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 4.50%. 

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 June 2023. This includes the Santander Follow-on Rate (FoR) which will increase to 7.75%.
  • The Santander and Alliance & Leicester Standard Variable Rate (SVRs) will remain unchanged at 7.50%.


  • Santander savings products that are linked to the Bank of England base rate will increase by 0.25%, effective from 2 June 2023. The products linked to the base rate are the Rate for Life and Good for Life savings accounts. 
  • Santander is also increasing rates that aren’t linked to the base rate, including on savings accounts paying 0.70% to 0.85% from 2 June 2023 such as its Everyday Saver, Instant Saver, ISA Saver and Easy ISA accounts.

In addition, the changes listed below, for new and existing customers, take effect from 2 June 2023: 

  • Junior ISA from 2.65% to 2.80%

The changes listed below, for existing customers, will take effect from 2 June 2023: 

  • Flexible Saver for Kids Account from 1.90% to 2.05% 
  • First Home Saver Account from 2.30% to 2.45% 
  • Help to Buy ISA from 2.30% to 2.45%

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 31 December 2022, the bank had around 19,000 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 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 quarter of 2023, Banco Santander had €1.2 trillion in total funds, 161 million customers, 9,000 branches and 210,000 employees.