Santander UK 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 2.25%.
Santander UK will make the following changes:
Mortgages:
- The Santander and Alliance & Leicester Standard Variable Rates (SVRs) will increase by 0.25% to 6.24% from the beginning of November.
- All Santander tracker mortgage products linked to the base rate will increase by 0.50% from 3 October. This includes the Santander Follow-on Rate (FoR) which will increase to 5.50%.
- All Alliance & Leicester mortgage products linked to the base rate will increase by 0.50% from 1 November.
Savings:
- Santander savings products that are linked to the Bank of England base rate will increase by 0.50%, effective from 3 October. 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 will take effect from 3 October 2022:
Junior ISA from 1.25% to 1.50%
These changes listed below are for existing customers and will take effect from 3 October 2022:
Flexible Saver for Kids Account from 0.60% to 0.85%
First Home Saver Account from 1.00% to 1.25%
Help to Buy ISA from 1.00% to 1.25%
Santander is, in addition, increasing the rate on accounts paying 0.10% to 0.20% including its Everyday Saver, Instant Saver, ISA Saver and Easy ISA accounts.
Any future changes made to other savings products which are not linked to the base rate, will be communicated to customers separately.
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