Santander Launches 8% Regular Saver — What the Headline Rate Actually Pays
Santander's new Regular Saver pays a market-leading 8% AER on up to £200 a month. How the variable rate is built, what you could earn, and how it compares with first direct's fixed alternative.
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Open calculatorWhat Santander announced
Savers can now earn a market-leading 8% AER with the new Regular Saver from Santander (Moneyfactscompare.co.uk, June 2026). The account is available to eligible new and existing Santander current account customers, including those with its fee-free Everyday Current Account.
The headline rate is bolstered by a 5.00% AER bonus for 12 months, and that bonus is also variable (Moneyfactscompare.co.uk, June 2026). After the bonus period, the account currently offers 3.00% AER.
Opening the account takes a minimum deposit of just £1, and it accepts further contributions of up to £200 per month (Moneyfactscompare.co.uk, June 2026). Withdrawals are allowed at any time via a Santander current account. Someone paying in the maximum amount could earn over £100 in interest over the course of a year.
The Regular Saver Account from first direct pays a flat, fixed rate of 7.00% AER at maturity and requires savers to deposit between £25 and £300 per month (Moneyfactscompare.co.uk, June 2026). That account only allows access to the cash before the 12-month term ends subject to account closure and receiving the lower rate paid by its Savings Account.
Separately, those who switch to a qualifying Santander current account and meet all criteria could earn an extra £180 cash reward (Moneyfactscompare.co.uk, June 2026).
What this means for your savings
The Santander account accepts contributions of up to £200 per month, and someone paying in the maximum could earn over £100 in interest over the course of a year (Moneyfactscompare.co.uk, June 2026).
The 5.00% AER bonus runs for 12 months and is also variable, so the rate you signed up for can change before the year is out (Moneyfactscompare.co.uk, June 2026).
If you would rather lock the rate in, the first direct Regular Saver Account pays a flat, fixed 7.00% AER at maturity (Moneyfactscompare.co.uk, June 2026).
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Frequently asked questions
Who can open the Santander Regular Saver?
The account is available to eligible new and existing Santander current account customers, including those with its fee-free Everyday Current Account (Moneyfactscompare.co.uk, June 2026).
What happens when the bonus ends?
The 5.00% AER bonus applies for 12 months, after which the account currently offers 3.00% AER (Moneyfactscompare.co.uk, June 2026). Both the bonus and the underlying rate are variable.
Can I withdraw money early?
Yes. Withdrawals are allowed at any time via a Santander current account (Moneyfactscompare.co.uk, June 2026).
How does the first direct alternative differ?
The first direct Regular Saver Account pays a flat, fixed rate of 7.00% AER at maturity, requires deposits of between £25 and £300 per month, and only allows access to the cash before the 12-month term ends subject to account closure and receiving the lower rate paid by its Savings Account (Moneyfactscompare.co.uk, June 2026).
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