ÃÛÌÒÓ°Ïñ has today announced changes to its savings and mortgage products, following the Monetary Policy Committee decision to increase the Bank of England base rate by 0.50% to 3.50%.
ÃÛÌÒÓ°Ïñ will make the following changes:
Mortgages:
- The Santander and Alliance & Leicester Standard Variable Rates (SVRs) will increase by 0.50% to 6.75% from the beginning of February 2023.
- All Santander and Alliance & Leicester tracker mortgage products linked to the base rate will increase by 0.50% from the beginning of February 2023. This includes the Santander Follow-on Rate (FoR) which will increase to 6.75%.
Savings:
- Santander savings products that are linked to the Bank of England base rate will increase by 0.50%, effective from 4 January 2023. The products linked to the base rate are the Rate for Life and Good for Life savings accounts.
Santander is also increasing rates on a range of accounts that aren’t linked to the base rate.
These changes listed below are for new and existing customers and take effect from 4 January 2023:
- Junior ISA from 2.00% to 2.25%
Santander is, in addition, increasing the rate on accounts paying 0.40% to 0.55% from 19 December 2022 including its Everyday Saver, Instant Saver, ISA Saver and Easy ISA accounts.
The changes listed below are for existing customers and will take effect from 4 January 2023:
- Flexible Saver for Kids Account from 1.25% to 1.50%
- First ÃÛÌÒÓ°Ïñ Saver Account from 1.65% to 1.90%
- Help to Buy ISA from 1.65% to 1.90%
Any future changes made to other savings products which are not linked to the base rate, will be communicated to customers separately.
- Ends -
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