Following the Bank of England rate increase from 0.25% to 0.50% Santander has confirmed they will be increasing their Santander Standard Variable Rate (SVR) from 4.49% to 4.74%.
The change will affect any Santander customers currently on their Standard Variable Rate from the beginning of December 2017.
While they have increased their Standard Variable Rate (SVR) they have made no other changes to their current product range (at the time of writing).
With Santander’s Variable Rate (SVR) being considerably higher than the fixed and tracker rates currently available it is important to check you are getting the best deal for your circumstances. Overpaying on a high SVR could potentially cost you hundreds or even thousands of pounds in additional interest charges.
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