On Thursday 4 August the Bank of England base rate increased from 1.25% to 1.75%.

Mortgages

All Santander mortgage products linked to the base rate will increase by 0.50% from 3 September. This includes Santander’s Follow-on Rate, which will also increase by 0.50% to 5.00%.

All Alliance & Leicester mortgage products linked to the base rate will increase by 0.50% from 1 September.

In addition, the Santander and Alliance & Leicester Standard Variable Rates will increase by 0.50% to 5.99% from the beginning of September.

If your mortgage is currently on a fixed rate, it will not be affected by this change. If your mortgage is affected, we’ll write to you to confirm the change to your interest rate and your new monthly payment. We’ll make sure you receive this letter at least 5 days before your monthly payment changes.

Find out how a change to the Bank of England base rate could affect your mortgage

Savings, current accounts and business customers

We’re increasing interest rates on savings accounts linked to the base rate from 2 September.

We’re also increasing rates on several of our other savings accounts that aren’t linked to the base rate from 2 September. More information can be found on our Changes to your savings accounts page

From 11 August 2022, we’re increasing the in-credit interest rate on 1I2I3, Select and Private current accounts from 0.75% AER/gross (variable) on balances up to £20,000 to 1.00% AER/gross (variable) on balances up to £20,000. For more information, take a look at our changes to your current account page

 

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