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 decision to increase the Bank of England base rate by 0.25% to 4.25%. 

Santander UK will make the following changes: 


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


  • Santander savings products that are linked to the Bank of England base rate will increase by 0.25%, effective from 18 April 2023. The products linked to the base rate are the Rate for Life and Good for Life savings accounts. 

Santander is, in addition, increasing rates that aren’t linked to the base rate, including on accounts paying 0.60% to 0.70% from 28 March 2023 such as its Everyday Saver, Instant Saver, ISA Saver and Easy ISA 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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