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Santander says it will not increase SVR

Santander has stressed it will not raise its standard variable rate after a number of its competitors raised their rates.

Earlier this month, Halifax told 850,000 of its customers their SVR will increase from 3.5 per cent to 3.99 per cent on May 1, to align the rate with its homeowner variable rate for new customers. Prior to this, the lender increased its SVR cap from 3 per cent above base rate to 3.75 per cent above base rate.

Following the Halifax announcement, Royal Bank of Scotland increased rates for 200,000 of its offset and One Account customers by 0.25 per cent to 4 per cent.

Yesterday, Bank of Ireland announced it has notified customers its SVR will increase by 1.5 per cent to 4.49 per cent, from 2.99 per cent, for 100,000 of its UK customers. The move will happen in two stages, with a 1 per cent increase in June and another increase of 0.5 per cent in September.

But Santander has moved to ease fears it could follow some of its rivals by issuing a statement on its website.

The statement says: “We are aware of media speculation regarding competitor interest rate rises. We are always reviewing our rates, and we have no plans to change either our Santander or Alliance & Leicester Standard Variable Rates in the immediate future.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. That’s big of them—as their rate is already 4.24% I should hope that that they can contain their greed to that level!!

  2. No pleasing some people, even with good news someone will always moan. 4.24% is quite reasonable when looking across the whole market. Its time people stopped moaning about all the changes in the market and instead use the changes as a positive like other clever brokers who are ahead of the game, to create new streams of business.

  3. It’s getting to the stage that if Santander announced the winning lottery numbers on their website brokers would be upset at the font, or how many clicks it took to get to there, or that Santander had the nerve to force me load my laptop up to get them. Nonsense

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