Account name

Regular Saver (Issue 20)

What is the interest rate?

AER/Gross (fixed)

• We work out the interest we’ll pay on your account each day.
• We’ll pay interest once a year at the end of the term and it will be available to you from the next day.

Can Santander change the interest rate?

No, the interest rate is fixed during the term.

What would the estimated balance be after 12 months, based on 12 monthly deposits of £200 totalling £2,400?

To work out the estimated balance, we’ve assumed that: 

• The account is opened on the first day of the month and an initial payment of £200 is made on the second day of the month.
• You pay in a further £200 on the 2nd of each month afterwards.

These illustrations are only examples and don’t take into account individual circumstances.

How do I open and manage my account?

Eligibility

You can have one of these accounts and it must be in your sole name.

You must be 16 or over and live in the UK.

You can have this account if you have a Santander current account (but not a 1I2I3 Mini account held in Trust), whether in your sole name or joint names.

Because this is an online account, you’ll need to sign up for Online and Mobile Banking, if you haven’t already.

How to open the account

Log on to Online Banking and apply.

Opening

• Log on to Online Banking and apply.
• Visit any Santander branch.

Managing the account

You can only manage your account using Online or Mobile Banking.

Paying money in 

You can pay money into the account by standing order from your Santander current account. You can make any number of payments into the account in this way. 

• Minimum balance: £1.
• No minimum monthly deposit. You don’t have to pay money into the account each month or pay in the same amount. A ‘month’ is calculated by the date that you open your account. For example, if you open the account on the 16th of a month, your month will run from 16th of one month to the 15th of the next month.
• Maximum monthly deposit: £200. This means the maximum balance you can have at the end of the term is £2,400 (plus interest). If you take money out and then pay it back in, it’ll count towards this monthly limit. To make the most of your Regular Saver, you’ll need to start paying money in from the first month after you open your account.

We can switch your account to an Everyday Saver if you break the terms of this account. For example, if you try to pay money in from an account that isn’t your Santander current account, or if you deposit more than £200 in any month.

Can I withdraw money?

Yes, you can make payments out of your account using Online and Mobile Banking only. 

At the end of the term

The term of the account is 12 months. What happens at the end of the term depends on whether you have a standing order which remains in place.

If your standing order continues

If you’ve set up a standing order which continues to pay money into the account after the end of the initial term, we’ll automatically renew your Regular Saver for another 12 months. We’ll do this at the interest rate and on the terms and conditions which apply at that time.

We’ll transfer the final balance at the end of the initial term (as well as any interest you’ve earned) to the Santander current account linked to the standing order. We’ll do this even if your current account is in joint names.

If you don’t have a standing order

If you don’t have a standing order in place when the term ends, we’ll transfer your final balance (as well as any interest you’ve earned) to an Everyday Saver account. We’ll contact you with more details, including your new interest rate, before the term ends.

Additional information

Tell us if you change your mind

You can close your account at any time during your ‘cancellation period’ – we won’t charge you for it. This is 14 days, starting the day after we confirmed your account is open.

If you do this, we’ll return your money together with any interest we owe you. We’ll do this as soon as we can (and within 30 days from when you tell us). 

You can also close your account at any other time outside this cancellation period – we won’t charge you. 

Tax status

We pay interest without taking off income tax. This is known as ‘gross’ and the interest rate we give you reflects this. If the total interest you receive in a tax year is more than any Personal Savings Allowance that applies to you, you may have to pay tax on it. You’ll need to do this directly with HMRC. 

Statements

We’ll send you a statement once a year in April in Online Banking.

Subject to availability and may be withdrawn without notice. Rates and information correct as at 2 May 2025. 

How we manage scam claims

We’ll support you if you’ve fallen victim to fraud. Find out more about our approach to fraud.