Savings Interest Rates, Switch Offers and Guides for Santander

Who they are

Santander UK is a British bank, wholly owned by Banco Santander, a Spanish bank. It was established in January 2010, when Abbey National was combined with the savings business and branches of Bradford & Bingley, and renamed Santander UK plc. Alliance & Leicester then merged into the business in May 2010. That three-way heritage means Santander has deep roots in UK high street banking, even if the brand itself is relatively young.

As of 2025, the bank has around 18,000 employees and 14 million active customers. It operates a mix of branches, online banking and an app, though reviews note a decent mobile app alongside recurring complaints about long wait times and occasional access problems. It is a bank best suited to those who value a familiar high street presence alongside competitive savings products - not those who expect a slick, app-first experience.

One thing worth knowing on the FSCS front: Cahoot operates as a division of Santander UK and shares Santander's banking licence. If you hold savings with both brands, your combined balances count toward the same FSCS limit.

Savings accounts

Santander's savings range is broad, and there is something for most situations - though the headline rates vary considerably depending on which account you choose and whether you hold the right current account.

The standout for easy access is the Santander Edge Saver, currently paying 6.00% AER variable. That rate includes a 2.5% fixed bonus for the first 12 months - after which it drops to 3.5% variable. It is also linked to the Edge current account, so it is not available to all. The standard Easy Access Saver pays 2.00% AER variable, which is notably lower. The Limited Access Saver pays 3.00% AER variable, but restricts withdrawals to two per month.

On the fixed side, the 1-year Fixed Term Saver pays 4.00%, while the 2-3 year version and both the 1-year and 2-5 year Fixed Rate ISAs pay 4.30%. These require a minimum of £500 and give no access until maturity. The Easy Access ISA pays 2.00% AER from a £500 minimum.

The Regular Saver headline rate is 8.00% AER variable - one of the highest on the market. But read the small print: the rate includes a 5% variable bonus for the first 12 months, and because you build the balance gradually each month rather than depositing a lump sum, the actual interest earned is considerably less than the headline suggests. Santander puts a monthly deposit cap in place, so do the maths before assuming this account will transform your savings.

For first-time buyers, the First Home Saver pays 4.00% AER variable, with the higher rate applying in months where you make two withdrawals or fewer. The Junior ISA pays 2.70%.

All savings accounts listed here are protected up to £120,000 by the FSCS. Remember, if you also hold money with Cahoot, those balances count toward the same limit.

Switching to Santander

Santander's Edge current account comes with a £180 cash switching bonus. To qualify, you need to switch using the Current Account Switch Service, then pay in £1,500 and set up at least two active Direct Debits within 60 days of opening. The account carries a £3 monthly fee, offset in part by 1% cashback - up to £10 per month - on household bills paid by Direct Debit, covering Council Tax, energy, water, broadband, mobile and home phone. It also unlocks access to the Edge Saver rate mentioned above.

Is it right for you?

Santander is worth a serious look if you are after the Edge current account bundle - the switching bonus, bill cashback and linked saver rate can stack up well for the right household. For straightforward savings without a current account, the rates outside of the Edge Saver and Regular Saver are modest, and you may find better easy access or ISA rates elsewhere.

As always, rates change and the live figures shown on this page are your most reliable guide - check them before you apply.