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.

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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.

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