The banking giant said it carried out a “comprehensive review of products” in line with the Consumer Duty principles which come into effect at the end of the month.

It said it is increasing interest rates by up to 0.5%, adding that the lowest interest it will offer on a live account stand at 2.5% AER/gross.

Here’s a round up of what’s changing today:

• Santander eSaver rate to increase by 0.5%, to 2.5% AER/gross variable, for 12 months. The name of the account will also change to the ‘Easy Access Saver’
• The Regular eSaver will see its name change to ‘Regular Saver’, paying interest of 5% AER/gross fixed for 12 months
• The eISA will be renamed ‘Easy Access ISA’, paying interest of 3.2% AER/tax-free variable for 12 months
• The interest rate on the Everyday Saver and the Easy ISA will increase by 0.15%, from 0.85% to 1% for existing customers. These products have also today been withdrawn from sale to new customers.
• Increasing the rate on a range of off-sale products, including on all other savings accounts paying 0.85% to 1%.

There’s no change to the Santander Edge Saver which pay 4% AER/gross for 12 months, while the recently launched Santander Edge Up continues to offer savers 3.5% on balances up to £25,000.

Elsewhere, Santander said that in a bid to add increased flexibility to customers with an Easy Access Saver or Easy Access ISA, they will be able to access and transact on their accounts via all channels – online, in branch or via telephone banking. Previously, these products could only be managed online.

Andrea Melville, director of current accounts, savings and business banking at Santander, said: “We’re pleased to launch a streamlined range of savings products, with our lowest on-sale product now paying 2.5% interest, available in branch, over the phone or online.

“We have a range of savings products to fit our customers’ different needs and we will continue to work with customers to ensure that they are aware of our full range of accounts and can pick the right product for their needs.”

Related: Santander stretches eSaver higher interest period till June 2024. Should you stick or twist?