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Switching current account to Santander
Why we like it: 3.0% AER fixed interest on balances up to £2,500. No fees on arranged overdrafts up to £250. UK & Europe Breakdown Cover, Worldwide family travel insurance. Free mobile banking app, text alerts and secure online banking. £13 monthly account fee
Why we like it: £100 for switching into account. £250 interest free overdraft. Free banking if paying over £1,000 per month. £100 if not satisfied after 6 months
Why we like it: Top 20% of Reward Customers earn on average £217 - You can earn Rewards on Direct Debits from your current account for: • Council tax • Gas, electricity and water supply • Home and mobile phone, TV package and broadband fees
Disclaimer: To apply for this account you must be aged 18 or over. UK resident. Not been declared bankrupt in last 6 years.
Why we like it: Earn rewards of up to £180 a year when you bank with Barclays - Get an annual loyalty reward of £84 plus £60 on your Barclays residential mortgage and £36 on your Barclays home and contents insurance. Start earning rewards with a monthly £3 fee based on £800 paid into your account and 2 direct debits paid out every month
Santander current account review
Santander has a really wide range of current accounts on offer to suite a variety of different types of customers. These include:
Santander Everyday Current Account – A basic account with no monthly account fee and a Visa debit card.
Choice Current Account – Pay £10 a month and this account ensures you are not charged any unarranged overdraft fees.
Basic Current Account – Allows you to have income paid into the account, pay your bills and gives you a top-up card to make card payments. This account is aimed at those who don’t qualify for a standard current account.
However, Santander’s flagship current account is the Santander 1|2|3 Current Account which offers a number of attractive benefits for customers.
Santander 1|2|3 Current Account benefits
With a Santander 1|2|3 Current Account you can benefit from:
- Monthly interest of 1.5% AER (variable)
- Earn interest on your entire balance up to £20,000
- Get cashback of between 1-3% on a range of household bills
To qualify for these benefits you will need to:
- Pay a £5 monthly account fee
- Pay at least £500 into your account each month
- Have at least 2 active Direct Debits
Santander also offer 1|2|3 Student, Postgraduate and Graduate current accounts as well as a 1|2|3 Mini Account for children aged 11-18 and a 1|2|3 Mini Account (In Trust) for children aged 1-10.
What to look for when switching current accounts
There are various things to look out for when choosing a new current account to make sure you get everyday banking that works for you. The key things to look for are:
Interest rates – Check the rate you will earn on your savings and what you will pay on your overdraft. Which interest rate is the most important for you will depend on whether you tend to be in credit or not most of the time. Also bear in mind the balance limit on which you can earn interest.
Switching incentives – There are various switching bonuses and offers provided by many top current accounts. These can include cash upfront for switching, or other benefits, such as gift cards and introductory cashback offers.
Cashback – Many current accounts now offer some form of cashback deal, which is usually paid monthly. The TSB Classic Plus Account gives you the chance to earn up to £120 cashback a year just for having active monthly Direct Debits and using your debit card regularly.
Additional benefits – A lot of current accounts offer extra benefits, either as standard or as optional add-ons. Perhaps the most common is free insurance, which may include personal insurance, travel insurance, phone insurance and more. Typically these benefits are most likely to be offered on current accounts where there is a monthly account fee to pay.
Compare current accounts
Take a look at the range of current accounts presently on offer from all the leading providers across the market right now to see which offers the best deal for you.