Santander updates mortgage and savings rates following Bank of England base rate decision

Following today’s decision from the Monetary Policy Committee to increase the Bank of England base rate by 0.25% to 0.50%, Santander has announced the following changes to its interest rates: 


  • All tracker mortgage products linked to the base rate will increase by 0.25%. This includes the Santander Follow on Rate (FoR) which will increase to 3.75%. These new rates will be communicated to customers ahead of their monthly repayments changing and used to calculate mortgage repayments from the beginning of March; and 

  • The Alliance & Leicester and Santander Standard Variable Rate (SVR) will increase by 0.25% to 4.74% from the beginning of March. 


  • Santander savings products that are linked to the Bank of England base rate will increase by 0.25%, effective from 2 March. The products linked to the base rate are the Rate for Life and Good for Life savings accounts.  

Santander’s wider range of variable rate banking and savings products are not linked to base rate. If any changes are made to these products in future, they will be communicated to customers separately.  


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Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 June 2021, the bank had around 20,900 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers’ eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK. 

Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and 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. Its 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 over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of the first half of 2021, Banco Santander had €1.1 trillion in total funds, 150 million customers, of which 24.2 million are loyal and 45.3 million are digital, 10,000 branches and 190,000 employees.