Santander UK has today announced that it is increasing the in-credit interest rate on its 1I2I3, Select and Private Current Accounts to a monthly interest rate of 2.00% AER/1.98% gross (variable) on balances up to £20,000.(1)

The new rate of interest will automatically apply to customer accounts from today (7 February 2023) and customers will be able to receive up to £396.38 in interest on their account each year(2), in addition to any cashback they earn on selected household bills paid by direct debit (3).

Santander UK remains the only bank in the UK to offer customers both cashback on household bills and interest on in-credit balances through a current account. 

Get rewards with Santander Boosts
Current account customers are also able to access Santander’s new rewards platform Santander Boosts, which offers customers cashback, vouchers, discounts, prize draws, and giveaways all tailored to their individual interests. Customers can sign up for Santander Boosts through online and mobile banking(4).

More information on Santander current accounts: Current accounts | Santander UK


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The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.



Notes to Editors 
1)    The interest rate on the 1I2I3, Select, and Private Current Accounts is variable and does not track the Bank of England base rate. 
2)    Based on an interest rate of 2.00% AER/gross (variable) and a continuous balance of £20,000.
3)    Cashback on household bills is paid monthly via direct debit, capped at £5 in each of the following categories:

1% cashback:        

  • Council tax bills
  • Mobile and home phone bills, broadband and paid-for TV packages
  • Santander monthly mortgage payments

2% cashback:        

  • Gas and electricity bills
  • Santander Home Insurance premiums (policies administered and underwritten by Aviva Insurance Limited)
  • Santander Life Insurance premiums (policies administered and underwritten by Aviva Life & Pensions UK Limited)

3% cashback:        

  • Water bills

4)    To access Santander Boosts, customers require a Santander debit and/or credit card, to be signed up for Online and Mobile Banking, and be 18 years or over.