Santander UK

November 19, 2009 11:38 ET

Santander Launches No Fee Current Account

LEICESTER, UNITED KINGDOM--(Marketwire - Nov. 19, 2009) - Santander today outlined the first of a series of initiatives aimed at radically changing retail banking in the UK, giving existing customers the chance to benefit from its success in becoming the most efficient bank in the UK.

From January 2010 the Santander Zero Current Account will be available to anyone who currently holds a mortgage with the bank, or opens one. The deal will be available to all customers of Abbey and Bradford & Bingley when the two banks become Santander. It will be extended to Alliance & Leicester customers when it rebrands to Santander later in 2010.

Antonio Horta-Osorio, Chief Executive of Santander UK, said:

"Santander is uniquely placed amongst UK banks to change the way it does business, and our new approach is one based on simplicity: the more business you do with us, the more we will offer you in return.

"We can only deliver on our promises because we are the UK's most efficient bank and have the backing of one of the world's best retail banks. We can share the benefits of efficiency and scale with our customers through market-leading products and improved service."

No Fees

The Santander Zero Current Account will have no overdraft fees and if you do go overdrawn the interest rate applied will be a very competitive 12.9 per cent.

Fee-free ATMs and free purchases abroad

The Santander Zero Current Account also offers free ATM access around the world. This is for withdrawals customers make using the Visa Debit card associated with the account. There is also no foreign exchange loading charge and there will be no charges on the use of the Visa Debit card to make purchases world-wide. With UK residents making 61 million trips overseas each year, the convenience of using a debit card abroad will be appealing.

Market leading in-credit interest

The Santander Zero Current Account offers a market leading in credit interest rate of 6 per cent in the first year. This is payable on balances up to GBP2,500 providing you credit the account with at least GBP1,000 each month.

Vim Maru, Director of Retail Products, Santander UK, said:

"There are 15 million people in the UK with a mortgage. I encourage every one of them to switch to one of our best buy mortgages that offer great value for money so that they too can take advantage of fee-free banking with the Santander Zero Current Account.

"We will, of course, continue to offer great deals for new customers but the greatest opportunity lies with our ability to do more business with our existing base of 25 million customers. Today's announcement is the first stage in what we want to become and how we want to build our business in the UK as Santander."

Our Mortgages

Abbey currently has a number of best buy and market leading offerings: including a 2-year fix, 70 per cent loan to value at 3.69 per cent with a GBP799 fee; and, a 2-year tracker, 70 per cent loan to value and a GBP995 fee at 2.69 per cent.

Why can we offer this?

Santander's UK strategy has been built on three pillars - improving efficiency at a faster rate than its peers; using this competitive cost advantage to give customers better value-for-money products; which in turn drives more customer business to the bank.

This successful strategy has seen Santander outperform its UK retail competitors for the last two years and become the most profitable and efficient personal finance service provider in the UK, allowing us to share the benefits of that efficiency and scale with our customers through market-leading products.

Consumers wishing to pre-register interest should call 0800 234 6058.

The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.

Notes to Editors:

The Santander Zero current account is available to customers who hold their main current account with us or switch their main bank account.

The Santander Zero Current Account is not available to those in arrears on their mortgage. We will review the mortgages of all holders of the Santander Zero Current Account on a regular basis and if a customer has moved their mortgage away from Santander they will no longer be eligible for the Zero Current Account.

About Us

Santander (SAN.MC, STD.N) is a retail and commercial bank, based in Spain, with operations in more than 40 countries. At the end of 2008, Santander was the largest bank in the euro zone by market capitalization and third in the world by profit. Founded in 1857, Santander had EUR 1,168 billion in managed funds at the end of 2008. Following the acquisition of Sovereign Bancorp of the U.S. in January 2009, Santander has 90 million customers, more than 14,000 branches - more than any other international bank - and over 180,000 employees. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. In 2008, Santander registered EURO8,876 million in net attributable profit, an increase of 9% from the previous year excluding capital gains.

In the UK, Santander operates three retail businesses - Abbey, Alliance & Leicester who provide competitive mortgages and savings products, and Bradford & Bingley. Together they have over 1300 branches, around 4,500 cash machines and they provide a full range of retail and corporate banking services to 24 million customers. For more information visit http://www.santander.co.uk.

Abbey, Alliance & Leicester and the savings business of Bradford & Bingley will all become known as Santander by the end of 2010. Abbey and the savings business of Bradford & Bingley will be rebranded from the first quarter of 2010 and Alliance & Leicester will follow later in the year. The move will deliver a significant advantage for customers as they will be able to use any of 1,000 Santander branches from early 2010, rising to over 1,300 by the end of 2010.

The Bradford & Bingley logo is a trade mark of Bradford & Bingley plc and is used under licence.

The press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.

Contact Information

  • Media Enquiries
    Santander UK
    Anthony Frost
    020 7756 5536 or Mobile: 07979 245 715
    or
    Santander UK
    Andy Smith
    020 7756 4212 or Mobile: 07824 473 338