‘Eye-catching’ UK bank account launched today pays 8pc interest

Harry J — Tue, 23 Jun 2026 19:30:39 +0000

A financial expert has heaped praise on a new savings account launched by a major bank. Santander revealed on Tuesday that it was unveiling a new account offering an impressive 8% interest rate.

Customers will benefit from that rate for the initial 12 months before a 5% bonus rate is removed and it reverts to 3%. The account is available to all customers, Santander confirmed, with no penalties imposed for making withdrawals.

Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Santander has shot to the top of the market with its new Regular Saver paying 8% AER, incredibly eye-catching for those looking to gradually build their savings pot. The 8% AER does include a 5% bonus for 12 months.

“Unlike other regular savers on the market that revert to a flexible saver earning a much poorer return, it will continue for another year paying 3% AER. The account allows savers to put away £200 every month, plus make unlimited withdrawals.

“It is great to see the account made available to both new and existing current account customers, including its fee-free Everyday option. Those who do want to switch their bank account to Santander can currently get £180 as a reward, when they use the Current Account Switch Service (CASS).

“The CASS moves over any balance and redirects both standing orders and direct debits to a new account. It is never too late for consumers to start putting some cash aside for any future goals, as those who save little and often can feel more in charge of their financial wellbeing.

“Building an emergency fund or saving for a specific goal is simple and easy to do and there are plenty of accounts designed for various needs. Regular savings accounts are ideal for slowly building a pot as they encourage the savings habit.

“However, consumers will need to work out if they are the right choice for them, as some accounts can be restrictive and might not be suitable for larger deposits.”

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UK bank account offers ‘fantastic’ 4% cashback on bills

Harry J — Mon, 18 May 2026 18:41:55 +0000

The account has been praised (Image: Diem.ph via Getty Images)

A new bank account offer has been praised by a financial expert for rewarding customers every time they spend.

Rachel Springall, finance expert at Moneyfactscompare.co.uk, described the latest deal from Zopa as a “fantastic option” given that it carried no fees whatsoever. She did, however, sound a note of caution regarding the total cashback customers could expect to receive.

Rachel said: “The Zopa Biscuit bank account is a fantastic fee-free option, it’s transparent and fuss-free, so having rewards is a great boost. On the face of it, 4% cashback on bills looks highly attractive, but it’s vital consumers break down how cashback is calculated and understand any caps or limitations.

“Over the course of one year, the cashback someone can earn in total off direct debits will be £80; the previous offer was 2% cashback on bills, so customers would have earned up to £30 per year, so there are still other bank accounts which are more rewarding and some less so.

“However, the best current account is not just about the rewards, it’s whether it has all the additional benefits someone needs to save money elsewhere, like insurance policies or breakdown cover, which you can get on many packaged accounts.

Other deals have also been highlighted (Image: Alamy/PA)

“It is also worthwhile to compare the amount someone can receive over the year in any tied savings account, these are usually much more competitive than a standard easy access account from the biggest banks. The regular saver with Zopa needs to be reviewed after six months, so it’s wise to maximise deposits in this short timeframe to fully take advantage.”

Further bank accounts offering cashback

Rachel also outlined a number of alternatives, noting these could be better suited to certain individuals.

She said: “Other banks can provide cashback for different online or in-store spends, as with Lloyds Bank’s Everyday Offers and Monzo’s cashback scheme, customers will need to keep on top of the offers in their banking app. If someone is looking to switch, it’s worth noting that a variety of current account providers are paying lucrative free cash offers right now, so that’s worth keeping in mind if using the Current Account Switch Service (CASS).”

Expert’s top three picks of fee-free accounts that pay cashback for at least 12 months

Rachel highlighted a selection of deals from various providers.

Chase (Chase Current Account) – £180 per year in cashback on spending (1% cashback on the first £1,500 of your eligible UK spend each month. This means up to £15 cashback on your everyday debit card spending. Groceries, everyday transport, fuel and electric charging. Exceptions apply.)

Santander – (Edge Current Account) – £120 per year on bills = Cashback of 1% on communication, council tax, water bills, gas and electric bills paid via direct debit, capped at £10 per month.

Nationwide – (FlexDirect) – £60 per year on spending (1% cashback, up to £5, every month for 12 months. Spending restrictions and terms apply.)

The post UK bank account offers ‘fantastic’ 4% cashback on bills first appeared on NewsWire Explorer.

Rachel Springall - NewsWire Explorer

‘Eye-catching’ UK bank account launched today pays 8pc interest

UK bank account offers ‘fantastic’ 4% cashback on bills

Further bank accounts offering cashback

Expert’s top three picks of fee-free accounts that pay cashback for at least 12 months