Screenshot of ISA and Savings Home Page Santander UK

For many, a savings account is the very first exposure they have to a bank. These accounts are designed to encourage consumers to put some of their hard-earned cash away for a rainy day. Savings accounts provide a fair amount of interest. Some savings accounts allow customers to experience compound interest. This is interest that is paid on previous interest earned. With this, customers have the opportunity to really watch their savings grow. Santander UK Savings Accounts offer customers a number of options to save. This review takes a closer look to see whether it’s measuring up to its peers.

Savings accounts provide customers with a good platform for wealth and Bank of Ireland knows this.

About Santander UK

Santander UK
Screenshot of the History of Santander UK

Although the Santander Group is based in Spain, the move over to the UK in the mid-1900’s was good for their balance sheet. The expansion allowed the bank to create a larger footprint and is now a household name in the UK. Named after the town it was founded in, Santander in Spain, the bank has managed to capture a substantial customer base. This allows the bank to enjoy one of the top spots in the banking realm based on assets alone.

Why Are Banks Happy to Pay Interest On Savings?

Before customers assume that banks are just being charitable, there is a specific business model they work on. This model requires them to be well-funded and is determined by the Basel Committee, which many banks across the world are part of. In order for banks to grant credit to their customers, they need a certain amount of liquidity to get things going. They get this liquidity from their customers in the form of savings. Some liquidity is also available on current accounts but is a bit less reliable especially in the long term.

The banks reward customers for trusting their savings with them, and this reward is in the form of interest. To protect their profits, banks won’t pay interest higher than the interest they earn on their lending products. For this reason, it is important for banks to have a healthy balance between their savings and their loans. It is in their interest to encourage their customers to save.

Customers who need access to funds fast may want to consider the Santander UK Personal Loans.

Santander UK Savings Product Offerings

Screenshot of Options Santander UK

2-Year Fixed Rate ISA

Customers who have a specific goal they’re saving towards and don’t need access to their funds for some time will find this account ideal. Furthermore, the account enjoys a fixed interest rate.

  • Customers enjoy a two-year fixed term account. During this time, customers won’t have access to the funds.
  • Also, the account provides a fixed interest rate during the term as well. 
  • 123 World and Santander Select customers enjoy a higher interest rate.
  • The bank advises customers to provide them with their maturity options. If they don't receive an instruction at the time of maturity, they transfer the savings account to an ISA Saver.
  • The account allows customers to transfer their existing ISAs to this account.
  • Also, the account requires an opening deposit of £500, although a zero balance is acceptable when customers are transferring existing ISAs.
  • There is a restriction placed on these accounts each year, as the interest is tax-free. For the 2017/2018 year, the limit is £20,000.
  • Finally, customers are limited to the number of ISAs they have, per government regulations.


This ISA offers customers a tax-free interest rate for the first 12 months of account opening. Furthermore, the account can be opened with as little as £500.

  • The interest rate on the account is variable and may change. Customers will be informed 14 days before the rate changes.
  • At the end of the 12-month term, customers need to inform the bank of their intentions regarding their funds. If the bank doesn’t hear from the customer, the account will automatically be transferred to an ISA Saver.
  • Customers are restricted to the number of ISAs they’re allowed to have.
  • There is a maximum limit per tax year that customers may save in an ISA.
  • Finally, deposits can be made via standing order, one-off payments or online transfers.

Easy ISA

This is a simple ISA account that allows customers to earn extra interest on higher balances. Furthermore, the interest is tax-free.

  • The bank calculates interest on the account daily and added to the account annually in March.
  • Customers enjoy a competitive variable interest rate that may fluctuate.
  • There is a maximum number of ISAs customers are permitted to have.
  • Furthermore, there is no minimum deposit required in the account. It does carry a maximum according to government restrictions.
  • Finally, customers may contribute to the account via standing order, once-off payments, or online transfers.

Help To Buy ISA

Customers who wish to purchase their first home and wish to take advantage of the HM Government Scheme will find this suitable.

  • This account provides customers with a very competitive interest rate. Furthermore, 123 World and Santander Select customers enjoy a higher interest rate.
  • The bank calculates interest daily and added to the account annually in March.
  • Furthermore, the interest payments don’t count toward the monthly deposit limit, only the bonus calculation.
  • The government bonus requires customers to be first-time home buyers. They would also need to purchase an eligible UK property with a mortgage. They are required to have saved into a Help to Buy ISA.
  • The account interest is variable, which means fluctuations can be expected.
  • The balances determine the bonus, which is restricted to 25% percent of the balance held. The maximum bonus is £3,000.
  • Government bonuses are applicable to properties purchased outside of London up to £250,000 and up to £450,000 in London.
  • Shared and joint ownership are restricted to these limits as well as a whole, not a percentage of the purchase.
  • Finally, the bonus is paid over to the conveyancer.

Junior ISA

This is the ideal account to save for a child. Those who are under the age of 18 will benefit from this account. The child must be a UK resident, UK Crown Servant dependent of a UK Crown Servant.

  • Customers who form part of 123 World or Santander Select enjoy a higher interest rate.
  • The bank calculates interest on the account daily and added to the account annually in March.
  • Furthermore, this is a variable interest that may experience fluctuations.
  • The account requires no minimum deposit.
  • Also, a maximum limit applies on this account.
  • The deposit is a gift to the child and cannot be claimed back.
  • Customers can manage the account through various channels such as online, mobile banking, branch, and telephone.
  • From the age of 16, the child may manage their own account.
  • Finally, customers can only access the account when it matures into an adult ISA on the child’s 18th birthday.

Regular eSaver

This is highly competitive savings account as it offers a fantastic interest rate. Furthermore, customers can double their interest if they’re part of 123 World or Santander Select.

  • Interest calculations on this account take place daily and added to the account at maturity.
  • Customers also enjoy a fixed interest rate during the term.
  • At the end of the term, the bank automatically transfers the account to an Everyday Saver. Customers should make their wishes on the account known.
  • The account requires customers to have access to mobile or internet banking.
  • Also, the account doesn’t require a minimum monthly deposit.
  • Customers can save up to £200 each month for 12 months.
  • Finally, customers can make withdrawals on the account. However, if they pay the funds back it will count towards their £200 monthly limit.


This is a simple and easy to use account that encourages flexible saving. Furthermore, customers can choose to have their interest paid monthly or annually.

  • The interest calculation on the account takes place daily and added to the account monthly.
  • 123 World and Santander Select customers enjoy a higher interest rate.
  • Furthermore, the rate is variable which means fluctuations may occur.
  • There is a minimum opening balance of £1 and a maximum of £2 million.
  • Customers may withdraw funds at any time.
  • Finally, customers can make deposits at any time via standing order, one-off payments, and online transfers.

Everyday Saver

Customers who simply want a basic savings account will find this one ideal it. The interest calculations take place daily and paid to the account annually.

  • Customers enjoy a variable interest rate on the account.
  • The account accepts a minimum opening deposit of £1 and a maximum of £2 million.
  • Furthermore, customers can make deposits at any time. This is via standing order, online transfers, or one-off payments.
  • Also, customers have access to the funds at any time.

Fixed Rate Bond

These accounts allow customers to put a lump sum away for a period of time. Furthermore, customers can choose between the one or two-year fixed rate bond. Santander Select customers enjoy exclusive access to a three-year fixed rate bond. 

  • Santander Select and 123 World customers enjoy higher interest rates.
  • Customers enjoy fixed rates on the accounts. 
  • Furthermore, customers don’t have access to the funds during the term.
  • Customers have the choice between monthly and annual interest payments.
  • They automatically transfer the account to a Fixed Rate Reward Bond.
  • There is a minimum deposit of £500 and a maximum of £2 million.
  • Finally, there is no cancellation period on the account.

Santander UK also offers their customers current accounts.

Critical Reviews Rating Santander UK Savings – 10 of 10

Screenshot of Interest Rate Finder Santander UK

This is a simple review, as customers have their pick of some great products. Also, the opening deposits vary to afford customers different options. Furthermore, the fixed savings have small opening deposits compared to some of the competitors.

Customers should form part of 123 World or Santander Select, thanks to the increased interest rate. Some of the savings accounts also offer higher interest on higher balances. The website is easy to navigate and customers are aware of the product details.

Truly a remarkable collection of accounts that will not leave any customer out and dry. We give this perfect 10 easily.

Customers have access to the full review on Santander UK's credit card range.