Santander Starts New Savings Account with 8% Interest

Santander has a new savings account.

Santander's new account pays 8% interest.

A regular savings account helps people save money each month for a higher interest rate.

The new Santander account has an 8% rate, including a 5% bonus for the first year. After a year, the rate goes down to 3%. These rates can change.

Santander customers can save up to £200 each month. With interest, they can have £2,504 after one year and £5,018 after two years.

Customers can take out money without penalties by moving it to a Santander current account.

Join our Money WhatsApp group for news and deals. We also offer special deals to our community members. You can leave the group anytime and read our Privacy Notice if you're interested.

The Regular Saver is only for Santander current account customers.

João Soares from Santander UK said customers want easy-to-understand savings accounts with good rates and value.

Our new Regular Saver gives customers a high rate and helps them save regularly.

New customers who switch to Santander can get £180 and other benefits.

Santander is not the only bank with a regular saver. Zopa pays 7.1% for six months on up to £300 a month.

First Direct has a 7% regular saver for a year, with up to £300 a month, and Co-op Bank offers 7% with up to £250 a month.

The best easy-access savings rate now is 5%. Revolut pays 5% for six months, including a bonus rate.

Cahoot offers 5% on up to £3,000. The top one-year fixed rate is 4.81% from StreamBank, and for five years, it's 4.9% from Afin.

Basic-rate taxpayers can earn up to £1,000 in savings interest before paying tax.

This is called the Personal Savings Allowance. Higher-rate taxpayers can earn up to £500.

Additional rate taxpayers don't get this allowance. If you earn below £12,570, you have a £5,000 starting rate for savings.

When you earn above this amount, you lose £1 of your £5,000 starting rate for each £1 you earn above the allowance.

COPYRIGHT DISCLAIMERS

4English does not own the rights to this content. All rights belong to the owner. 4English only uses this content to help users learn English via the app's features. Contact to request the removal of your content: contact@4englishapp.com.

Practice Listening