Santander extends eligibility for Zero Current Account

Santander is extending the eligibility on the UK's first fee-free current account.  From 8 March 2010, the Santander Zero Current Account will be available to customers who hold a Santander investment product or open one, in addition to the current eligibility of mortgage customers.

Santander has now made the revolutionary new current account available to almost six out of ten of those who hold a current account in the UK.   With 40 million adults in the UK with at least one current account - the Santander Zero Current Account is now available to over 22 million consumers.

By extending the eligibility to include the bank's investment customers, there are now 2.5 million customers who already have a mortgage or investment product with Santander, but hold their current account with another bank, who could switch immediately to take advantage of the Zero Current Account.

Vim Maru, Director of Retail Products, Santander UK, said: "Millions of customers could switch tomorrow.   I encourage every one of them to visit a Santander branch, visit us online or call us, to discuss how they can take advantage of our free switching service and start to save money on their banking by moving to the Santander Zero Current Account."

Vim Maru, continues: "When we launched the Zero Current Account we said that Santander was uniquely placed amongst UK banks to change the way it does business.   Extending the eligibility to allow many more people access to fee-free banking is another example of our new approach; one based on simplicity: the more business you do with us, the more we will offer you in return."

The Santander Zero Current Account

The Santander Zero Current Account has no overdraft fees (no arranged or unarranged charges and no fees for paid or unpaid items) and if you do go overdrawn the interest rate applied will be a very competitive 12.9 per cent.     In addition there are no fees for banker's drafts or counter cheques.

The Santander Zero Current Account also offers free ATM access around the world.  This is for withdrawals customers make using the Visa Debit card associated with the account.   There is also no foreign exchange loading charge and there will be no charges on the use of the Visa Debit card to make purchases world-wide.  With UK residents making 61 million trips overseas each year, the convenience of using a debit card abroad will be appealing.

The Santander Zero Current Account offers a market leading in credit interest rate in the first year.   This is payable on balances up to £2,500 providing you credit the account with at least £1,000 each month.