Why bank with Santander?
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The Personal Finance Awards 2023/24
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Access and manage your banking needs securely at any time
Hassle-free account switching
The Current Account Switch Service will move your direct debits over when you switch
How it works
1
Switch to a Santander current account below using the Current Account Switch Service
2
Pay in £1,500 within 60 days and have at least 2 active direct debits
3
Get paid £150 if you meet the requirements
Santander Everyday current account
Arranged overdraft (subject to status). If used, you’ll be charged interest rate of 39.94% APR/EAR (variable)
No fees on Santander cash withdrawals abroad (no Santander fees for using your Everyday Current Account debit card to make withdrawals at Santander cash machines abroad)
No monthly account fee
Representative example: If you use an arranged overdraft of £1,200, you’ll be charged an interest rate of 39.94% APR/EAR (variable). Actual credit limit may differ. How does overdraft compare? Representative APRs help you compare the cost of different products.
Santander Edge current account
Earn 1% cashback (up to £10 a month) on selected household bills paid by direct debit
Earn 1% cashback (up to £10 a month) at supermarkets and on travel costs when paid by direct debit (exclusions apply)
Access to an optional savings account with 6.00% AER/5.84% gross (variable) interest on balances up to £4,000 (includes 1.50% AER/1.49% gross (variable) bonus rate for first 12 months of opening)
Optional arranged overdraft (subject to status). If used, you’ll be charged interest rate of 39.94% APR/EAR (variable)
Representative example: If you use an arranged overdraft of £1,200, you’ll be charged an interest rate of 39.94% APR/EAR (variable). Actual credit limit may differ. How does overdraft compare? Representative APRs help you compare the cost of different products.
Santander Edge Up current account
Earn 1% cashback (up to £15 a month) on selected household bills paid by direct debit
Earn 1% cashback (up to £15 a month) at supermarkets and on travel costs when paid by direct debit (exclusions apply)
Monthly interest of 3.00% AER/2.96% gross (variable) on balances up to £25,000
Optional arranged overdraft (subject to status). If used, you’ll be charged interest rate of 39.94% APR/EAR (variable)
Representative example: If you use an arranged overdraft of £1,200, you’ll be charged an interest rate of 39.94% APR/EAR (variable). Actual credit limit may differ. How does overdraft compare? Representative APRs help you compare the cost of different products.
Need to know
Switch incentive available when you use the Current Account Switch Service. For £150 cash you'll have to complete the full switch, set up 2 active Direct Debits and pay in £1,500 within 60 days. T&Cs apply.
Terms and conditions apply to the current account offers and benefits.
Overdrafts are subject to status. This means lenders will make a hard credit search if you apply for an account with an overdraft, even if you don't plan to use it.
Closing a current account you've had for a long time could also impact your credit score.
Monthly bank account fees may apply.
Using the Current Account Switch Service (CASS) will mean closing the current account you're switching from.
How does current account switching work?
When switching accounts, most banks automatically use the Current Account Switch Service (CASS). This comes with the CASS Guarantee, which promises a simple and reliable switch. It moves all your regular payments over to your new account, hassle-free. You can even move an overdraft if you talk to your bank.
By switching current accounts, you might be able to get a number of benefits. This could include a better interest rate on balances or savings, arranged overdrafts, cashback on your spending, or zero fees when you use the card abroad. Be aware that some current accounts have a monthly fee. It’s good to work out if you can earn more interest or cashback than the monthly fee on the account, which could make it worthwhile to switch.
There are two ways to switch current accounts.
The easiest way is to apply using the current account switching service, or a bank’s website or through TotallyMoney. This means, as long as you already have a UK current account open, the process will be automated. So, all your regular payments (known as ‘direct debits’) for things like broadband or energy bills will automatically be switched to the new account, along with the money in the existing account.
The other way is manual — you open a new current account and then change the details for your regular payments to the new account. This can give you more control over the account, but you need to make sure you change your account details with lots of different companies.
To know which current account is best for you, take a look at what each one offers. Consider things like:
Cashback deals
Interest rates
Fees when using the card abroad
Monthly fees when using the account
Overdrafts
Switching current accounts or opening a new one usually won’t affect your credit score. However, if the account provider does a hard search on your credit report, it could slightly decrease your score. Hard searches are detailed credit checks, while soft searches are less intrusive. Accounts with overdrafts may trigger a hard search, and frequent overdraft use can impact your score.
Switching current accounts is free, although some current accounts do charge a monthly fee to use. When you switch current accounts, TotallyMoney makes commission from the companies we work with. But our service to customers is free.
There are two types of overdrafts: unarranged and arranged.
An unarranged overdraft means you haven’t agreed with your bank what happens when you spend more than what’s in your account. This usually means you’ll be charged a daily fee for every day you’re overdrawn.
If you go overdrawn and then repay the money, so your account is back into a positive balance, you may not be charged.
An arranged overdraft is when you’ve agreed with the lender what happens when you go overdrawn. Sometimes arranged overdrafts are interest or fee-free, up to a certain amount. If you spend over that amount, you’ll be charged a fee.