No prizes for guessing which Spanish city was the birthplace of the bank Santander.
Since its entry into the UK market in 2004, Banco Santander has acquired three former British building societies and formed the retail and commercial bank that stands today.
Whether you’re looking for flexibility or maturity, Santander might have the saving account for you. Here’s what you need to know.
Take control of how you save your money with a Raisin UK account
Raisin UK takes the hassle out of finding the right savings account for you by providing a one-stop online savings solution:
Up to £100 welcome bonus offer
Wide range of partner banks offering FSCS protected savings accounts
Competitive rates all in one place
Apply for multiple savings products with one unified account
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Firstly, you need to decide what you’re looking for in a savings account. How often are you planning to draw out money? How much money can you afford to save each month?
Typically fixed-rate bonds and ISAs give you better interest rates. So, if you’re looking to put away a lump sum to mature, then these might be what you’re looking for.
Easy-access or instant-access accounts, on the other hand, give customers more flexibility. So if you’re saving on a budget, or you’re trying to store up cash for a big spend in a few months time (a wedding perhaps), then these might be for you.
Work out what you need before comparing the different offers available for certain types of savings accounts. Once you’ve done that, it’s useful to look at:
Interest rates
Fees (if there are any)
Access to cash (if you need quick access, for instance)
Rewards and loyalty schemes (if you’re into add-ons or switching bonuses)
Santander’s savings products in more detail
Instant or easy-access savings
Regular eSaver
Exclusively for 1|2|3 World, Santander Select or private banking customers.
Decent interest rate. While less than regular savings options from M & S and first direct, this one rolls on with the same interest rates.
Pay in from £1 to £200 a month.
You can withdraw from this account, by transferring funds to your Santander current account.
Can manage through online or mobile banking.
eSaver
Lower interest rates than the regular eSaver but deposit larger sums and get instant access.
Save from £1 to £2 million.
Unlimited deposits and withdrawals.
Manage online or on your mobile.
Everyday Saver
Lowest interest rates out of all of Santander’s savings accounts.
Unless you want to manage your account in branch or over the telephone, then opt for the eSaver.
Entirely the same as the eSaver (above), but you can manage your account in person at a branch or by calling its customer service.
Fixed savers
Fixed-term bonds
1 or 2 year bonds. Fixed interest rates mean you know how much you’ll get back.
However, no additional deposits, withdrawals or account closures allowed. Prepare for your money to be locked away.
1|2|3 World and Santander Select customers get better rates.
Santander Select customers can get a 3-year bond with even better interest returns.
What is a cash ISA?
A cash ISA is a savings account where you don’t pay tax on the interest you earn. There’s a limit on the amount you can deposit into ISAs each year, which is set by the government.
Cash ISAs
2 year fixed-rate ISA
A guaranteed and quite respectable rate on your savings for 2 years.
Minimum opening deposit of £500.
No partial withdrawals.
It charges 120 days’ interest if you close your account early.
eISA
A variable rate on your savings for 1 year.
Instant access lets you withdraw or deposit freely, though.
Minimum opening deposit of £500.
Manage your account online or on your mobile.
Easy ISA
Basic but easy to use account. Comes with instant access.
Low interest rates compared with other ISAs on offer from Santander.
Manage your account through online, mobile, branch, or telephone.
Help to buy ISA
Tax-free savings account for first-time property buyers.
You can’t get this if you’ve owned property before.
You can pay in an initial deposit of up to £1,200. After this you can regularly pay in as much as £200 a month.
Eligible for government bonus of 25% on balances from £1,6000 to £12,000.
Does Santander offer internet or mobile banking?
Yes. It offers both physical and digital banking services. You can open any of its savings accounts and ISAs by going online, on your mobile, or heading in branch.
However, you can’t manage all types of account online or in the app. Fixed-term bonds, for instance, are “view only” in online and mobile banking.
Does Santander offer savings accounts for children?
Yes. Santander offers a junior ISA for children under the age of 18. No withdrawals or closures are allowed until the account matures on the child’s 18th birthday.
Santander’s basic junior ISA has a decent interest rate. You can get better elsewhere. However 1|2|3 World or Santander Select customers get a higher junior ISA rate – one which is very competitive.
You’re allowed to transfer a junior ISA to or from another bank at any time, though. Bear in mind your child can only have one junior ISA at any one time.
What are the pros and cons of banking with Santander?
Pros
Online banking. Apply for its savings accounts online or in the app. You can manage many of its savings and ISA account on your phone or computer too.
Physical presence. There are around 1,000 branches in the UK. If you’re unsure about opening a savings account, head to your local branch and get some advice.
Steady Regular eSaver. This option doesn’t suddenly drop its interest rates after a year. M & S and first direct give a great deal for 12 months then take it away.
Cons
Exclusive rates. You have to switch your current account to Santander to get the competitive rates.
Felix Thompson is a freelance writer at Finder. He covers everything from digital banking to car insurance and, whatever the topic, he aims to make it easy for consumers to get straight to the best deal. Felix has a postgraduate qualification in international journalism and is also a broadcast journalist. In his spare time, he loves to cycle.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
