Moneyextra.com: New Santander current account

Peter Gerrard from Moneyextra.com provides his advice to customers on the new Santander current account: "A new current account without fees is definitely a step in the right direction in shaking up the lethargic current account market.

"Santander have clearly acknowledged the uproar over unrealistic overdraft charges, providing a product which reflects the consumers needs and Santander's international roots. It's an excellent offer but with the condition of being an existing mortgage holder, many customers will be unable to access the account whilst giving existing customers an incentive to remain with Santander. In addition, the question remains is what will happen to the if a customer takes up the current account offer and then at a later date moves their mortgage to another lender?"