The new Santander regular saver is the best paying one right now
Santander has launched a brand-new 8% regular saver for all current account customers. Here’s everything you need to know about the account and how much interest you can earn with it.
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How does it work?
Regular savers are designed to help you start a savings habit, and get used to regularly putting money away. This means that instead of saving a lump sum, you put money into savings every month.
The account runs for a year, after which you’ll need to transfer the money you’ve built up into a new account or see the interest on that money drop to 3%.
How much can you save with the Santander regular saver?
You can save £200 per month into this regular savings account. Over a year, that amounts to £2,400.
You don’t have to save as much as this, if you don’t want to.
How much interest can you earn?
The account has an 8% rate, which includes a 5% bonus for 12 months and a 3% underlying rate. If you deposit £200 per month, you can earn a total of £104 over the year.
After the boosted 12 months, the rate drops to 3%. You can continue to pay into the account, but you may be better off looking for another savings account with a better rate at this stage.
The interest rate is variable, not fixed. So Santander can change the rate at any time. This includes the extra boost.
Who can get it?
You have to have a Santander current account to be able to open this account — it can be any of its accounts, and can be in a sole name or joint names. You can only open one regular saver with Santander.
When you pay into the account, you need to transfer from your Santander current account.
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Can I make withdrawals from my Santander regular saver?
Yes, you can make withdrawals from the account whenever you wish. However, you can’t put it back once you’ve withdrawn it — any money you try to replace will go against that month’s limit.
You can only transfer money from the savings account into your Santander current account.
Featured switching deal
Customer rating
4/5
- Switch bonus£180
- Offer endsUnknown
- Perks8% regular saver
- FSCS Protected? Yes
- Switch bonus requirements Switch using the Current Account Switch Service and close your old account within 60 days of starting the switch
- Deposit requirements Deposit £1,500 in the first 60 days from opening the account
- Direct debits transferred over Set up two Direct Debits before or after the switch from a selected list of household bills
- Existing customers? Can't have held any Santander current account on 1 January 2025
- Restrictions Can't have received a switching bonus from Santander already, offer limited to once per person
- Eligible accounts Open a new or hold an existing Everyday, Edge, Edge Up or Edge Explorer current account
- Regular saver 8% (variable) regular savings account. Includes 5% (variable) bonus for 12 months
How to open a Santander regular saver
Before you can open a Santander regular saver, you need to have a current account — this can be:
- Everyday Current Account
- Edge Current Account
- Edge Up Current Account
- Edge Explorer Current Account
It’s always worth checking if there’s a Santander switch offer running, which can get you some extra cash for switching your account over to Santander.
Once you’ve opened an account, you can open a regular saver account from the website, in the mobile app, in a branch and with telephone banking.
Summary: is the Santander Regular Saver any good?
Zoe’s analysis
At 8%, this is the best-paying regular savings account on offer right now. It has a great rate, and you don’t have to pay in every month, so if something unexpected comes up one month, you can cover it. The main downside is that you can only deposit £200 per month. The most comparable account is First Direct’s regular saver, which pays 7%.
At first glance, the Santander account is a better account, however, the rate isn’t the full story. First Direct’s rate is locked in for a year, while the Santander regular savings account rate is variable — this means that the rate can drop at any time.
With the First Direct account, you can save up to £300 per month, compared with just £200 per month with Santander. That means you can actually earn more interest with the First Direct account over a year, at £136.50 compared to £104 with Santander.
