Regular Saver (Issue 18)
What is the interest rate?
|Tier||AER/Gross (fixed) for the first 12 months from account opening|
|From £1 to £200 per month||5.00%|
Interest is calculated daily and added to this account annually. We'll calculate and pay the interest for you on the date of maturity and it will be available to you from the following day. To make the most of your Regular Saver, you’ll need to set up your standing order to start within the first calendar month after opening.
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?
|Account name||Interest earned||Balance after 12 months|
|Regular Saver (Issue 18)||£65.01||£2,465.01|
Estimate assumes that the account is opened on 1st March, funded with £200 on 2nd March and a further £200 on the 2nd of every month thereafter.
These illustrations are only examples and don’t take into account individual circumstances.
At the end of term
If you have paid into your Regular Saver by standing order from your Santander current account (including one in joint names) that continues on beyond maturity:
- we’ll automatically renew your Regular Saver for another 12 months at the interest rate and on the Terms and Conditions applicable at that time; and
- transfer the final balance at the end of the term (including interest earned) to your Santander current account from which the standing order was paid, including if your current account is in joint names.
Alternatively, if you don't have a standing order in place when your Regular Saver matures, we'll transfer your final balance including interest earned to an Everyday Saver account. We’ll contact you with more details, together with your new interest rate, closer to your maturity date.
We'll contact you around 14 days before maturity to let you know your account is maturing and what we will do on maturity unless you instruct us otherwise before maturity.
How do I open and manage my account?
To open the account you must be:
- a Santander current account customer, excluding 1|2|3 Mini In Trust
- a UK resident aged 16 or over
- signed up for Online or Mobile Banking
You can only have one Regular Saver per customer. If you’d like to change your Regular Saver to the current issue, you’ll need to close your existing Regular Saver before opening a new one. Find out how on our ‘Closing an account’ page.
The account can’t be held jointly and isn’t available to 1|2|3 Mini Account in Trust customers.
- Log on to Online Banking and apply.
- Visit any Santander branch.
There is no minimum monthly deposit. You can save up to a maximum of £200 each month for 12 months by standing order from your Santander current account. The maximum balance you can have in this account at the end of 12 months is £2,400.
You can make any number of payments via standing order and you don’t have to make a deposit every month. The amount can vary each month, provided the monthly limit isn’t exceeded.
Your month is calculated by the date that you open your Regular Saver, e.g. you open the Regular Saver on the 16th of a month, your month will run from 16th of one month to the 15th of the next month.
Standing orders are only processed Monday to Friday. If your standing order falls on a weekend or bank holiday your payment will be made on the next working day, if this is the last day of the month your payment won’t reach us until the following month.
If you don’t fund the account from your Santander current account or if you deposit more than £200 in any month, Santander reserve the right to change your account into an Everyday Saver.
Manage the account
Can I withdraw money?
Yes, withdrawals can be made at any time by transfer to your Santander current account in Online and Mobile Banking.
If you make a withdrawal and then pay it back in, it will count towards your £200 monthly limit.
You can cancel the account within 14 days of opening and your money will be returned in full with interest.
Subject to availability and may be withdrawn without notice. Rates and information correct as at 31 July 2023.