 0.25% to 5.25%.

Santander UK will make the following changes: 

Mortgages:

  • All Santander and Alliance & Leicester tracker mortgage products linked to the base rate will increase by 0.25% from the beginning of September 2023. This includes the Santander Follow-on Rate (FoR) which will increase to 8.50%.
  • The Santander and Alliance & Leicester Standard Variable Rate (SVRs) will remain unchanged at 7.50%.

Savings:

  • Santander savings products that are linked to the Bank of England base rate will increase by 0.25%, effective from 15 August 2023. The products linked to the base rate are the Rate for Life and Good for Life savings accounts. 

Any future changes made to other savings products which are not linked to the base rate, will be communicated to customers separately. 

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Editor’s notes

Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 30 June 2023, the bank had around 19,400 employees and serves around 14 million active customers, 7 million digital customers via a nationwide 445 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’ eligible deposits are protected by the FSCS in the UK.

Banco Santander (SAN SM, STD US, BNC LN) is 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’s 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 €220 billion in green financing between 2019 and 2030. In the first half of 2023, Banco Santander had €1.25 trillion in total funds, 164 million customers, 9,000 branches and 212,000 employees.