Santander to launch Zero current account for mortgage holders in 2010
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Santander is to launch in January 2010 a no fee current account for Abbey mortgage holders.
The current account comes with no overdraft fees, no authorised charges, no unauthorised charges, no charges for unpaid items, no charges for paid items, no charge for use of ATMs worldwide and no foreign exchange fees.
It also offers fee-free debit card usage for purchases worldwid and, 6% in credit interest rate fixed for one year.
The aim is to increase Santander’s share of the UK current account market. While Abbey has two million mortgage accounts in the UK, of these only 350,000 also have a current account.
The deal will be available to all customers of Abbey and Bradford & Bingley when the two banks become Santander. It will also be extended to Alliance & Leicester customers when it rebrands to Santander later in 2010.
António Horta-Osório, chief executive of Santander UK, says: “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.”
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