Santander UK has today announced changes to its mortgage and base rate linked savings products following the Monetary Policy Committee’s decision to decrease the Bank of England base rate by 0.25% to 5.00%.
Santander UK will make the following changes:
Mortgages:
- All Santander tracker mortgage products linked to the base rate will decrease by 0.25% from the 3 September 2024. This includes the Santander Follow-on Rate (FoR) which will decrease to 8.25%.
- The Santander Standard Variable Rate (SVR) will also decrease by 0.25% to 7.25%, from 3 September 2024.
Savings:
- Santander savings products that are linked to the Bank of England base rate will decrease by 0.25%, effective from 15 August 2024. The products linked to the base rate are the Rate for Life and Good for Life savings accounts.
Any future changes made to other savings products will be communicated to customers separately.
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Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 30 June 2024, the bank had around 19,600 employees and serves around 14 million active customers, including 7 million digital customers via a nationwide 444 branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US, BNC.LN) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Banco Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Banco Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2024, Banco Santander had €1.3 trillion in total funds, 166 million customers, 8,400 branches and 211,000 employees.