Santander’s cashback rewards, mobile banking features, and interest-earning opportunities are highlights.
However, there are occasional technical glitches and service issues. While its competitive savings rates, multiple account options, and overseas spending perks are attractive, potential customers should consider factors like the account fees and eligibility criteria before taking the plunge.
Who is it best for?
Santander’s unrivalled cashback offers on household bills make it an ideal choice for savvy customers.
Besides attractive benefits, its student account which comes with an interest-free overdraft of up to £1,500 as well as a free rail card, it’s simply the best student bank card we have reviewed so far.
Introducing Santander Bank
With over 14 million customers, Santander is one of the largest banks in the UK. The bank offers a wide range of products and services, including current accounts, savings accounts, mortgages, credit cards, and loans.
Since entering the UK market in 2004, Santander has established itself as a leading provider of banking products and services with over 440 branches and 1,600 ATMs across the country. The bank offers a wide range of products and services, including checking accounts, savings accounts, mortgages, credit cards, loans, and investment products.
Types of Accounts
A quick look at the account types available shows that Santander offers an impressive range of products compared to competitors.
Bank accounts fall into 4 main categories; current accounts, savings accounts, business accounts and ISAs. Let’s get into the nitty gritty.
Costs | ATM Limit | Money Transfer Limit | |
|---|---|---|---|
Current Accounts | £0, except for Santander Edge which costs £3 monthly. | £300 | £100,000 daily |
Savings Accounts | £0 | £300 | £25,000 |
Business accounts | £7.5 per month | £500 | £25,000 |
Current Accounts
Santander Edge Current Accounts
Edge | Edge Up | |
|---|---|---|
Cashback Limit | £10/month | £15/month |
Minimum Pay-in requirement | £500 | £1,500 |
Monthly Fee | £3 | £5 |
Interest on cash limit | £4,000 | £25,000 |
Santander’s Edge range includes two current accounts – Edge and Edge Up.
The biggest appeal of the Edge range is the attractive cashback offers. Instead of select retailers, both accounts offer cashback on essential spending, including select household bills, supermarkets, and travel costs.
Both have nominal monthly fees, although the differences are minute. For Edge Up, you’ll be paying £14 more annually. The most striking difference is the minimum pay-in requirement to qualify for cashbacks and interest: it jumps from £500 for Edge to £1,500 for Edge Up – which may become a strain for some.
For a fairly high minimum pay-in requirement, Edge Up users can save up to £60 a year with cashback, and the monthly fees for both accounts can be offset via cashback.
Customers of both accounts enjoy fee-free overseas usage and arranged overdrafts.
Santander Everyday Current Account
The Santander Everyday Current Account offers a practical and convenient banking solution with several appealing features.
The travel benefits are limited to fee-free ATM withdrawals, and cashbacks are only applicable via Santander’s free rewards service. Unlike Edge accounts, the reward service includes cashback offers on select retailers rather than essential spending. It doesn’t come with monthly fees though.
Student Current Account
The 1|2|3 Student Current Account is an excellent choice for students. It comes with perks, including a free 16-25 railcard that lasts for four years, enabling you to save £100 in travel costs over the course of four years.
During your first three years of study, you'll also have access to an interest-free overdraft of £1,500, on par with the likes of HSBC and Barclays. However, you’d need to fund the account with at least £500 per academic term to enjoy these benefits.
1|2|3 Mini Current Account
The 1|2|3 Mini Current Account is an ideal tool for teaching children and young people essential money management skills. Additionally, parents can choose between a contactless debit card or a cash card, granting kids a safe and practical way to handle their pocket money.
Santander Basic Current Account
Santander’s basic account is suitable for those with poor credit ratings, or with no credit history at all.
The account offers essential banking services with a non-contactless debit card. While some transaction restrictions apply, such as on certain subscription services and pay-at-the-pump petrol stations, you can still manage your finances effectively. Additionally, it also doesn’t levy any charges on overseas ATM withdrawals.
Business Account
The Santander Business Account lets businesses get up to £300 cashback annually, access standard day-to-day banking services, and earn 0.10% gross/AER (variable) monthly interest on credit balances. Start-ups benefit from a discounted monthly fee of £5 for 18 months, while switchers only enjoy the discount for 12 months.
Eligibility criteria
- All directors, owners (shareholders), or partners must be aged 18 or over and UK residents.
- The business should not already have a 1|2|3 Business Current Account (including start-up and switcher offers).
- The account must be used solely for business purposes.
- The business must be registered in the UK, and it should be either a sole trader, partnership, limited liability partnership, or a private limited company with no more than 2 directors, owners (shareholders), or partners.
Benefits & Additional Features – 8/10
Santander provides a range of benefits to enhance your banking experience. Let’s dive into each of them in detail.
Eligibility criteria | |
|---|---|
Cashback | Bills must be paid to eligible organisations. |
Interest | Pay at least £500 into your account each month and have two active direct debits. |
Boost Rewards | Must have a Santander UK credit/debit card and register for online/mobile banking |
Private Banking | Pay at least £1,500 into your account each month and setup two direct debits. |
Insurance | Varies |
Benefits
Cashback
Santander offers cashback rewards on selected household bills, supermarket purchases, travel expenses, and more. This feature allows customers to save money on their regular expenses, making it an attractive option for savvy spenders.
Interest-Earning Opportunities
Several accounts, such as the 1|2|3 Student Current Account and Easy Access ISA, offer competitive interest rates on balances, allowing customers to grow their savings while keeping funds accessible.
Exclusive Rewards and Offers
Santander Boosts, the free rewards service, offers cashback, vouchers, prize draws, and personalised offers applicable on select retailers, adding extra value for account holders. Additionally, discounted fees for start-ups and switchers demonstrate Santander's commitment to supporting businesses.
Insurance
Santander Bank home insurance provides flexible policies for homeowners and renters, with cashback incentives and no charge for policy changes. Health insurance is offered through Bupa, providing 24/7 health advice and faster treatment access. This is notable considering banks like Chase don’t offer such services.
Private Banking
For those with unique banking needs, Santander Private Banking provides personalised financial services with a dedicated Private Banker, savings accounts, and expert investment advice, including access to the Model Portfolio Service.
Clients also benefit from the convenience of flexible video or in-person appointments, allowing for tailored interactions to suit their schedules and needs.
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 7.5 | Visitsantander.co.uk |
Saving & Interests Earned – 8/10
Interest Rate | |
|---|---|
Regular saver | 5.00% AER/gross (fixed) for 12 months |
Santander edge saver | 4.00% AER/ 3.93% gross (variable) |
Easy access saver | 2.50% AER/gross (variable) for 12 months |
The sheer variety of products when it comes to saving (or borrowing) remains a stronghold for legacy banks like Santander.
Despite the interest rates failing to be on par with the base rate (which prompted the FCA to release an action plan for more appropriate interest rates), Santander’s rates are competitive when compared to its peers.
Regular Saver
- Online regular savings linked to your Santander current account.
- Earn 5.00% AER/gross (fixed) for 12 months.
- Save up to £200 monthly via standing order.
- Manage through Online or Mobile Banking; withdrawals to a Santander current account.
Santander Edge Saver
- Exclusive online savings for Santander Edge current account holders.
- Earn 4.00% AER/3.93% gross (variable) on balances up to £4,000.
- Includes 0.50% AER (variable) bonus rate for the first 12 months.
Easy Access Saver
- Instant access savings account with a 2.50% AER/gross (variable) rate for 12 months.
- Save from £1 up to £2 million.
- Manage online, on mobile, over the phone, or in-branch.
ISAs
Santander has an impressive range of ISAs. Whether you're looking for fixed-rate stability, easy access flexibility, or a Junior ISA for your little ones, here’s a breakdown of what Santander offers you.
Fixed Rate ISAs
- Earn 4.15% - 4.20% AER/tax-free (fixed) depending on the term.
- Requires a minimum opening deposit of £500; no partial withdrawals allowed.
- Early closure incurs a penalty equivalent to 120 days' interest.
- Offers a fixed rate, providing stability and predictable returns.
Easy Access ISA
- Provides a competitive 3.20% AER/tax-free (variable) for 12 months.
- Minimum opening deposit of £500; interest applies to balances from £1.
- Manage the account through various channels: Mobile and Online Banking, phone, or branch.
- Offers flexibility with easy access to funds if needed.
Junior ISA
- Earn a competitive 3.05% AER/tax-free (variable) interest rate.
- No withdrawals or closures are allowed until the account matures on the child's 18th birthday.
- Permits Junior ISA transfers between providers at any time.
- A valuable savings option for children with tax-free benefits.
A quick look at competitors and you’ll realise that the interest rates offered by Santander are within the average you’d get from most UK banks. While the Santander Edge saver gives more interest than Chase savers, it’s only available to Santander Edge current account holders who pay the monthly fee of £3.
Chase savers account is free, making it suitable for those who save small amounts and don’t want to worry about covering monthly fees.
Barclays Everyday Saver account has one of the lowest interest rates while Natwest Digital Regular Saver stands out as the best on our list.
If you deposited £1,000 in these savings accounts, here’s your balance after 12 months;
| Interest rate (AER) | Balance after 12 months | |
|---|---|---|
| Barclays everyday saver | 1.51% | £1,015.10 |
| Chase savers account | 3.8% | £1,038 |
| Santander edge saver | 4% | £1,040 |
| Santander regular saver | 5% | £1,050 |
| Natwest digital regular saver | 6.17% | £1,061.70 |
Overdraft Limits & Fees
Santander offers both arranged and unarranged overdrafts and the fees you pay depend on your account type.
With a student account, you can access an interest-free arranged overdraft of £1,500 during the first three years. In the fourth year, the overdraft limit will increase to £1,800, and if you continue to year five, it will further increase to £2,000.
Other Borrowing Options
Besides overdrafts, you can access other borrowing facilities with Santander. These include;
Credit cards: There are many credit cards to choose from, most of which come with an assumed credit limit of £1,200.
Mortgages: Santander offers multiple mortgage options for existing customers, first-time buyers, and those who wish to remortgage.
Loans: Santander offers various loan options, including car loans, debt consolidation loans, home improvement loans, special occasions loans, and personal loans to meet diverse financial needs.
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
| 7.5 | Visitsantander.co.uk |
Overseas Usage – 9/10
Foreign currency conversion fee for purchases | Foreign currency conversion fee for withdrawals | |
|---|---|---|
Debit card (except for Santander Edge, Santander Edge Up and Private Current Account) | 2.95% | 2.95% |
Santander Edge, Santander Edge Up and Private Current Account (v2) debit card | 0% | 0% |
Santander cash card | N/A | 2.95% |
Overseas fees with Santander debit cards depend on the type of card and account held, Specific accounts like Santander Edge, Santander Edge Up, and Private Current Account incur no charges for making transactions and withdrawing cash abroad.
The good thing is, the fee-free ATM withdrawals are applicable for all of the accounts on offer when a Santander ATM is used.
Credit card transactions overseas tend to be less cost-effective as Santander credit cards incur a 3% fee for cash withdrawals, except the zero credit card which still remains fee-free. If you make non-sterling transactions or withdrawals, you will be charged anywhere between 0% to 2.95% fee per transaction using any of the credit cards.
Usability
Much like other brick-and-mortar banks, Santander is lagging behind in terms of online banking when compared to its digital-only competitors like Starling or Monzo.
That being said, while the bank fails to provide a smooth omnichannel experience, customers can perform almost every banking function online – but the website is far more functional than the app.
Santander Online Banking Review
In addition to money transfers, Santander provides key functionalities designed to simplify and enhance your banking experience. From bill payments to account alerts, let's dive into the convenience that Santander's online platform offers.
Santander design and navigation
The online banking platform is designed for easy navigation as most actions you need to take are clearly displayed at the top of the screen. There are 8 sections including ‘accounts and transactions, payments and transfers, standing orders, credit cards and more. This makes it easy for clients to navigate the dashboard.
Login and security features
Every customer is given a unique combination of an image and a phrase during the signup process. This combination adds a layer of security as clients use it to confirm they’re logging on to the bank’s genuine platform.
In addition, Santander ensures each transaction is confirmed via an OTP to avoid online fraud and unauthorised transfers.
Santander App Review
The Santander mobile app provides a user-friendly and convenient banking experience for customers on the go. The ‘My Money Manager’ allows users to track their spending, while ‘Quick Balance’ provides instant access to account balances without the need to log in. The app enables easy payment management, allowing users to pay existing and new payees, set up standing orders, and view or cancel direct debits.
Security measures are notable, with options for Touch ID, Face ID, or Fingerprint logins. Customers can also use the chat feature to get questions answered and perform various tasks, such as activating credit cards or closing accounts. The card management features are also useful, allowing users to freeze and unfreeze their Mastercard, block specific transaction types, and view pending transactions.
Online banking features
Stay in the know – You can easily view your account balance, interest rates, and fees, keeping track of your finances at a glance.
Access digital bank statements – It allows you to go paper-free, managing statements and documents online, reducing clutter and contributing to environmental sustainability.
Simplify tax time – You can view and download your account summary, making tax return preparation a breeze.
Manage standing orders and direct debits – Santander Online Banking allows you to take full control of your finances with the ability to view, set up, and cancel standing orders and direct debits.
Stay Alerted – Set up free email or text alerts for essential updates on your account, while enjoying the peace of mind that comes with Santander's Online and Mobile Banking commitment to security.
Opening Santander Account
If you’re looking to open a bank account, here’s a five-step guide to make it a breeze:
Step 1: Assess Your Needs
Step 2: Check Eligibility
Step 3: Initiate the Process
Step 4: Submit Required Documents
Step 5: Activate
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
| 7.5 | Visitsantander.co.uk |
Customer Satisfaction & Reputation – 8.4/10
Let’s delve into the customer satisfaction and reputation of Santander UK, and explore how users perceive its performance and reliability.
Customer Reviews
Score | |
|---|---|
Trustpilot Score | 2/5 – 6,229 reviews |
App Store Score | 4.8/5 – 1,065,525 reviews |
Google Play Score | 3.6/5 – 141,103 reviews |
Trustpilot
On Trustpilot, customers expressed mixed feelings about the bank's services. While some commended the helpful and friendly customer support, others were disappointed with the lack of timely resolution for issues.
Despite the convenience of the online platform, a number of customers reported encountering occasional technical glitches and delays in transactions. While the bank's efforts were appreciated, most reviews indicated dissatisfaction with the overall service quality.
Google Play Store
Customers who used the bank's services on the Google Play Store appreciated the seamless and accessible online experience.
The mobile app's handy features, such as My Money Manager and Quick Balance, received thumbs up for their practicality in managing finances. Some users did mention they faced minor hiccups in navigation and suggested improvements in categorising transactions.
App Store
On the App Store, the bank's services garnered praise for their convenience and security in handling online transactions. Customers found the app's user interface and account management options easy to navigate and use.
While some expressed interest in more innovative digital features and customization, the bank's services received an overall positive reception.
Security
FCA regulated | Yes |
|---|---|
FSCS Protected | Yes |
2FA | Yes |
Virtual Cards | Yes |
Santander is regulated by the Financial Conduct Authority (FCA) in the UK. The bank also participates in the Financial Services Compensation Scheme (FSCS), providing eligible customers with up to £85,000 protection on their deposits if it faces financial difficulties.
Like most UK banks, Santander employs various safety measures to enhance security like one-time passwords (OTP) used for transaction confirmation.
While it launched virtual cards for EU users, they are yet to be available for UK customers – virtual cards are not a common offering among high-street banks like Santander. For the time being, they remain an exclusive service of online-only banks.
Alternatives
Chase Current Account
Chase's current account provides cashback and pays up to 1% AER interest on balances, paid monthly. New customers enjoy 1% cashback on debit card purchases for 12 months, up to £15 monthly. There are no opening fees or monthly charges and the app allows up to 19 additional accounts for efficient bill tracking and budgeting.
The 'round-up account' can help you save spare change and gives an impressive 5% AER interest.
Who is it for?
For those who would like more perks and cashbacks than Santander has to offer, while still earning interest.
HSBC Advance Account
You can consider HSBC's Advance account if you expect frequent overdraft use, as the first £25 is interest-free. Beyond this amount, the overdraft incurs a 39.90% APR (variable) charge. Account holders gain access to the HSBC Regular Saver Account, offering 5.00% AER for 12 months on balances up to £3,000. Moreover, the home&Away scheme provides discounts with retail, dining, and travel partners. The Advance Account doesn't have a monthly fee, making it an appealing option for those who would like to earn interest, access overdrafts and banking services for free.
Who is it for?
Best for those who use overdrafts frequently as there’s no interest up to £25.
