Changes to laws or banking regulations can affect your savings accounts and other banking services. We always alert you to any changes in your account's terms and conditions, and we also update this page regularly to clearly communicate any changes.

This page shows the latest changes to our savings accounts.

We’re changing the General Terms and Conditions for current accounts and savings to reflect the UK’s changing legal and regulatory relationship with the European Union (EU). The UK left the EU on 31 January 2020. The UK’s Transition Period with the EU ended on 31 December 2020. 

These changes will happen automatically and will take effect for your account after the notice period required as outlined in your account's Terms and Conditions. There is no change to how you make payments. 

We’ve included the key information about these changes below, but you can view the updated version of your account Terms and Conditions here (358 KB)

  1. Single Euro Payments Area (SEPA) Santander will continue to offer SEPA payments from your account following the end of the UK’s Transition Period with the EU on 31 December 2020. References to the ‘Single Euro Payments Area’ will continue to include the UK, but the UK will be listed as a separate jurisdiction. You can continue to make and receive SEPA payments from and to your account as you do today. 
  2. European Economic Area (EEA) Payments and cut-off times The definition in the terms of your account for ‘EEA Payments’ has been updated to clarify that these payments are made from your account held in the UK into recipient accounts held in the EEA. There is no change to the cut off times for when you can make a payment and when funds will be received in the recipient’s bank.

We’ve made some changes to your Data Protection Statement to include more information about how we use automated decision making to make decisions about you. We’ve also made changes to tell you how we share and sell anonymised data in the Santander group of companies and outside it, for statistical analysis, research and other business purposes. This data can’t be used to identify you. 

These changes apply to all personal data we hold for you in relation to any product or account you have with us. There are no changes to how you use your account.

We may have already contacted you to tell you about these changes. They won’t come into effect until you receive that notification. 

For more details on how we use your information, please read the full statement (68 KB)

Given the ongoing challenging market environment and the all-time low Base Rate, we have seen that savings rates across the industry continue to fall. We continue to carefully review the interest rates we pay on our savings accounts and want to let you know that we’re making changes to some of our variable rate ISAs.
 
The new interest rates will apply from 3 August 2020. More details are shown in the table below which may also include information on the account(s) to which your existing savings will be maturing in to.

Effective from 3 August 2020

 

 Interest Rate before 3 August 2020 AER/tax-free (variable)New Interest Rate AER/tax-free (variable)
ISA Saver

0.01% for £1+

0.10% for £10,000

0.01% for £1+
1|2|3 Help to Buy ISA (Issue 1)*2.75%0.75%
Help to Buy ISA (Issue 1)*2.75%0.75%
1|2|3 Help to Buy ISA (Issue 2)*1.50%0.75%
Help to Buy ISA (Issue 2)*1.00%0.75%
1|2|3 Help to Buy ISA (Issue 3)*1.25%0.75%
Help to Buy ISA (Issue 3)*0.75%0.75%
1|2|3 Junior ISA (Issue 1)*2.00%0.75%
Junior ISA (Issue 1)*1.50%0.75%

*Off-sale products 

As you may be aware, the Bank of England base rate was recently reduced to 0.10%, which is the lowest base rate we've experienced. Given the challenging market environment in which we're currently operating, we've had to carefully review the rates of interest we pay on our savings accounts and want to let you know that we're making changes to our variable rate accounts.

Your account(s), alongside the current and new interest rate(s) are shown in the table below, including the date on which these rates will change for each account.

The table may also include information on the account(s) to which your existing savings will be maturing. 

Effective from 1 April 2020

 Rate shownInterest Rate before
1 April 2020
Effective from
1 April 2020
Good for Life ISAAER/Tax free (variable)0.75%0.10%
Rate for Life ISAAER/Tax free (variable)0.10% for £1+
1.00% for £1,000 +
0.01% for £1+
0.35% for £1,000 +

 Effective from 22 May 2020

 Rate shownInterest Rate before
22 May 2020

New Interest Rate
AER/tax-free (variable)

Easy ISAAER/Tax free (variable)0.20% for £1+ 
0.60% for £40,000+
 
0.01% for £1+ 
0.10% for £40,000+
ISA SaverAER/Tax free (variable)0.35% for £1+ 
0.65% for £10,000+
0.01% for £1+ 
0.10% for £10,000
1|2|3 Help to Buy ISA (Issue 1)*AER/Tax free (variable)4.25%2.75%
Help to Buy ISA (Issue 1)*AER/Tax free (variable)4.25%2.75%
1|2|3 Help to Buy ISA (Issue 2)*AER/Tax free (variable)2.75%1.50%
Help to Buy ISA (Issue 2)* AER/Tax free (variable)2.25%
 
1.00%
1|2|3 Help to Buy ISA (Issue 3)* AER/Tax free (variable)2.25%1.25%
Help to Buy ISA (Issue 3)* AER/Tax free (variable)1.75%0.75%
Cash ISA (Formerly TOISA)*AER/Tax free (variable)0.20% for £10+ 
0.60% for £9,000+
0.01% for £1+ 
0.10% for £9,000
1|2|3 Junior ISAAER/Tax free (variable)3.25%2.00%
Junior ISAAER/Tax free (variable)2.75%1.50%
Inheritance ISAAER/Tax free (variable)0.35% for £1+
0.65% for £10,000+
0.01% for £1+ 
0.10% for £10,000
123 eISA (Issue 7)*AER/Tax-free (variable)0.65%0.40%
eISA (Issue 7)*AER/Tax-free (variable)0.35%0.10%
123 eISA (Issue 8)*AER/Tax-free (variable)0.85%0.40%
eISA (Issue 8)*AER/Tax-free (variable)0.55%0.10%
Santander Shareholder Default Account*AER/Gross (variable)0.50%0.01%
Special Reserve Account *

AER/Gross (variable)

0.50%0.01%
Fast Access Account*AER/Gross (variable)0.50%0.10%

Effective from 7 July 2020 

 Rate shownInterest Rate before
7 July 2020
Interest rate from
7 July 2020
Charity and Treasurers Account*AER/Gross (variable)0.60%0.01%
Everyday SaverAER/Gross (variable)0.35% before 20 May
0.20% from 20 May
0.01%
Private Everyday SaverAER/Gross (variable)0.35% before 20 May
0.20% from 20 May
 
0.01%
1|2|3 eSaver (Issue 15)*AER/Gross (variable)0.50%0.10%
eSaver (Issue 15)* AER/Gross (variable)0.40%0.05%
First Home Saver*AER/Gross (variable)1.25%0.60%
Flexible Saver for Kids*AER/Gross (variable)0.75%0.10%
Instant Saver*AER/Gross (variable)0.10%0.01%
Bond Maturity AccountAER/Gross (variable)0.50%0.01%

 *off-sale products

In response to the current market conditions and a period of historically low interest rates, the interest rate on Everyday Saver will reduce from 0.35% gross/AER (variable) to 0.20% gross/AER (variable) on 20 May 2020.

All other features of the account will stay the same.

This change applies to you if you have an Everyday Saver or an account which is due to transfer to an Everyday Saver upon maturity. We’ll write to you separately to advise when this will happen. You can also check if your account is due to mature into an Everyday Saver in the Key Facts Document for your account.

Was this helpful?

Send us a tweet

Please don’t tweet your personal

  or banking details

Visit us in branch