Major high street bank launches savings account paying 8% interest (opens original article in a new tab)

Santander UK introduces a savings account with 8% interest rate for the first year, allowing monthly deposits of up to £200 with no withdrawal penalties, though the rate drops to 3% after 12 months.

• Santander UK launches a regular saver account with 8% AER including a 5% variable bonus for the first 12 months
• Customers can save up to £200 monthly with no penalties for withdrawals
• Interest rate drops to 3% after 12 months and account is limited to one per customer
• Minimum balance is £1 and available to all Santander current account holders