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Switching current account to Santander
Why we like it: 2.00% interest for 12 months on balances up to £1,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Must be aged 18 or older
Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.
Why we like it: Get set up in minutes. No paperwork, monthly fees or branch visits. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Real Mastercard exchange rates and real-time notifications in both currencies. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. Current account is completely free.: No charge for making electronic payments, domestic transfers or ATM withdrawals. Three-month interest holiday on the first £500 of an arranged overdraft. Earn Interest: current account pays 0.05% AER on balances up to £85,000.Card gone missing? Lock it in-app temporarily while you look for it or cancel it with a tap if you think it’s gone for good. Personal loan available that’s straightforward to use, competitively priced and tailored to you. Best British Bank and Best Current Account in 2018, 2019 and 2020 at the British Bank Awards. Awarded 5 stars by Defaqto too. Fully registered bank and a member of the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: UK & Europe Breakdown Cover, Worldwide family travel and mobile phone insurance, and commission-free cash withdrawals and card payments abroad. Free mobile banking app, text alerts and secure online banking. Access to Flexclusives - Select Credit Card and low personal loan rate. £13 monthly account fee
Why we like it: Everyday current accout. No monthly account fee. Access to Flexclusives - Select Credit Card and low personal loan rate.
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.