The Regular e-Saver was formerly only available for 123, Select and Private Current Account holders. However, it is now available to all Santander personal current account customers.

Over 5.4 million customers will be able to get these returns on their savings.

Hetal Parmar, Head of Banking and Savings at Santander UK, said: “Saving is important to many people for their financial wellbeing, whether it’s for a rainy-day, home renovations or something else.

“Santander offers a range of savings accounts, now boosted by some of the best rates from a High Street bank, to support millions of customers with their savings goals.”

This month, Santander also increased the in-credit interest rate on its 123 Select and Private current accounts.

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The following products are available immediately to new openings:

• eSaver will increase from 0.25 percent to 0.75 percent AER/Gross(variable)
• Private eSaver will increase from 0.40 percent to 0.90 percent AER/Gross (variable)

The Regular e-Saver can be opened online or on mobile and is available to existing current account customers aged 16 and over, excluding 123 Mini In trust customers.

Customers can pay in up to £200 per month, up to a maximum annual balance of £2,400.

At the end of the 12 month period, savers will have a maximum balance of £2,400 a year plus £48 in interest.

As the cost of living crisis continues and energy bills soar, cashback on bills could be vital for some people.

Santander customers receive up to three percent cashback on selected household bills, capped at £5 in each cashback tier each month. They can also benefit from an additional 15 percent cashback on offers at certain retailers. All information can be found on their website. To qualify, all people need to do is go to their Santander app to switch these offers on.